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

On Tuesday, Nifty fell as much as 211 points, recovering 0.6% from the days low to close at 22,716. The elevated crude, rupee at two-month lows and relentless foreign selling continue to weigh on sentiment. Analysts say Indian equities are likely to consolidate after sliding to a six-month low, an eight straight weekly decline, the longest losing run since 2020.

STATE OF THE MARKETS

Tech View: In terms of levels, immediate resistance is likely to be encountered in the 22800-22900 band, followed by a stronger hurdle in 23000-23100 on the upside, while on the downside, the 22550-22500 zone marked by current sessions low is an immediate support, followed by a stronger cushion at the 22400-22500 band.

India VIX: India VIX, which is a measure of the fear in the markets, fell 1.65% to settle at 13.41 levels.

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

Stocks in F&O ban today

SAIL

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: Nifty sees worst September series in 25 years. What does October hold?

FII/DII action

Foreign portfolio investors net sold shares worth Rs 9,980 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 6,953 crore.

Rupee

The rupee settled marginally higher at 95.94 on Tuesday, just a tad over the psychologically important 96 per dollar level, driven by possible RBI intervention and a pull-back in oil prices following hopes of negotiations between the US and Iran.

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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