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

Indian benchmark indices started the week on a weak note, with the Nifty slipping below the 22,800-mark intraday amid broad-based selling. Analysts say a decisive break below 22,700 could intensify selling pressure and drag the index towards 22,400, where the trendline joining the major lows of the past two years and the 200-week EMA provide important support.

STATE OF THE MARKETS

Tech View: On the downside, immediate support is placed at 22,650–22,700, below which further correction could extend in the short term. On the higher end, 23,000 is likely to act as a strong resistance and may prove difficult to reclaim.

India VIX: India VIX, which is a measure of the fear in the markets, rose 12.1% to settle at 13.64 levels.

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

Stocks in F&O ban today

1) SAIL

2) 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: Motilal Oswal sees 4 factors boosting risk-reward after market’s sharp fall from 2024 high, lists 27 stock picks

FII/DII action

Foreign portfolio investors net sold shares worth Rs 5,353 crore on Monday. DIIs, meanwhile, were net buyers at Rs 5189 crore.

Rupee

The rupee depreciated 28 paise to close at 96.03 against the US dollar on Monday, on risk-off sentiments in global markets after the US rejected a deal proposal by Iran, diminishing hopes of reopening of the Strait of Hormuz.

Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘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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