Pre-market action: Here’s the trade setup for today’s session

Indian markets managed to close in the green for the seventh consecutive trading session on Tuesday, which suggests there is continued buying interest in domestic equities. Analysts expect the market to continue with a gradual up-move on the back of FII inflows, strong INR and positive cues from the US market.

STATE OF THE MARKETS

• Tech View: Immediate support is placed at 23,600, and a decisive drop below this level could drive the index toward 23,300. On the upside, resistance is at 23,800, and a breakout above this level may resume the rally.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.7% to settle at 13.79 levels.

Stocks in F&O ban today

1) Manappuram

2) Hindustan Copper

3) Polycab4) IndusInd Bank5) SAIL

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 5,371 crore on Tuesday. DIIs sold shares worth Rs 2,769 crore.

Rupee
The rupee snapped its seven-session rally and settled with a loss of 13 paise at 85.74 (provisional) against the US dollar on Tuesday, as increased demand for dollars from importers, coupled with the greenback’s recovery against major currencies, weighed on the rupee.

FII data
The net short of FIIs reduced from Rs 95,426 crore on Monday to Rs 90,604 crore on Tuesday.