Benchmark Indices are expected to open on a flat note as indicated by trends on SGX Nifty. Dow Jones fell (-) 0.09 percent while NASDAQ added (+)0.31 percent yesterday. The 10-year treasury yield fell to lowest in a month to 1.53 percent.
European markets closed slightly higher yesterday as Eurozone growth data revised higher. Asian markets were mixed early Wednesday with Japanese, Korean and Taiwan markets trading lower while Chinese and Hong Kong markets trading higher.
Stock specific actions due to Q4 results can be witnessed in stocks like Bata India, IGL, GAIL, Star Cement, Munjal Auto etc. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300.
"We are seeing the positive momentum to continue in the market with every dip presenting an opportunity to buy good quality stocks for a longer term," said Mohit Nigam, Head-PMS, Hem Securities.
Petrol, diesel rates at new highs
Fuel prices have been hiked again across the metros on Wednesday to new all-time highs, according to data from Indian Oil.
In Delhi, the petrol prices were hiked by 25 paise from Rs 95.31 per litre to Rs 91.56 per litre and diesel was increased from Rs 86.22 per litre to Rs 86.47 per litre. In Mumbai, the revised prices of petrol and diesel stood at Rs 101.76 per litre and Rs 93.85 per litre respectively.
In Chennai, pertrol is being retailed at Rs 96.94 and diesel at Rs 91.15 per litre. In Kolkata, petrol is available at Rs 95.52 and diesel at Rs 89.32 per litre.