Nifty today: GIFT Nifty down 110 points; here’s the trading setup for today’s session

Stock-specific action will likely continue as the earnings season gathers pace.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 108 points, or 0.43 per cent, at 24,978.50, signaling that Dalal Street was headed for negative start on Friday.

• Tech View: On the downside, support remains intact at 24,900; a decisive break below this level could trigger a correction in the market. On the other hand, a sustained move above 25,260 may induce a fresh rally.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 1.97% to settle at 10.72 levels.

S&P 500, Nasdaq notch record high closes
The S&P 500 and the Nasdaq notched record high closes on Thursday as robust results from Google parent Alphabet fueled optimism about other heavyweight artificial intelligence stocks, while Tesla slumped after the electric vehicle maker’s results disappointed investors.

• S&P 500 +0.07%,
• Nasdaq +0.18%,
• Dow -0.70%

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Asian stocks decline
Asian stocks declined at the open Friday, breaking their longest winning streak since January, as uncertainty over interest-rate cuts by the Federal Reserve curbed risk appetite.

• S&P 500 futures rose 0.2% as of 9:30 a.m. Tokyo time
• Hang Seng futures fell 0.7%
• Nikkei 225 futures (OSE) fell 0.6%
• Japan’s Topix fell 0.7%
• Australia’s S&P/ASX 200 fell 0.5%
• Euro Stoxx 50 futures fell 0.1%

Gold rises
Gold prices inched higher in early Asian trading on Friday, buoyed by an overall weaker dollar, although signs of progress in trade negotiations between the U.S. and its trading partners kept gains in check.
Oil climbs
Oil prices rose on Friday, buoyed by optimism over a potential trade deal between the U.S. and the European Union and reports of Russian plans to restrict gasoline exports to most countries.
Stocks in F&O ban today
RBL Bank
IEX

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 2,133 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 2,617 crore.

Rupee
The rupee pared initial gains to settle just 1 paisa higher at 86.40 against the US dollar on Thursday, as investors remained cautious amid risk aversion in global markets and an overnight recovery in crude oil prices.

FII data
The position of FIIs in the futures market reduced from a net short of 1.45 lakh crore on Wednesday to Rs 1.45 lakh crore on Thursday.