A small gap-up or flat opening is expected today as the majority of global indices ended up in green on December 20. Mohit Nigam, Head - PMS, Hem Securities, said, "Bears had control of the market on the first day of the week. Fast increasing omicron cases and selling by FIIs tampered the market sentiment although the market witnessed some short covering by the time trading ended on Monday.
On technical front, the key support and resistance levels for Nifty50 are 16,350 and 16,900 respectively. For Bank Nifty 33,800 and 35,000 may act as nearest support and resistance, Nigam said.
MapMyIndia to make debut today
In this tussle between bulls and bears, CE Info Systems widely known as MapMyIndia will make its debut today. The listing premium is expected somewhere between 50 percent to 80 percent but there can be some impact on the premium seeing current market scenario, said Nigam.
Wall Street slides on COVID-19 worry
Wall Street's main indexes dropped more than 1 percent on Monday, dragged by concerns about the impact of tighter COVID-19 curbs on the global economy, and a potentially devastating setback to President Joe Biden's investment bill.
The Dow Jones Industrial Average fell 143.32 points, or 0.41 percent, at the open to 35,222.12.
The S&P 500 opened lower by 32.74 points, or 0.71 percent, at 4,587.90, while the Nasdaq Composite dropped 236.68 points, or 1.56 percent, to 14,933.00 at the opening bell.
Asian shares claw back
Asian stocks rose on Tuesday, shrugging off a bruising Wall Street session, as Chinese markets cheered Beijing's push to help troubled property firms, although surging cases of the Omicron coronavirus variant persist as a worry for investors.
US stock indexes retreated more than a percent as positive COVID-19 case counts rose and President Joe Biden's social spending and climate bill hit a significant setback. The negative mood brightened somewhat in early Asian hours with US stock futures up and some assets battered in Monday's selling finding buyers, although volumes were thin heading into end-of-year holidays.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.4%. Japan's Nikkei rose 1.79 percent as investors bought into Monday's heavy selloff while Australian stocks were up 0.47 percent. While the global shares rout appeared to pause, investors are still concerned about Omicron risks.
Selling by FIIs continued on Monday as they sold shares worth INR 3565 crores as per the data available on NSE.
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