“We expect the market to continue its consolidation mode due to the lack of any major positive trigger. However, investors should use this dip as a buying opportunity in quality stocks especially large-cap where valuations are still comfortable,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
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 80 pts higher at 24,237. Tech View
The recent swing high of 24,472 seems to be a lower top for the Nifty as per daily time frame chart. A slide below another lower support of 24,000-23,900 levels could trigger a reasonable downward correction in the market. Immediate resistance is placed at 24,350 levels, said Nagaraj Shetti of HDFC Securities.India VIX
India VIX, which is a measure of the fear in the markets, rose 1.89% to settle at 16.17 levels.
Global Markets
- S&P 500 futures were little changed as of 9:16 a.m. Tokyo time
- Hang Seng futures rose 0.7%
- Japanβs Topix rose 0.7%
- Australiaβs S&P/ASX 200 rose 0.6%
- Euro Stoxx 50 futures rose 0.2%
- Nasdaq 100 futures were little changed
Forex News
- The euro was little changed at $1.0994
- The Japanese yen fell 0.1% to 147.05 per dollar
- The offshore yuan was little changed at 7.1534 per dollar
- The Australian dollar was little changed at $0.6635
Oil rises
Oil prices climbed on Wednesday on estimates about shrinking U.S. crude and gasoline inventories as the market watched for a possible widening of the Middle Eastern war, which could curtail global oil supplies.
Brent crude futures rose 30 cents to $80.99 a barrel by 0009 GMT. U.S. West Texas Intermediate crude increased by 38 cents to $78.73 per barrel.
Stocks in F&O ban today
1) India Cements
2) AB Capital
3) Birla Soft
4) Indiamart
5) RBL Bank
6) Sun TV
7) Chambal Fertilisers
8) ABFRL
9) Manappuram
10) LIC Housing Finance
11) PNB
12) Granules
13) SAIL
14) Bandhan Bank
15) Biocon
16) 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 sellers at Rs 2,107 crore on Tuesday. DIIs bought shares worth Rs 1240 crore.
Rupee
The rupee witnessed range-bound trading and settled for the day on a flat note at 83.97 against the US dollar on Tuesday, as weak domestic markets and a surge in crude oil prices weighed on investor sentiments.
FII data
The net long of FIIs turned from Rs 15,055 crore on Tuesday to net short of Rs 21,236 crore on Wednesday.
Q1 results
HAL, Ola Electric, Mazagon Dock Shipbuilders, Bandhan Bank among others will announce their first quarter results on Wednesday.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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