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

The recent correction in Indian equities has largely been driven by geopolitical uncertainty, high valuations, foreign investor selling, elevated crude prices and slower earnings growth. Analysts say markets may remain volatile and range-bound in the near term, particularly if crude prices stay elevated. However, resilient domestic growth, institutional inflows and corporate earnings should provide support. Further, sentiment could improve meaningfully if geopolitical tensions ease and crude prices stabilise.

STATE OF THE MARKETS

Tech View: On the downside, 23,000 remains the immediate support, followed by 22,700. On the higher end, 23,200–23,300 is the immediate resistance zone. A sustained move above 23,300 could improve the technical setup, while a decisive break below 23,000 may resume the downtrend.

India VIX: India VIX, which is a measure of the fear in the markets, fell 4.16% to settle at 12.16 levels.

Read more: Ahead of Market: 10 things that will decide stock market action on Monday

Stocks in F&O ban today

1) SAIL

2) Manappuram

3) Kaynes

4) LIC Housing Finance

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.

Read more: IPO Calendar: 20 new issues to open for subscription in busiest week of the year

FII/DII action

Foreign portfolio investors net sold shares worth Rs 3,694 crore on Friday. DIIs, meanwhile, were net buyers at Rs 2838 crore.

Rupee

The rupee appreciated 19 paise to close at 95.80 against the US dollar on Friday, holding above the 96-mark, on improved global risk sentiment and possible intervention by the Reserve Bank.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here
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