“The prevailing market trend is expected to continue, and we are targeting 25,550 in the Nifty as the immediate goal. The recent participation from private banking majors is encouraging, and their sustained momentum could help the index reach the next milestone of 26,000,” said Ajit Mishra – SVP, Research, Religare Broking.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
Gift Nifty (Earlier SGX Nifty) signals a positive start.Nifty futures on the Gift Nifty traded 50 pts higher at 25,429.
Tech View
On the lower time frames, the RSI has entered a bearish crossover, signaling an early indication of a potential bearish momentum reversal. In the near term, the trend may remain sideways. Support is observed at 25,150–25,200, while resistance is seen at 25,460, said Rupak De of LKP Securities.
India VIX
India VIX, which is a measure of the fear in the markets, fell 5.06% to settle at 12.52 levels.
Global Markets
- S&P 500 futures were little changed as of 9:23 a.m. Tokyo time
- Hang Seng futures fell 0.2%
- Australia’s S&P/ASX 200 rose 0.5%
- Euro Stoxx 50 futures rose 0.7%
Forex News
- The euro rose 0.1% to $1.1091
- The Japanese yen rose 0.2% to 140.55 per dollar
- The offshore yuan was little changed at 7.0946 per dollar
- The Australian dollar rose 0.1% to $0.6711
Oil rises
Oil prices edged up in early trade on Monday amid expectations of a U.S. interest rate cut this week, though gains were capped by U.S. supply resumptions following Hurricane Francine and weaker China data.
Brent crude futures for November were up 15 cents, or 0.2% at $71.76 a barrel at 0015 GMT. U.S. crude futures for October were up 23 cents, or 0.3%, at $68.88 a barrel.
Stocks in F&O ban today
1) Balrampur Chini Mills
2) Hindustan Copper
3) Granules
4) RBL Bank
5) Chambal Fertilisers
6) Bandhan Bank
7) Aarti Industries
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 2,364 crore on Friday. DIIs too bought shares worth Rs 2532 crore.
Rupee
The rupee witnessed range-bound trade and settled for the day higher by 4 paise at 83.92 against the US dollar on Friday supported by weakening of the American currency in the overseas market and significant foreign fund inflows.
FII data
The net long of FIIs increased from Rs 1.9 lakh crore on Thursday to Rs 2.09 lakh crore on Friday.
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