Trends on SGX Nifty indicate a positive opening for stock market indices

Trends on SGX Nifty indicate a positive opening for stock market indices

FPJ Web DeskUpdated: Tuesday, October 26, 2021, 09:11 AM IST
article-image
Most Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment /AFP PHOTO / WANG ZHAO |

Trends on SGX Nifty indicate a positive opening for the index in India with a 40 points gain.

Indian markets could open mildly higher following largely positive Asian markets today, and higher US markets on Monday, said Deepak Jasani, Head-Retail, HDFC Securities.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities, “The Nifty is expected to open flat to positive at 18,165 , up by 40 points. After positive opening yesterday Nifty corrected and tested 17,960 level. Trades are suggested avoid taking long positions until there is a bullish confirmation. Nifty has support in 17,960- 18,000 range and resistance at 18,280-18,320 range.“

Mohit Nigam, Head - PMS, Hem Securities said, "The benchmark Indices are expected to open on a positive note as trends on SGX nifty indicate a gap-up opening with 40 points gain. Stocks in Asia Pacific rose in Tuesday trade after major indexes on wall street rose to record closing highs stateside. The US markets ended higher on Monday on optimism about more upbeat earnings reports, with a slew of big-name companies due to report their quarterly results this week.

"Oil prices reached multi year highs on Monday before steadying because of tight global supply. "

Nifty broke a 4-day losing streak and ended marginally in the positive on October 25 helped by Banks. At close, Nifty was up 0.06 percent or 10.5 points at 18,125.4.

Nifty recovered well from the morning weakness. In the process it made a lower intra day low compared to the previous session but closed higher. It turned up from the low of 17,968 – close to the support level of 17,948. Selling pressure in some index heavyweights is counterbalanced by buying in some other sectors. However the broader market continues to flounder and the advance decline ratio is deeply in the negative. Nifty has a chance to stabilize and bounce up though a broader market recovery seems a couple of days away, added Jasani.

Stock specific actions can be witnessed in stocks such as:

Inox Winds (Company’s arm Inox Wind Infrastructure Services (IWISL) has inked a share purchase agreement to sell its entire equity stake in six firms to wholly-owned subsidiary Resco Global Wind Services);

Tata Power (Company crossed 1,000 electric vehicle (EV) charging stations mark in India) and,

Kotak Mahindra Bank (Bank and IndiGo have announced a strategic partnership for the launch of a co-branded credit card - Ka-ching - under the 6E Rewards program).

Quarterly results today

Key companies announcing their quarterly results today are Axis Bank, Kotak Mahindra Bank, Cipla, Ambuja Cements and Canara Bank etc. Crucial support for Nifty 50 is 17,800 while Nifty may face some resistance at 18,200.

US stocks finish at record high on Monday

US stock benchmarks finished at, or near, record highs Monday, ahead of a heavy slate of earnings for the week. Investors are counting on the prospects of slowing growth to keep the Federal Reserve from tightening monetary policy by too much down the road.

Asian stocks up

Most Asian stocks rose Tuesday after a record S&P 500 close as corporate earnings and progress on President Joe Biden’s economic agenda helped sentiment even as the debate over inflation risks intensified.

RECENT STORIES

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

Game-Changing Alliance: Ambani's Reliance Ventures Into Adani's Power For The First Time; Acquires...

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

SRM Contractors IPO Subscribed 86.57 Times On Last Day Of Bidding

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu..."; Here's How To Save...

Tax-Saving Tip From Zerodha CEO Nithin Kamath: 'If You're Married And Hindu...

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

Holy Cities Like Ayodhya, Varanasi Attracting Big Retail Brands: Report

A Big Relief For Byjus's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29...

A Big Relief For Byjus's: NCLT Rejects Investor Plea To Stay Byju's Rights Issue EGM On March 29...