Pre-market action: Here's the trade setup for today's session

Indian equity benchmarks extended their losing streak to a third consecutive session, as persistent selling pressure and weak global cues weighed on sentiment. On the upside, analysts say reclaiming 22,800 would be necessary to improve near-term stability and create scope for a recovery. On the downside, the 22,600–22,550 range forms the immediate support zone. A sustained breakdown below 22,500 could accelerate selling pressure and drag the index towards the 22,300–22,200 region.

STATE OF THE MARKETS

Tech View: On the upside, immediate resistance is placed at 22,800 (20-DMA zone) and 23,000, while 22,600 remains a crucial support. A cautious, level-based trading approach is advisable.

India VIX: India VIX, which is a measure of the fear in the markets, rose 0.6% to settle at 15.76 levels.

US stocks tumble

US stocks tumbled on Thursday and the Nasdaq posted its steepest daily drop since early June as a batch of high-profile earnings reports ignited fresh fears about the AI spending race.

The S&P 500 ended deep in negative territory. But the tech-laden Nasdaq, dragged down by microchips, suffered a steeper loss, falling 2.6% in the wake of a spate of high-profile AI-related earnings results.

Read more: Ahead of Market: 10 things that will decide stock market action on Friday

Stocks in F&O ban today

1) Ambuja Cement

2) Kaynes

3) SAIL

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.

Read more: Jio leverage play pops up at SBI as India brokers lure IPO bets

FII/DII action

Foreign portfolio investors net bought shares worth Rs 3,458 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 2,891 crore.

Rupee

The rupee slumped 44 paise to close at 94.82 against the US dollar on Thursday, weighed down by a negative trend in the domestic equity markets and surging crude oil prices.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here