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

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9 hours ago

Indian benchmark indices remained volatile through the session on Wednesday but managed to close marginally higher. The markets will today react to the US Fed decision. Analysts say the ongoing consolidation for Nifty around the 61.8% retracement zone of the immediate swing (22,182–24,774) indicates a potential base formation at lower levels. Despite the recent stabilization, the index has not yet formed a Higher High–Higher Low structure, keeping the broader sentiment cautious.

STATE OF THE MARKETS

Tech View: The RSI is in the deep oversold zone; however, this does not automatically signal a recovery, though a potential recovery may be around the corner. A decisive move above 23,300 might lead to a recovery towards 23,500 and higher. On the lower end, the downside may resume below 23,200.
India VIX: India VIX, which is a measure of the fear in the markets, was rose 2% to settle at 13.17.

US stocks slip

US stocks slipped Wednesday after the Federal Reserve hiked its main interest rate for the first time in three years and suggested more may be ahead as it tries to get the nation’s high inflation under control.
The S&P 500 fell 0.4% after giving up a modest gain from earlier in the day. The Dow Jones Industrial Average dropped 631 points, or 1.2%, and the Nasdaq composite was nearly unchanged after edging down by less than 0.1%.

Live Events

Stocks in F&O ban today

1) SAIL2) Manappuram

3) Inox Wind

4) Kaynes

5) Bandhan Bank

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 sold shares worth Rs 2,978 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 2,686 crore.

Rupee

The rupee stayed weak for the seventh consecutive session, declining 7 paise to 95.95 against the US dollar on Wednesday, tracking a strong greenback overseas and foreign fund outflows.

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

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