GIFT Nifty Down 40 points Tuesday’s equity markets had a sluggish start but eventually recovered to end the day higher. According to analysts, domestic equities are consolidating inside a range, with purchases made at each dip, indicating strength at lower levels.
“In general, we anticipate positive bias and range trading in the market. Global investors will be alert for consumer confidence data from the US and Europe, according to Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
“We maintain that we should stick to our “buy on dips” strategy until the Nifty clearly breaks over 21,900 levels. However, traders should exercise additional caution when choosing stocks with mixed participation and stay away from high beta counters, according to Religare Broking’s SVP of Technical Research, Ajit Mishra.
State OF The Market
GIFT Nifty Live , GIFT Nifty Down 40 points the former SGX Nifty, indicates a successful beginning.
The GIFT Nifty on the NSE IX up by 43.50 points, or 0.20 percent, at 22,236.50 on Wednesday, indicating that Dalal Street was off to a good start.
- Tech View: The market is not gaining strength to witness an upside breakout of 22200-22300 levels decisively. The immediate resistance is at 22300 and any dips down to 22000-21950 could be a buy-on-dip opportunity, Nagaraj Shetti of HDFC Securities said.India
- VIX: India VIX, which is a measure of the fear in the markets, rose 0.82% to settle at 15.73 levels.
US Stocks were Mixed
Tuesday’s finish of U.S. equities was almost unchanged ahead of inflation and other economic statistics that may provide insight into when the Federal Reserve may decide to lower interest rates.
S&P 500 up 0.17%,
Nasdaq up 0.37%, and the Dow down 0.25%
Asian stocks muted
Asian stocks traded within tight ranges on Wednesday after the S&P 500 nudged higher. In New Zealand, the central bank is seen holding interest rates while retaining the threat of a hike amid sticky inflation.
- S&P 500 futures were little changed as of 9:50 a.m. Tokyo time
- Hang Seng futures rose 0.2%
- Nikkei 225 futures (OSE) fell 0.2%
- Japan’s Topix was little changed
- Australia’s S&P/ASX 200 fell 0.2%
Dollar firm
The U.S. dollar held steady as traders brushed off durable goods data overnight and awaited the Federal Reserve’s preferred measure of inflation due Thursday for clues on when the U.S. central bank may start cutting interest rates.
Stocks in F&O ban today
1) ABFRL
2) Indus Tower
3) Canara Bank
4) SAIL
5) ZEE
Securities in the ban period under the F&O segment include companies in which the s ..
FII/DII action
Foreign portfolio investors were net sellers at Rs 1,509 crore on Tuesday. DIIs bought shares worth Rs 2,861 crore.
Rupee
The rupee slipped by 1 paisa to close at 82.89 against the US dollar in a restricted trade on Tuesday amid withdrawal of foreign funds and increased month-end demand for the American currency
FII data
The net short of FIIs reduced from Rs 29,137 crore on Monday to Rs 27,042 crore on Tuesd ..
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