“The bulls are working to defend the 24,000 level in the Nifty amid ongoing choppiness, and a strong rally in banking majors has raised hopes for further recovery. However, upside potential appears limited, with a significant resistance zone around 24,400-24,500. Much will depend on global cues, with all eyes on the US presidential election. Traders are advised to maintain a hedged approach and keep position sizes in check until we see some stability,” said Ajit Mishra – SVP, Research, Religare Broking.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The underlying short-term trend of Nifty is on the verge of reversal. A decisive move above 24500 levels could open fresh upmove in the market. Any weakness from here is expected to drag Nifty down to 23900-800 levels again, said Nagaraj Shetti of HDFC Securities.
- India VIX: India VIX, which is a measure of the fear in the markets, fell 3.4% to settle at 16.12 levels.
Stocks in F&O ban today
NIL
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 turned net sellers at Rs 2,569 crore on Tuesday. DIIs bought shares worth Rs 3031 crore.
Rupee
The rupee recovered from its all-time low to settle 2 paise higher at 84.09 against the US dollar on Tuesday, supported by a recovery in the domestic markets and suspected intervention by the Reserve Bank.
FII data
The net short of FIIs reduced from Rs 1.6 lakh crore on Monday to Rs 1.5 lakh crore on Tuesday.
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