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“The recovery noticed from today’s low will be evident only post the monthly expiry on Thursday. At the same time, the ongoing Q1 results, which till date is muted, will decide the near-term trend,” said Vinod Nair, Head of Research, Geojit Financial Services
“While the overall sentiment remains positive without signs of weakness, the market appears overbought by various measures. Therefore, we advise against aggressive long positions,” said Rajesh Bhosale, Equity Technical Analyst, Angel One.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 164 points, or 0.67 per cent, at 24,250, signaling that Dalal Street was headed for negative start on Thursday.
- Tech View: The immediate support of 10day EMA has been broken on the downside and Nifty is currently placed near another support of 20day EMA around 24270 levels. These moving averages have been upheld in the last 5-6 weeks and the market’s inability to sustain above these supports could eventually open sharp weakness ahead, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 7.7% to settle at 11.76 levels.
US stocks dip
The S&P 500 and Nasdaq ended at multi-week lows on Wednesday, with the S&P snapping one of its longest streaks without a daily decline of more than 2%, as lackluster Alphabet and Tesla earnings undermined investor confidence in megacap names.
- Dow down 1.25%,
- S&P dips 2.31%,
- Nasdaq falls 3.64%
Asian shares fall
Equities in Asia declined as investors began pulling back on the artificial-intelligence frenzy that has powered the bull market this year.
- S&P 500 futures rose 0.3% as of 9:21 a.m. Tokyo time
- Hang Seng futures fell 0.6%
- Japanβs Topix fell 1.8%
- Australiaβs S&P/ASX 200 fell 0.9%
- Euro Stoxx 50 futures fell 1.2%
Yen rises
The yen drew support from unwinding carry trades on Thursday ahead of next week’s Bank of Japan (BOJ) policy meeting and as a rotation out of megacap growth stocks dampened risk appetite broadly and provided some safe haven bids.
Stocks in F&O ban today
1) Vodafone Idea
2) India Cements
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 5,130 crore on Wednesday. DIIs bought shares worth Rs 3137 crore.
Rupee
The Indian rupee fell to an all-time low on Wednesday to 83.72 as likely outflows from local equities weighed on the currency.
FII data
The net long of FIIs reduced from Rs 2.83 lakh crore on Tuesday to Rs 2.4 lakh crore on Wednesday.
Q1 results
Adani Green, Nestle, DLF, Tech Mahindra, Canara Bank among 67 companies will announce their first quarter results on Thursday.
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