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Updated on: Wednesday, November 03, 2021, 08:58 AM IST

Indices are expected to open on positive note as suggested by trends on SGX Nifty

Trends on SGX Nifty indicate a positive opening for the index in India with a 59-points gain. /Representative image   |  AFP PHOTO / FRED DUFOUR

Trends on SGX Nifty indicate a positive opening for the index in India with a 59-points gain. /Representative image | AFP PHOTO / FRED DUFOUR

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Trends on SGX Nifty indicate a positive opening for the index in India with a 59-points gain. The Nifty futures were trading at 17,980 on the Singaporean Exchange around 07:30 AM.

Indian markets could open flat to mildly higher following mixed Asian markets today, and mildly higher US markets on Tuesday, said Deepak Jasani, Head-Retail, HDFC Securities.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, "The Nifty is expected to open flat to positive at 17,915, up by 25 points. Since the last few trading sessions, Nifty has been struggling to give a positive close with higher than average volumes, which means there is still weakness renaming. Nifty has resistance in the 17,950-18,050 range and support at 17,600 and 17,450 levels. Traders are suggested to book profits on every rise and not initiate new long positions till we see a closing above 18350 levels."

Benchmark Indices are expected to open on a slight positive note as suggested by trends on SGX Nifty, said Mohit Nigam, Head-PMS, Hem Securities.

"On the technical front, though Indian markets declined marginally yesterday, overall breadth seems positive and outperformance was witnessed in the majority of the Indices. We believe the positive trend in the market is intact and investors can witness further upside in the markets. Immediate support and resistance in the markets are 17800 and 18200 respectively," Nigam added.

Nifty ended lower on Nov 02 reversing part of the gains made on the previous day. At close, Nifty was down 0.23 percent or 40.7 points at 17888.9.

Nifty lost some steam on November w after the rise seen on November 1.Advance decline ratio remains positive as the broader markets keeps drawing trader/investor interest. FPI activity seemed muted compared to that seen in the last few days. 18,033-18,098 is the next band of resistance while 17,833 is the support.

US stocks close in green

The US and the majority of the European markets closed in green yesterday. US stock indexes ended at fresh peaks Tuesday, with all three major benchmarks notching all-time highs for a third straight trading session for the first time since December 2019. Stocks extended their winning streak amid better-than-expected earnings reports ahead of a Federal Reserve policy statement Wednesday that is likely to bring confirmation of a start to a reduction in its bond purchases. Third-quarter corporate earnings have held up despite supply chain disruptions, rising commodity prices and uncertainty about economic growth in the final three months of this year.

The economically sensitive Dow Jones Transportation Average soared 6.9% to hit an all-time high, lifted by a 108 percent surge in shares of Avis Budget after the car-rental firm reported earnings.

Australia abandoned its yield curve control policy but signaled it was unlikely to raise interest rates any time soon. Investors have also priced in a 15-basis point hike from the Bank of England on Thursday as policy makers face a surge in inflation.

A private survey released Wednesday showed growing Chinese services activity in October, with the Caixin/Markit services Purchasing Managers’ Index coming in at 53.8, rising from September’s reading of 53.4.

Asian markets trade mixed

Asian markets are trading mixed in early Wednesday trade ahead of the Fed Policy Meet outcome.

Asian stocks were steady Wednesday as traders mulled another all-time high for US equities and a retreat in short-term sovereign yields ahead of the Federal Reserve policy decision.

Stocks to watch out for

Stock-specific actions can be witnessed in stocks such as Minda Corp (signed an agreement to purchase 49 percent equity shares in Minda Stoneridge Instruments for Rs 161 crore);

Wipro (partnered with TEOCO to develop next-generation network solutions );

Sterlite Technologies (To sell its minority stake in Metis Eduventures for Rs 45 crore).

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Published on: Wednesday, November 03, 2021, 08:59 AM IST
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