GIFT Nifty down 40 points; here's the trading setup for today's session

Indian equity markets showed resilience despite several headwinds, with Nifty closing with gains of 130 points at 24,813. Looking ahead, analysts expect markets to remain firm, supported by healthy domestic macros, decent corporate earnings, and prospects of an above-normal monsoon this year.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a negative start
GIFT Nifty on the NSE IX traded lower by 43 points, or 0.17 per cent, at 24,787, signaling that Dalal Street was headed for negative start on Thursday.

• Tech View: A fall below 24,700 could trigger a market correction, potentially leading to a decline toward the 21-EMA, which is currently positioned around 24,428. Overall, sentiment is likely to remain sideways to bearish as long as the Nifty stays below 25,000. However, if the Nifty reclaims the 25,000 level, the sentiment may turn bullish, and short bets would lose their appeal.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.9% to settle at 17.55 levels.

US stocks slip
US stocks closed sharply lower on Wednesday as Treasury yields spiked on worries that U.S. government debt would swell by trillions of dollars if Congress passes President Donald Trump's proposed tax-cut bill.

• Dow down 1.91%,
• S&P 500 dips 1.61%,
• Nasdaq falls 1.41%

Asian shares fall
Asian shares fell and Treasuries continued their slide at the open Thursday following losses in Wall Street on concerns about the US’s ballooning deficit.

• S&P 500 futures were little changed as of 9:15 a.m. Tokyo time
• Japan’s Topix fell 0.4%
• Australia’s S&P/ASX 200 fell 0.7%
• Euro Stoxx 50 futures were little changed

Gold rises
Gold prices rose on Thursday as investors leaned toward the safe-haven asset due to mounting concerns over the U.S. government's growing debt and a lukewarm demand for 20-year Treasury bonds, highlighting low appetite for U.S. assets.

Oil prices ease
Oil prices eased on Thursday as unexpected builds in U.S. crude and fuel inventories raised demand concerns, while investors stayed cautious, focusing on renewed Iran-U.S. nuclear talks.

Stocks in F&O ban today

1) RBL Bank

2) Manappuram

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 net bought shares worth Rs 2,202 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 684 crore.

Rupee
The rupee consolidated in a narrow range and settled for the day down by 1 paisa at 85.59 against the US dollar on Wednesday, on dollar demand from importers and foreign banks as well as surge in crude oil prices.

FII data
The position of FIIs in the futures market increased from net short of Rs 23,498 crore on Monday to Rs 38,748 crore.