Nifty today: GIFT Nifty down 170 points; here’s the trading setup for today’s session

Indian equities snapped their three-day losing streak, witnessing a recovery and trading with a positive bias after recent losses, supported by improving geopolitical cues. Going ahead, analysts say markets will closely monitor developments in West Asia, movements in global energy prices and broader global risk sentiment for further directional cues.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a gap-down start
GIFT Nifty on the NSE IX traded lower by 169.50 points, or 0.68 per cent, at 24,626.50, signaling that Dalal Street was headed for a gap-down start on Friday.

• Tech View: On the downside, support is placed at 24,530/24,300. On the upside, resistance is seen at 24,850/25,000. The sell on rise approach remains valid until the Nifty decisively moves above 25,000.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 15.6% to settle at 17.86 levels.

US stocks end lower
US stocks closed down on Thursday as the Middle East conflict entered its sixth day, pushing oil prices higher and spurring worries about inflation and whether the Federal Reserve will cut interest rates.

• Dow dips 1.61%,
• S&P falls 0.56%,
• Nasdaq down 0.26%

Asian stocks fall
Asian equities fell on Friday, leaving markets on track for their steepest weekly loss in six years as the protracted Middle East conflict and renewed Iranian strikes drove a broad retreat in risk assets.

• S&P 500 futures rose 0.1% as of 9:27 a.m. Tokyo time
• Hang Seng futures fell 0.6%
• Japan’s Topix fell 0.6%
• Australia’s S&P/ASX 200 fell 1.2%
• Euro Stoxx 50 futures rose 0.6%

Dollar steady
The U.S. dollar held broadly steady in early Asian trade on Friday and was poised for its steepest weekly gain in more than a year as the escalating conflict in the Middle East drove demand for safe-haven assets.
Oil slips
Oil prices fell more than two percent in early Asian trade after strong gains in recent days on the back of the conflict in the Middle East.Stocks in F&O ban today
Samman Capital
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 net sold shares worth Rs 3,752 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 5,153 crore.

Rupee
The rupee rebounded from its lowest level and settled with a gain of 45 paise at 91.60 (provisional) against US dollar on Thursday on the back of a buying trend in domestic equity markets and reports of Reserve Bank intervention.

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