Trends on SGX Nifty indicate a cautious opening for the index with a 19 points margin. The Nifty futures were trading at 15,715 on the Singaporean Exchange.
The Nasdaq, however, near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for US factory activity in June.
The Dow Jones Industrial Average was down 11.66 points or 0.03 percent at 33,933.92. The S&P 500 was up 1.45 points or 0.03 percent at 4,247.89 and the Nasdaq Composite was up 16.05 points, or 0.11 percent at 14,269.32.
Asian markets struggle
Asian markets struggled for direction on Thursday morning trade after the S&P 500 on Wall Street snapped its two-day winning streak overnight. Nikkei 225 hovered above the flatline while the Topix index slipped 0.11 percent. South Korea's Kospit gained 0.35 percent.
Five years after liquor king Vijay Mallya flew to the United Kingdom and approximately seven years after Rs 9,000 crore of loans given to his grounded Kingfisher Airlines was tagged NPA (non performing asset), banks have finally managed to make some meaningful recovery from the elusive baron. That's a major victory for the SBI-led bank consortious against a powerful corporate promoter.
Nifty on Wednesday closes negative
The Nifty closed in the negative territory in Wednesday's session. However, today's opening might be positive looking at the SGX Nifty. Overall, with Wednesday's negative close, the index has confirmed a three waves rise in the hourly charts indicating that the recent bounce back was not impulsive but corrective, said Jay Thakkar - VP and Head of Equity Research at Marwadi Shares and Finance Ltd. The Index has for the second time reversed from 15,900 levels hence that becomes a resistance whereas on a positional perspective 15,500 is crucial support so the overall range for the index is 15500-15900 levels.
Within this range 15800 is a short term resistance and 15600 is near term support, hence today's monthly expiry is likely within this range, however, even if there is a breakout on either side then the index will face/support just 100 points from the breakout level. So, overall this is a consolidation phase and the daily momentum indicator also points out the same as it's in a sell mode.