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

Domestic equities opened positive on the first day of the week but soon witnessed selling pressure amid muted global cues. In today’s trade, markets will react to the inflation data, which fell to a 3-month low of 5.10% in January.

“Global cues are muted as most of the Asian markets are closed for this week on account of Lunar New Year holidays, which kept global investors on side-line. Overall we expect the market to consolidate with negative bias in the near term,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal.

Here’s breaking down the pre-market actions:

STATE OF THE MARKETS

• Tech View: The momentum indicator aligns with this bearish outlook, displaying a crossover. Nifty might remain in sell-on-rise mode as long as it remains below 21850. On the downside, support is situated at 21500, Rupak De of LKP Securities said.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 3.98% to settle at 16.06 levels.

Stocks in F&O ban today

1) Hindustan Copper2) India Cements3) Indus Tower

4) PNB

5) ZEE

6) Ashok Leyland

7) ABFRL

8) Balrampur Chini Mills

9) Delta Corp

10) SAIL

11) Aurobindo Pharma

12) Biocon

13) 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 were net buyers for the second straight day at Rs 126 crore on Monday. Meanwhile, DIIs too bought shares worth Rs 1,711 crore.

Rupee
The rupee appreciated 7 paise to close at 83 against the US dollar on Monday, on softness in the American currency and easing crude oil prices.

FII data
The net short of FIIs increased from Rs 83,853 crore on Friday to Rs 86,335 crore on Monday.

Q3 results
Hindalco, ZEE, Eicher Motors and a slew of other companies will announce their third quarter results today.

Macro data
India’s retail inflation eased to a three-month low of 5.10% in January from 5.69% in the previous month, helped by a slower rise in prices of some food items.

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