SGX Nifty down 70 points; here's what changed for market while you were sleeping

Equity markets recovered well towards the later half of last week, but analysts say the market structure still remains weak and hence traders should be cautious going forward. All eyes will be on the US Fed outcome due later in the week.

"Metal stocks could see some momentum after China’s central bank cuts CRR by 25bps in an effort to stimulate its economy. Realty stocks are seeing buying interest post DLF announcement of record sales growth. With oil hovering at 15-month low, cement, paints and OMCs would also be in focus," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.

Option data suggests a broader trading range between 16,600 to 17,500 zones while an immediate trading range in between 16,800 to 17,250 zones.

Here's breaking down the pre-market actions:

STATE OF THE MARKETS

SGX Nifty 50 signals a negative start
Nifty futures on the Singapore Exchange traded 69 points or 0.40% lower at 17,093, indicating a negative start for Dalal Street.

• Tech View: A Doji pattern followed by a recovery candle on the daily chart indicates the possibility of a bullish reversal. On the higher end, immediate resistance is placed at 17250, where the bears might try to return to the market. However, if bulls take Nifty above 17250, the index may move towards 17500–17600. On the lower end, support remains intact at 16950.

• India VIX: India VIX, which is a measure of the fear in the markets, fell 8.94% to settle at 14.76 levels.

Asian markets steady
Asian stocks steadied and U.S futures rose on Monday in relief at a weekend rescue deal for Credit Suisse and a concerted effort from central banks to shore up the mood, though trade was tense and volatile as contagion fears stalked financial shares.

• Nasdaq 100 futures rose 0.5%
• Euro Stoxx 50 futures rose 1%
• Japan’s Topix index fell 0.3%
• Hong Kong’s Hang Seng Index fell 1.7%
• Australia’s S&P/ASX 200 Index fell 0.3%

Wall Street ends sharply lower on Friday
Wall Street closed lower on Friday, marking the end of a tumultuous week dominated by an unfolding crisis in the banking sector and the gathering storm clouds of possible recession. All three indexes ended the session deep in negative territory, with financial stocks down the most among the major sectors of the S&P 500.

• S&P 500 lost 1.10%
• Nasdaq Composite lost 0.75%
• Dow Jones Industrial Average fell 1.20%

Oil edges up on historic Swiss banks deal
Oil prices rose on Monday after suffering their biggest weekly loss in months as UBS struck a deal to buy Credit Suisse and some of the world's largest central banks sought to reassure and stabilise global financial markets.

Brent crude futures rose 35 cents, or 0.5%, to $73.32 a barrel by 0007 GMT after a near 12% loss last week, its biggest weekly fall since December. US West Texas Intermediate crude was at $67.11 a barrel, up 37 cents, or 0.6%, after a 13% decline last week, its biggest since last April.

Stocks in F&O ban today

1. Indiabulls Housing Finance
2. Gujarat Narmada Valley Fertilizers and Chemicals

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 (FPIs) have net sold shares worth Rs 1,766 crore on Friday. DIIs, on the other hand, bought shares worth Rs 1,817 crore.

Rupee
The rupee reversed its four-day losing streak and rose 18 paise to 82.58 (provisional) against the US dollar on Friday, tracking positive sentiments in the domestic equity markets.

IPO Watch
The initial public offering (IPO) of Udayshivakumar Infra opens today and will be available for subscription till March 23. The company has fixed a price band of Rs 33-35 per share and investors can bid for 428 shares in 1 lot and in multiples thereof.