Nifty today: Muted start likely for Dalal Street as GIFT Nifty trades in red. Key levels and triggers to track

On Tuesday, markets slipped into the red after the recent sharp rally, with the Nifty falling below the 24,000 mark. Analysts say the market is expected to remain sensitive to developments in the West Asia conflict, with rising crude oil prices, weak rupee and FII outflows continuing to influence sentiment. As the ceasefire discussions remain fragile and the US-Iran negotiations are stalled over key issues such as sanctions, maritime restrictions and the Strait of Hormuz.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a muted start
GIFT Nifty on the NSE IX traded lower by 19 points, or 0.08 per cent, at 24,081, signaling that Dalal Street was headed for a muted start on Wednesday.

• Tech View: On the lower end, support is placed at 23,950; a decisive fall below this level might trigger a correction in the market. Resistance on the higher end, is placed at 24200, above which the Nifty might witness a directional up move.
• India VIX: India VIX, which is a measure of the fear in the markets, fell 1.6% to settle at 18.08 levels.

US Stocks end lower
US stocks closed lower on Tuesday, backing away from record closing highs as renewed concerns over the artificial intelligence boom weighed on technology stocks days before five of the sector’s most high-profile companies were due to post quarterly results.Asian stocks drop
Asian stocks opened lower after a tech-led selloff hit Wall Street as concerns mounted over returns from the billions spent on artificial intelligence ahead of a slew of megacap company earnings.

• S&P 500 futures rose 0.2% as of 9:06 a.m. Tokyo time
• Hang Seng futures rose 0.3%
• Australia’s S&P/ASX 200 fell 0.3%
• Euro Stoxx 50 futures fell 0.3%

Dollar steady
The dollar firmed on Wednesday as investors awaited a closely watched Federal Reserve rate decision in what was likely to be Chair Jerome Powell’s swan song, with war in the Middle East raging and hopes for an imminent resolution dimming.
Gold gains
Gold was largely steady on Wednesday as investors awaited U.S. Federal Reserve Chair Jerome Powell’s comments to assess the Iran war’s impact on the economy amid stalled peace talks.
Stocks in F&O ban today

SAIL

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 2,104 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 1,712 crore.

Rupee
The Indian rupee weakened to a near one-month low on Tuesday, pressed by a stubborn rise in oil prices and sustained hedging by local importers against further weakness, underscoring anxiety over the currency’s outlook as it nears the 95 ‌per dollar mark.

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