GIFT Nifty up 240 points; here's the trading setup for today's session

Indian equities snapped a six-week losing streak and ended nearly a percent higher in the holiday-shortened week. In the coming week, investors will track domestic high-frequency data, including HSBC India Manufacturing, Services, and Composite PMIs, for cues on growth momentum.

STATE OF THE MARKETS

GIFT Nifty on the NSE IX traded higher by 247 points, or 1 per cent, at 24,902, signaling that Dalal Street was headed for positive start on Monday

• Tech View: Nifty has struggled to cross its short-term 21-DMA at 24,770. A decisive move above this level is crucial to unlock further upside towards 25,000. The RSI has turned higher to 44, indicating improving momentum, while the MACD remains below the zero line. Although sentiment has improved, a clear confirmation of a trend reversal is still awaited.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 1.77% to settle at 12.36 levels.

US stocks rise

The blue-chip Dow Jones ended higher after hitting an intraday record high on Friday, as UnitedHealth's shares jumped after Berkshire Hathaway raised its stake, but other Wall Street indexes slipped as mixed data clouded the Federal Reserve's next monetary policy move. The Dow Jones Industrial Average rose 34.86 points, or 0.08%, to 44,946.12, the S&P 500 lost 18.74 points, or 0.29%, to 6,449.80 and the Nasdaq Composite lost 87.69 points, or 0.40%, to 21,622.98.

European shares rise

European shares came off multi-month highs on Friday, as declines in heavyweight tech and financial shares offset gains from some corporate earnings, while investors monitored a crucial U.S.-Russia summit. The pan-European STOXX 600 index closed 0.1% lower, after hitting a near five-month high earlier in the session.

Oil prices ease

Oil prices slipped on Monday as the U.S. did not exert more pressure on Russia to end the Ukraine war by implementing further measures to disrupt Russian oil exports after the presidents from both countries met on Friday.

Brent crude futures dropped 26 cents, or 0.39%, to $65.59 a barrel by 0028 GMT while U.S. West Texas Intermediate crude was at $62.62 a barrel, down 18 cents, or 0.29%.

Asian stocks rise

Share markets edged higher in Asia on Monday ahead of what is likely to be an eventful week for U.S. interest rate policy, while oil prices slipped as risks to Russian supplies seemed to fade a little.
MSCI's broadest index of Asia-Pacific shares outside Japan was a fraction lower, having hit a four-year top last week.

EUROSTOXX 50 futures rose 0.3%, while FTSE futures and DAX futures gained 0.2%.

Stocks in F&O ban today

PNB Housing
RBL Bank
PGEL
Titagarh

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 1,927 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 3,896 crore.

Rupee

Rupee pared initial gains and settled for the day on a negative note, lower by 10 paise at 87.57 (provisional) against the US dollar on Thursday, as it came under pressure due to continued dollar demand from importers.

FII data

The position of FIIs in the futures market were flat from a net short of Rs 1.82 lakh crore on Wednesday to Rs 1.82 lakh crore on Thursday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)