Benchmark Indices are expected to open on a positive note as indicated by trends on SGX Nifty. Dow Jones slipped (-) 0.44 percent as the investors are waiting for crucial inflation data due today which may hint when the US Fed will tighten their monetary policy.
At 09:02 AM, the Sensex was up 294.36 points or 0.57 percent at 52236.00, and the Nifty was up 12.80 points or 0.08 percent at 15,648.20.
Another important thing to watch today is the ECB monetary policy decision, UK and Germany markets fell (-)0.20 percent and (-)0.38 percent while French equity markets gained 0.20 percent yesterday. All the major Asian markets were trading in green early Thursday.
Stock specific actions due to Q4 results can be witnessed in stocks like SAIL, Mazagon Dock, NHPC, Eclerx, Tide Water Oil India etc. Immediate resistance levels for Nifty 50 are 15,850 and 16,000 while key support levels for Nifty 50 are 15,500 and 15,300. We are bullish on the markets overall, said Mohit Nigam, Head, PMS - Hem Securities.
The Nifty reversed from its crucial resistance in Wednesday's trading session. Now 15,750-1,5800 range will act as a crucial resistance going forward whereas 15400 is the short term target which is 38.2 percent retracement of it's previous rise. The momentum indicator has gone into sell mode in the short time frame which further hints the sideways to negative bias in the near term, said Jay Thakkar - VP and Head of Equity Research at Marwadi Shares and Finance Ltd.
After Wednesday's sell-off there can be a bounce back on the upside till 15700-15720 levels which should be utilised as a selling opportunity for the positional target of 15400 levels.
The Nifty IT and Nifty PHARMA the defensives can do better in the short term whereas the high beta like Nifty Auto, Nifty Bank and Nifty Metals may underperform in the short term.
The benchmark indices Senses and Nifty50 are staring at a gap-up opening, as indicated by trends on SGX Nifty in early trade.
Fuel prices unchanged
The prices of petrol and diesel prices remained unchanged across the metros on Thursday.
According to data from the country's largest fuel retailer Indian Oil, in Delhi, the rate of petrol is Rs 95.56 and diesel prices at Rs 86.47 per litre each. In Mumbai, petrol stood at Rs 101.76 per litre and diesel at 93.85 per litre.
In Chennai, petrol is being retailed at Rs 96.94 and diesel at Rs 91.15 per litre respectively. In Kolkata, the price of petrol is Rs 95.52 and diesel Rs 89.32 per litre each.