Gift Nifty drops 80 points; here is the trading setup for the day

Indian equity markets ended lower on Thursday extending their recent losing streak as early gains gave way to sustained profit booking across major sectors. Overall, analysts said the market remains in a consolidation phase with a negative bias. A decisive move above 25,700 will be crucial to revive bullish momentum, while failure to hold above 25,500 could extend weakness in the short term.

STATE OF THE MARKETS

Gift Nifty (Earlier SGX Nifty) signals a negative start.

Nifty futures on the Gift Nifty traded 80 pts lower at 25,510.

Tech View: The index has declined towards the support of the previous swing high, placed around 25,450. Going forward. if the index falls below 25,450, the short-term trend might weaken further. On the other hand, if it holds above 25,450, a significant trend reversal might occur.

India VIX: India VIX, which is a measure of the fear in the markets, fell 1.9% to settle at 12.41 levels.

Global Markets Watch

• S&P 500 futures rose 0.2% as of 9:17 a.m. Tokyo time
• Hang Seng futures fell 0.4%
• Japan’s Topix fell 0.5%
• Australia’s S&P/ASX 200 fell 0.1%
• Euro Stoxx 50 futures were little changed

Forex News

• The euro was little changed at $1.1545
• The Japanese yen was little changed at 152.96 per dollar
• The offshore yuan was little changed at 7.1228 per dollar
• The Australian dollar was little changed at $0.6482

Stocks in F&O ban today

1) 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 3,263 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 5,284 crore.

Rupee

The rupee appreciated 7 paise to 88.63 against the US dollar on Thursday, supported by a weak American currency against major rivals overseas and lower global crude oil prices.