Trends on SGX Nifty indicate a cautious opening for the index in India with a 10-points loss.
Indian markets could open flat following rangebound Asian markets today and negative US markets on Wednesday, said Deepak Jasani, Head-Retail, HDFC Securities.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, “Nifty is expected to open flat around yesterday’s close at 17900. Nifty has support at 17800 and 17650 levels and resistance in 18100-18200 zones. Traders are suggested to avoid taking new long positions and maintaining strict stoploss in their existing long positions.”
Mohit Nigam, Head - PMS, Hem Securities said, "The benchmark Indices are expected to open on a negative note as suggested by trends on SGX Nifty. European markets closed in green while US markets closed in red yesterday amid home building data signaling high material prices and labor shortages.
"Asian shares followed Wall Street as the prospect of faster monetary policy tightening owing to high inflation looms over recovery of the global economy. On the technical front, Indian markets can witness this short-term trend to be range bound with a weak bias. Immediate support and resistance in the markets are 17,800 and 18,000 respectively."
Nifty fell for the second consecutive session on November 17 dragged down by mixed Asian markets. At close Nifty was down 0.56 percent or 100.5 points to 17,898.6.
Nifty has breached the short term up trend line, indicating some more near term weakness. 17,999 is the resistance now for the Nifty while 17,697-17,757 is the support band. Volumes and advance decline ratio continue to disappoint.
Stocks to watch out for
Stock-specific actions can be witnessed in:
Zomato (Zomato UK, step down subsidiary of the company, has been dissolved effective from November 16, 2021),
BHEL (A cooperation agreement was signed between the company and Zorya Mashproekt, Ukraine, with the aim to cooperate for establishing the local manufacture of the Marine GTs and RGs for requirement of the Indian Navy),
NIIT (Partnered with Axis Bank to launch fintech engineering programme),
Kalpataru Power Transmission (ICICI Pru AMC increased its stake in the company through open market operations by 0.19 percent).
US stocks close lower
US stocks finished lower Wednesday, but remain within striking distance of record closing highs, aided by gains in large-cap information technology shares, including Tesla Inc. and Apple Inc. which were finding bids. Nagging concerns about inflation and the economic recovery from COVID-19 have held markets in check, but a lack of alternatives and hope that consumers can continue to serve as a pillar of the economic rebound are supporting gains and a fitful rotation into sectors of the market.
Crude prices decline
US crude prices retreated to below $80 a barrel, pressured by Biden’s efforts to ease prices at the pump, including reports that the U.S. and Chinese leader Xi Jinping discussed a joint release of crude supplies, in a virtual meeting. Gold prices edged up on Thursday, as the dollar eased and U.S. bond yields retreated from a three-week high, lifting bullion's appeal.
Citing faster-than-expected recovery, rising consumer confidence and the resultant spending spike, Swiss brokerage UBS Securities has revised upwards its India growth forecast for the current fiscal to 9.5 per cent from 8.9 per cent in September.
Asian stocks trade mixed
Asian stocks were mixed Thursday as traders weighed risks to the global economic recovery from the prospect of faster monetary-policy tightening to tackle inflation.
