GIFT Nifty up 70 points; here's the trading setup for today's session

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Equity markets traded in positive territory throughout Tuesday and closed with gains for the third straight day. The broader market too outperformed shrugging aside valuation concerns.

"Earnings have taken centre stage among investors with some of the key heavyweights announcing their numbers this week. Overall we expect the market to maintain its ongoing positive momentum along with stock-specific action," 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

GIFT Nifty on the NSE IX traded higher by 74.50 points, or 0.33 per cent, at 22,451, signaling that Dalal Street was headed for positive start on Wednesday.

Tech View: The near-term uptrend status of Nifty remains intact and the short-term trend is choppy. Further consolidation or minor dip could be a buying opportunity. A sustainable move above 22500 could open next upside towards 22800 levels. Immediate support is at 22200 levels, said Nagaraj Shetti of HDFC Securities.
India VIX: India VIX, which is a measure of the fear in the markets, fell 19.7% to settle at 10.20 levels.

US stocks gain

US stocks closed higher on Tuesday following positive earnings from top-tier companies and as investors were focused on quarterly results from Magnificent Seven and other megacap growth stocks.

Dow up 0.69%,
S&P rises 1.20%,
Nasdaq gains 1.59%

Asian shares advance

Stocks in Asia advanced after a US rally in tech heavyweights, whose high-stakes earnings are considered by Wall Street investors a major test of the equities bull run.

S&P 500 futures rose 0.2% as of 9:12 a.m. Tokyo time
Hang Seng futures rose 0.3%
Japan's Topix rose 1%
Australia's S&P/ASX 200 rose 0.4%
Euro Stoxx 50 futures rose 1.7%
Nasdaq 100 futures rose 0.5%

Oil rises

Oil prices rose in early trade on Wednesday, adding to gains in the previous session, after industry data showed a surprise drop in U.S. crude stocks last week, a positive sign for demand, and attention shifted away from hostilities in the Middle East.

Dollar shaky

The dollar nursed its wounds on Wednesday following big tumbles against the euro and sterling, hurt by a combination of surprisingly robust European activity data and cooling U.S. business growth.

Stocks in F&O ban today

1) Hindustan Copper

2) Vodafone Idea

3) ZEE

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 (FPIs) were net sellers for the second straight day at Rs 3,044 crore on Tuesday. DIIs, meanwhile, bought shares worth Rs 2918 crore.

Rupee

The rupee rose 5 paise to close at 83.31 against the US dollar on Tuesday on positive domestic markets and a soft American currency

FII data

The net short of FIIs was flat from Rs 1.08 lakh crore on Monday to Rs 1.08 lakh crore on Tuesday.

Q4 results

HUL, LTIMindtree, Indian Hotels, Axis Bank among others will announce their fourth quarter earnings on Wednesday.

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