GOOD MORNING PRE MARKET REPORT The elongated trading week, due to the Budget, kicked off on a grim note, as the benchmark Nifty opened significantly lower, creating a gap down on the charts. "In addition to selling pressure from FIIs, global market caution is adding to the downside momentum. We are now eyeing 22,700 as the next crucial support and its break would further deteriorate the situation. STATE OF THE MARKETS GIFT Nifty (Earlier SGX Nifty) signals a positive start GIFT Nifty on the NSE IX traded higher by 110.50 points, or 0.48 per cent, at 22,921, signaling that Dalal Street was headed for positive start on Tuesday. • India VIX: India VIX, which is a measure of the fear in the markets, rose 8.2% to settle at 18.13 levels. Nasdaq falls 3% Nasdaq posted its biggest one-day percentage drop since Dec. 18 on Monday as a low-cost Chinese artificial intelligence model prompted a steep selloff in U.S. chipmakers. • Dow up 0.7%; • S&P 500 down 1.5%; • Nasdaq dips 3.1 FII/DII action Foreign portfolio investors turned net sellers at Rs 5,015 crore on Monday. DIIs bought shares worth Rs 6,642 crore. Rupee The rupee depreciated 9 paise to close at 86.31 against the US dollar on Monday, as strong dollar demand and a muted trend in domestic equities weighed on investors' sentiments. FII data The net short of FIIs reduced from Rs 3.09 lakh crore on Friday to Rs 2.79 lakh crore on Monday