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

After flirting with the previous high for the last two days, Nifty finally made a fresh high of 25129 on Wednesday before closing with gains of 35 points at 25052 levels.

"We expect the gradual uptick in the market to continue, supported by FII inflows and healthy domestic macros. Markets are likely to remain volatile on Thursday on account of monthly derivatives expiry. Key Event to watch out for US Q2 Project GDP Data," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

• Tech View: A sustainable upside breakout from here could open the upside target of 25,360 levels in the near term as per Fibonacci extension. Immediate support is placed around 24,800-24,750 levels, said Nagaraj Shetti of HDFC Securities.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 2.33% to settle at 13.95 levels.

Stocks in F&O ban today

1) Bandhan Bank

2) Granules

3) India Cement

4) Hindustan Copper


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 turned net sellers at Rs 1,347 crore on Wednesday. DIIs sold shares worth Rs 439 crore.

Rupee
The rupee depreciated 4 paise to close at 83.97 against the American currency on Wednesday, amidst strong dollar demand from importers, particularly oil companies.

FII data
The net long of FIIs increased from Rs 86,286 crore on Tuesday to Rs 1.34 lakh crore on Thursday.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)