“We expect market momentum to resume with a focus on stock-specific action due to the ongoing result season and sector rotation at play,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.
Here’s breaking down the pre-market actions:
STATE OF THE MARKETS
- Tech View: The short-term trend of Nifty seems to have reversed down after a reasonable rise from the lows. Immediate support is placed at 22300 and the weakness below this support could trigger more declines ahead. Immediate resistance is at 22625 levels, Nagaraj Shetti of HDFC Securities said.
- India VIX: India VIX, which is a measure of the fear in the markets, rose 1.82% to settle at 10.92 levels.
Stocks in F&O ban today
1) Vodafone IdeaSecurities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limitFII/DII action
Foreign portfolio investors (FPIs) were net sellers at Rs 3,408 crore on Friday. DIIs, meanwhile, bought shares worth Rs 4,357 crore.
Rupee
The rupee declined 10 paise to close at 83.38 against the US dollar on Friday as a strengthening American currency overseas and a selloff in domestic equities weighed on the local unit.
FII data
The net short of FIIs increased from Rs 55,322 crore on Thursday to Rs 99,077 crore on Wednesday.
Q4 results
UltraTech Cement, Trent, UCO Bank among others will announce their fourth quarter earnings on Wednesday.