“The short-term texture of the market is still on the positive side. We are of the view that, 23450/77100 would be the crucial support zone for the day traders; below the same, we could see one quick intraday correction till 23350-23300/76800-76600,” said Shrikant Chouhan, Head Equity Research, Kotak Securities.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Gift Nifty (Earlier SGX Nifty) signals a muted start.
Nifty futures on the Gift Nifty traded 9 pts higher at 23,523.
Tech View
Though, Nifty placed at the highs, still there is no confirmation of any significant reversal pattern building at the highs. Further weakness only below 23300 levels could be considered as a short-term top reversal pattern. Further sustainable upside bounce is likely to negate this negative setup, said Nagaraj Shetti of HDFC Securities.
India VIX
India VIX, which is a measure of the fear in the markets, rose 5.77% to settle at 13.71 levels.
Global Markets
- S&P 500 futures were little changed as of 9:21 a.m. Tokyo time
- Hang Seng futures fell 0.2%
- Japan’s Topix fell 0.3%
- Australia’s S&P/ASX 200 was little changed
Oil rises
Brent crude futures saw a slight increase at the beginning of trading on Thursday due to Israeli tanks moving into Gaza. Meanwhile, U.S. crude futures declined as there is a possibility of oil inventories increasing.
Specifically, Brent crude futures for August delivery rose by 8 cents, reaching $85.15 per barrel at 0008 GMT. Conversely, U.S. West Texas Intermediate crude for June dropped by 27 cents or 0.3%, settling at $81.30 per barrel.Yuan exchanged hands at xxx against the greenback
Stocks in F&O ban today
1) Balrampur Chini Mills
2) PEL
4) Chambal Fertilisers
6) HAL
7) Indus Tower
8) 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
FII/DII action
Foreign portfolio investors turn net buyers at Rs 7,908 crore on Wednesday. Domestic institutional investors, meanwhile, bought shares worth Rs 7107 crore.
Rupee
The rupee paired its initial gains and settled 1 paisa lower at 83.44 against the US dollar on Wednesday in sink with the domestic equity markets that turned choppy at the fag-end of the session.
FII data
The net short of FIIs turned from Rs 12,852 crore on Tuesday to net long of Rs 44,059 crore on Wednesday.
