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

Indian equity benchmarks extended their winning streak to a fifth consecutive session on Wednesday, as easing crude oil prices and hopes of further progress in US-Iran diplomatic negotiations lifted investor sentiment and triggered broad-based buying across domestic equities. The Nifty 50 climbed 150 points, or 0.63%, to settle at 23,961, while the BSE Sensex advanced 383 points, or 0.50%, to close at 77,301.

STATE OF THE MARKETS

Tech View: The 100-DMA, placed around 23,700, is expected to act as an immediate support for the index. On the upside, the 24,000 zone remains a crucial resistance, coinciding with the psychological hurdle and the 200-DMA, said Vatsal Bhuva, Technical Analyst at LKP Securities.

India VIX: India VIX, which is a measure of the fear in the markets, fell 2.89% to settle at 15.27 levels.


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

Stocks in F&O ban today

1) Kaynes

2) 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: India's stock market volatility since last Diwali saw 60 stocks lose up to 96%

FII/DII action

Foreign portfolio investors net bought shares worth Rs 6,860.40 crore on Wednesday. DIIs, meanwhile, were net sellers at Rs 3,427.58 crore.

Rupee

The rupee traded positively, gaining around 0.16% to 94.78, as expectations of a possible tax cut lifted sentiment in the secondary market, while FIIs turned net buyers over the last few sessions.

Disclosure: This article has been written by Kumar Gaurav, who is not a Sebi-registered Research Analyst or an Investment Adviser. Gaurav and their ‘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 disclaimers here