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gift nifty today: GIFT Nifty signals a muted start for D-Street. Here’s the trading setup for today’s session

Domestic markets faced selling pressure on Wednesday, driven by profit booking at higher levels. In today’s trade, shares of IT companies will be in focus as bellwether TCS will report its first quarter earnings.”We expect the market to consolidate in the higher zone and any dip is a buying opportunity for long-term investors. Corporate earnings will start tomorrow with TCS first to announce numbers. Thus, the IT sector is expected to remain in focus,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal

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 25 pts higher at 24,387.

Tech View
The near-term uptrend status of the market remains intact. But the market seems to have started signs of profit booking around 24400-24500 levels. However, a move above 24465 could negate this bearish setup. Immediate support is at 24150 levels, Nagaraj Shetti of HDFC Securities said.India VIX
India VIX, which is a measure of the fear in the markets, rose 1.07% to settle at 14.43 levels.

Global Markets

  • S&P 500 futures were little changed as of 9:10 a.m. Tokyo time
  • Hang Seng futures rose 0.6%
  • Japan’s Topix rose 1.1%
  • Australia’s S&P/ASX 200 rose 1.1%
  • Euro Stoxx 50 futures rose 1.3%

Dollar falls
On Thursday, the dollar saw a slight decline with relatively muted activity as investors awaited a U.S. inflation report later in the day. Meanwhile, the British pound strengthened, reaching its highest level in a month at $1.28545 during early trading in Asia.

This increase followed a 0.48% rise from the previous session, prompted by remarks from Bank of England (BoE) officials that reduced expectations of an interest rate cut in August, leading markets to adjust their forecasts.

Oil rises
On Thursday, oil prices increased slightly as crude inventories declined following increased processing at U.S. refineries and a decrease in gasoline stocks, indicating heightened demand.

Brent futures climbed 35 cents, or 0.4%, to $85.43 per barrel, while U.S. West Texas Intermediate (WTI) crude rose by 36 cents, or 0.5%, reaching $82.47 per barrel.

Stocks in F&O ban today

1) India Cements

2) IEX

3) ABFRL

4) Bandhan Bank

5) PEL

6) GNFC

7) Chambal Fertilisers

8) Indus Tower

9) Balrampur Chini Mills

10) RBL Bank

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 turned net buyers at Rs 583 crore on Wednesday. DIIs too bought shares worth Rs 1,082 crore.

Rupee
The rupee stayed range-bound and settled 2 paise lower at 83.51 against the US dollar on Wednesday amid rising crude oil prices overseas and selling in domestic equities.

FII data
The net long of FIIs reduced from Rs 3.85 lakh crore on Tuesday to Rs 3.38 lakh crore on Wednesday.

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