Gift Nifty is trading on a flat note; here is the trading setup for today

Indian markets rose to record highs on Thursday, boosted by a sharp improvement in global risk appetite amid rising expectations of a rate cut by the US Federal Reserve. The bullish sentiment among global equities provided a strong tailwind for domestic markets. From a technical perspective, analysts say 26,300 remains the key resistance and immediate breakout trigger. A decisive close above this level could open the door for new all-time highs in the 26,350–26,450 zone.STATE OF THE MARKETS

Gift Nifty (earlier SGX Nifty) is off to a steady startNifty futures on the Gift Nifty were trading 4 points higher at 26,410.

Tech View: The short-term trend remains positive, with the index trading comfortably above all major moving averages. The RSI is in a bullish crossover and the structure of the higher top and higher bottom appears intact, confirming a bullish chart pattern.

India VIX: India VIX, a measure of fear in the markets, fell 1.5% to the level of 11.78.Global markets

• S&P 500 futures rose 0.1% as of 9:34 a.m. Tokyo time
• Hang Seng futures were little changed
• Nikkei 225 futures (OSE) were little changed
• The Japanese Topix was little changed
• Australia’s S&P/ASX 200 was little changed
• Euro Stoxx 50 futures were little changed

Forex news

• The euro was little changed at $1.1595
• The Japanese yen was little changed at 156.33 per dollar
• The offshore yuan was little changed at 7.0760 per dollar
• The Australian dollar was little changed at $0.6537

Oil stable
Brent crude prices held steady on Friday as traders monitored developments in Russia-Ukraine peace talks and awaited the outcome of Sunday’s OPEC+ meeting for signals of future supply changes that have put pressure on the market.

The front-month Brent contract, which expires on Friday, was steady at $63.34 a barrel at around 0134 GMT, after rising 21 cents in the previous session. Meanwhile, the more actively traded February contract fell 2 cents to $62.85 in light trading.

Shares in F&O ban today

NIL

Securities in the ban period under the F&O segment include companies in which the security has exceeded 95% of the market-wide position limit.

FII/DII action

Foreign portfolio investors sold net shares worth Rs 1,255 crore on Wednesday. DIIs, meanwhile, were net buyers at Rs 3,941 crore.

Rupee

The rupee devalued by 14 paise to settle at 89.36 against the US dollar on Thursday, amid a firm dollar on higher demand from importers and banks.

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