Gift Nifty trades on flat note; here’s the trading setup for the day – News Air Insight

Indian markets soared to record highs on Thursday, lifted by a sharp improvement in global risk appetite amid rising expectations of an interest-rate cut by the US Federal Reserve. The upbeat sentiment across global equities provided a strong tailwind for domestic markets. From a technical perspective, analysts said 26,300 remains the key resistance and immediate breakout trigger. A decisive close above this level could open the door for fresh all-time highs in the 26,350–26,450 zone.

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a steady start

Nifty futures on the Gift Nifty traded 4 points higher, at 26,410.

Tech View: The short-term trend remains positive, with the index trading comfortably above all major moving averages. The RSI is in a bullish crossover, and the higher-top, higher-bottom structure appears intact, confirming an ascending chart pattern.

India VIX: India VIX, which is a measure of the fear in the markets, fell 1.5% to settle at 11.78 levels.Global Markets

• S&P 500 futures rose 0.1% as of 9:34 a.m. Tokyo time
• Hang Seng futures were little changed
• Nikkei 225 futures (OSE) were little changed
• Japan’s Topix was little changed
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures were little changed

Forex News

• The euro was little changed at $1.1595
• The Japanese yen was little changed at 156.33 per dollar
• The offshore yuan was little changed at 7.0760 per dollar
• The Australian dollar was little changed at $0.6537

Oil steady
Brent crude prices held steady on Friday as traders monitored developments in the Russia-Ukraine peace negotiations and awaited the outcome of Sunday’s OPEC+ meeting for signals on future supply changes that have been pressuring the market.

The front-month Brent contract, expiring Friday, stayed flat at $63.34 a barrel by 0134 GMT after a 21-cent rise in the previous session. Meanwhile, the more actively traded February contract slipped 2 cents to $62.85 in light trading.

Stocks in F&O ban today

NIL

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 1,255 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 3,941 crore.

Rupee

The rupee depreciated 14 paise to settle at 89.36 against the US dollar on Thursday amid a firm greenback due to its higher demand from importers and banks.

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