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Updated on: Thursday, October 14, 2021, 09:05 AM IST

Stock markets expected to open higher amid positive global cues

Trends on SGX Nifty indicate a higher opening for the index in India with a 95 points gain.
Nifty is in a bullish trend. Representational image of stock market  | AFP PHOTO / Yoshikazu TSUNO

Nifty is in a bullish trend. Representational image of stock market | AFP PHOTO / Yoshikazu TSUNO

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Trends on SGX Nifty indicate a higher opening for the index in India with a 95 points gain.

Indian markets could open higher, in line with mostly positive Asian markets today and higher Nasdaq Composite in US markets on Wednesday, said Deepak Jasani, Head-Retail Research, HDFC Securities.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "Nifty is expected to open positive at 18,250 up by 70 points. Nifty has support in 17,800-17,850 range. Nifty is in a bullish trend and traders can consider buy on dips with strict stoploss for 18,275 and 18,300 as targets."

Nifty closed higher for the fifth consecutive session on October 13. In the process it closed above 18,000 for the first time ever. At close Nifty was up 0.94 percent or 170 points to 18,162.

Nifty continues the upmove unabatedly and has closed above 18000. Advance decline ratio ended marginally in the positive. Technical indicators on daily charts are close to becoming overbought and hence some correction/ consolidation in the index may be seen over the next 1-2 sessions after an initial upmove seen on Wednesday.

US stock close high on Wednesday

US stocks finished mostly higher Wednesday, after minutes from the Federal Reserve’s last policy meeting reinforced expectations the central bank will begin tapering its $120 billion a month in bond purchases before year-end in a sign that the U.S. economy has made a significant recovery from the worst shocks of the pandemic.

Data showed that the U.S. consumer-price index rose 0.4% in September after climbing 0.3 percent in August. In the 12 months through September, the CPI increased 5.4 percent after advancing 5.3 percent year-over-year in August.

Chile’s central bank sharply hiked the country’s benchmark interest rate to 2.75 percent on Wednesday (vs 2.25 percent expected) from 1.5 percent previously, as the Andean country’s economy rebounds strongly from the coronavirus pandemic and the government grapples with high inflation.

Most Asian stocks rose Thursday as traders assessed the durability of the economic recovery to inflationary pressures and a looming reduction in the Federal Reserve’s pandemic-era stimulus.

China's factory-gate prices in September rose at their fastest pace in more than two decades. The producer-price index rose 10.7 percent from a year earlier in September, accelerating from the 9.5 percent increase in August, boosted by soaring prices of raw materials

Singapore's central bank unexpectedly tightened monetary policy on Thursday, saying the move would ensure medium-term price stability amid mounting cost pressures caused by supply constraints and the global recovery.

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Published on: Thursday, October 14, 2021, 09:05 AM IST
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