Benchmark Indices are expected to open on a negative note as trends on SGX Nifty indicates a gap down opening with 60 points loss, said Mohit Nigam, Head-PMS, Hem Securities.
At 09:02 AM, the Sensex was up 128.54 points or 0.24 percent at 52,989.72. The Nifty was down 9.70 points or 0.06 percent at 15,808.60.
The Nifty again fell from 15,900-levels clearly indicating that till it doesn't close above 15,900-levels the overall trend well be sideways to negative. The Bank Nifty however had shown good strength in Tuesday's (July 6) trading session. Jay Thakkar VP and Head of Equity Research at Marwadi Shares and Finance Ltd., said, "On the lower side Nifty has a support at 15,750/15,600 levels in the short-term. Whereas with resistance at 15,900 on a closing basis, we expect the index to trade sideways/negative till this range isn't broken on either side. Bank Nifty has a support at 35,000 on immediate basis whereas resistance at 35,800-36,000 levels
Asian markets mixed
Asian Markets were mixed on Wednesday morning following losses on wall street with the S&P 500 ending its seven day winning streak. The Dow and S&P 500 fell on Tuesday, with financials and other groups closely tied to economic growth leading declines, while the Nasdaq edged higher to another closing record. The Dow Jones Industrial Average fell 0.6 per cent, the S&P 500 lost 0.20 per cent, and the Nasdaq Composite added 0.17 per cent.
Japan’s Nikkei 225 dropped 0.75 percent while the Topix index declined over half a percent. South Korea’s Kospi shed 0.68 percent.
Oil prices slip
Oil prices slipped on Tuesday driven by profit taking in response to multi-year highs reached after OPEC+ producers clashed over plans to raise supply to meet rising global demand. Bond yields shoot up amid hardening crude prices, transition to new benchmark. Immediate support and resistance for Nifty 50 are 15,600 and 15,900 respectively.
