Nifty today: GIFT Nifty down 10 points; here’s the trading setup for today’s session

Nifty ended marginally higher on Thursday after four consecutive sessions of decline, although gains were capped by persistent FII selling and a record-low rupee. Analysts expect markets to remain in consolidation mode, though a potential rate-cut by the RBI could act as a strong short-term catalyst.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 12 points, or 0.05 per cent, at 26,177, signaling that Dalal Street was headed for a muted start on Friday.

• Tech View: In terms of key levels, the subzone of 26000-25950 is expected to provide support against potential declines, while the critical support level, marked by a bullish candle, is around 25850. Conversely, intermediate resistance is identified around 26200, followed by a more formidable barrier at 26325.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 3.5% to settle at 10.82 levels.

US stocks flat
U.S. stocks closed near the unchanged mark on Thursday, as investors weighed a report on the labor market and other economic data, while equities drew support from elevated hopes for a Federal Reserve interest-rate cut next week.

• Dow off 0.07%,
• S&P up 0.11%,
• Nasdaq up 0.22%

Asian shares dip
Asian equities dropped in early trading following a lackluster session on Wall Street that weighed on tech stocks and bonds, with focus turning to the release of key US inflation data later on Friday.

• S&P 500 futures were little changed as of 9:37 a.m. Tokyo time
• Hang Seng futures fell 0.2%
• Japan’s Topix fell 1.1%
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures were little changed

Dollar slips
The U.S. dollar languished not far from a five-week low against its major peers on Friday as investors braced for a Federal Reserve rate cut next week. Markets widely expect a quarter point reduction when the policy-setting Federal Open Market Committee meets on December 9-10, and a focus will be on any signals about how much additional easing lies ahead.

Oil little changed
WTI oil prices were heading for weekly gains of close to 2% in early trading on Friday, supported by an expected Federal Reserve interest rate cut, escalating U.S.-Venezuela tensions and stalled peace talks in Moscow.

Gold steady
Gold prices held steady on Friday, as rising U.S. Treasury yields offset support from a weaker dollar, while markets awaited U.S. inflation data later in the day for clues into the Federal Reserve’s policy outlook ahead of its meeting next week.

Stocks in F&O ban today

Sammaan Capital
Bandhan Bank

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 net sold shares worth Rs 1,944 crore on Thursday. DIIs, meanwhile, were net buyers at Rs 3,661 crore.

Rupee
The Indian rupee ended above the 90 per dollar level after hitting a record low on Thursday, as dollar sales from multiple foreign banks, likely on account of inflows, helped the currency snap a six-session losing streak.