GIFT Nifty down 180 points; here's the trading setup for today's session

Benchmark indices witnessed a sharp rally on April 8, tracking firm global cues and a steep decline in crude oil prices following the announcement of a two-week ceasefire between the US and Iran. Going ahead, analysts say sustaining above the 20 days EMA and the Wednesday bullish gap area will keep bias positive and extend the current up move towards 24,300 and 24,700 levels in the coming sessions.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a gap-down start
GIFT Nifty on the NSE IX traded lower by 184.50 points, or 0.77 per cent, at 23,914.50, signaling that Dalal Street was headed for a gap-down start on Thursday.

• Tech View: The sentiment going forward may remain positive, with the Nifty potentially moving towards 24,265, which is a crucial resistance level where the index may once again face selling pressure.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 21% to settle at 19.70 levels.

US stocks end higher
U.S. stocks closed sharply higher on Wednesday after a last-minute, two-week ceasefire agreement between the United States and Iran lifted investor sentiment. All three major U.S. stock indexes surged at the opening bell, muscled higher by a broad relief rally after a deal brokered by Pakistan resulted in a two-week suspension of the war.

• Dow up 2.85%,
• S&P 500 rises 2.51%,
• Nasdaq gains 2.80%

Asian shares slip
Asian shares opened lower and contracts for the S&P 500 slipped 0.2% in a cautious open Thursday as Iranian Parliament Speaker Mohammad-Bagher Ghalibaf said three clauses of the ceasefire proposal have been contravened so far.

• S&P 500 futures fell 0.2% as of 9:08 a.m. Tokyo time
• Hang Seng futures fell 0.3%
• Japan’s Topix fell 0.2%
• Australia’s S&P/ASX 200 fell 0.4%
• Euro Stoxx 50 futures rose 4.9%

Oil rises
Oil prices rose on Thursday on investors' concerns supply from the key Middle East producing region may not fully resume amid doubts the two-week ceasefire between the U.S. and Iran will hold and as the crucial Strait of Hormuz remains restricted.

Gold steadies
Gold prices held steady on Thursday, as investors stayed on the sidelines awaiting clearer signals on the U.S.–Iran ceasefire talks ahead of key U.S. inflation data later in the day.

Dollar up
The dollar caught its breath in early Thursday trade after broad losses, as investors anxiously assessed whether a fragile two-week ceasefire between the United States and Iran would hold.

Stocks in F&O ban today
SAIL
Sammaan Capital
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.

FII/DII action
Foreign portfolio investors net sold shares worth Rs 8,692 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 7979 crore.

Rupee
The Indian rupee gained for the fourth consecutive session on Wednesday, while forward premiums declined as a plunge in oil prices after the US-Iran ceasefire supported global risk appetite.

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