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

On Friday, markets saw some relief after two consecutive sessions of sharp decline, with the Nifty gaining 1.3%, supported by buying in IT stocks. Analysts say Indian equities are likely to remain cautious amid elevated global risks.

STATE OF THE MARKETS

Tech View: Everything looks bleak, and this sentiment might remain the same for a few more days. The RSI remains in a bearish crossover and has stayed in the oversold zone. On the lower end, support is placed at 22180, below which the index might extend its losses towards 22000. On the higher end, resistance is placed at 22350.

India VIX: India VIX, which is a measure of the fear in the markets, fell 5.9% to settle at 14.38 levels.

Read more: Ahead of Market: 10 things that will decide D-Street action on Monday

Stocks in F&O ban today

1) Bandhan Bank

2) Ambuja Cement

3) 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: Weekly Market Outlook: Nifty snaps 8-week losing streak, but can bulls reclaim the crucial 200-week moving average?

FII/DII action

Foreign portfolio investors net sold shares worth Rs 3,569 crore on Friday. DIIs, meanwhile, were net buyers at Rs 4,743 crore.

Rupee

The rupee appreciated 17 paise to close at 96.71 against the US dollar on Friday, in tandem with its broader Asian peers, supported by a slight softening in the US dollar and crude oil prices.

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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