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

After two days of consolidation, Indian equities witnessed selling pressure on Tuesday. Analysts expect markets to remain range bound and track global cues including progress on US trade talks with India, China among others.

STATE OF THE MARKETS
GIFT Nifty (Earlier SGX Nifty) signals a positive start
GIFT Nifty on the NSE IX traded higher by 26 points, or 0.10 per cent, at 24,800.50, signaling that Dalal Street was headed for positive start on Wednesday.

• Tech View: If Nifty sustains below 24,700, the correction could extend further, potentially towards 24,300. However, if the index moves back above 24,700, it may signal a return to a consolidation phase.
• India VIX: India VIX, which is a measure of the fear in the markets, rose 0.2% to settle at 17.38 levels.

US stocks down
US stocks fell on Tuesday, with the benchmark S&P 500 ending six straight sessions of gains, under pressure from rising Treasury yields, with the U.S. sovereign debt profile in focus.

Asian shares up
Oil rose after CNN reported that US intelligence had suggested Israel is making preparations for a possible strike on Iranian nuclear facilities. Stocks in Asia advanced on Wednesday.

• S&P 500 futures were little changed as of 9:41 a.m. Tokyo time
• Hang Seng futures were little changed
• Nikkei 225 futures (OSE) were little changed
• Japan’s Topix rose 0.3%
• Australia’s S&P/ASX 200 rose 0.6%
• Euro Stoxx 50 futures were little changed

Oil prices jump
Oil prices jumped more than 1% on Wednesday after reports Israel is preparing a strike on Iranian nuclear facilities, raising fears that a conflict could upset supply availability in the key Middle East producing region.

Gold gains
Gold prices rose on Wednesday as the dollar slipped to a two-week low and investors sought safety amid U.S. fiscal uncertainty, with Congress debating a sweeping tax bill.

Stocks in F&O ban today

1) RBL Bank

2) Manappuram

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 10,016 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 6,738 crore.

Rupee
The rupee depreciated 16 paise to close at 85.58 against the US dollar on Tuesday, on weak domestic markets and a bounce back in US treasury yields.

FII data
The position of FIIs in the futures market increased from net short of Rs 23,498 crore on Monday to Rs 38,748 crore.