Pre-market action: Here's the trade setup for today's session
The Indian equity market ended the week on a positive note, with the Nifty increasing by 0.1 percent on Friday. Factors such as global market trends and easing fears of US interest rate hikes lent support to this rise. The India VIX, often seen as a fear gauge, declined by 5.8 percent, signaling lower market worries.
Indian equities closed slightly higher on Friday, with the Nifty gaining 0.1% to reach 23,898. This positive performance was driven by favorable global indicators and reduced expectations of an imminent US Federal Reserve rate hike. Analysts anticipate some market relief as the concern of a near-term US Fed rate increase and lower global bond yields diminish. However, elevated Brent crude prices around US$95 per barrel and ongoing West Asian tensions present significant risks to the market's recovery.
The short-term trend for the index appears to be weak, as it remains below the 50-Exponential Moving Average (EMA) on the hourly chart. Traders may continue to exhibit a sell-on-rise sentiment while the index stays under the 24,000-24,200 range. Support levels for the market are identified at 23,830 and 23,700.
India VIX, a gauge of market sentiment, experienced a decline of 5.8%, settling at 10.68, indicating reduced fear in the markets. Ahead of the market opening, 10 factors will influence stock market movements on Monday.
During today's Foreign and Option (F&O) trading ban, SAIL, LIC Housing Finance, Inox Wind, and Kaynes are among the stocks that are banned for F&O activities. The securities in the ban period have crossed 95% of the market-wide position limit.
Foreign Institutional Investors (FIIs) netted out Rs 3,112 crore on Friday, while Domestic Institutional Investors (DIIs) were net buyers at Rs 8,920 crore. The Indian Rupee remained largely stable on Friday, but ended the week with its best performance against the US dollar in five weeks, fueled by increased dollar inflows into the Reserve Bank of India's special schemes.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
