Trends on SGX Nifty indicate a cautious opening for the index in India with a 7-points loss. The Nifty futures were trading at 18,130 on the Singaporean Exchange around 07:30 AM.
Indian markets could open flat following rangebound Asian markets today and despite minorly positive US markets on Monday, said Deepak Jasani, Head-Retail, HDFC Securities.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, “The Nifty is expected to open flat around yesterday's close at 18070. On Monday (Novmber 8), the Nifty closed around its 20 period moving average. Any closing above 18,100 with higher volumes may take Nifty to 18,250 levels. 18,050 to 18,100 may act as a resistance zone while17,950 and 17,800 will act as support levels."
Mohit Nigam, Head-PMS, Hem Securities said, "The benchmark Indices are expected to open on a cautious note as suggested by trends on SGX Nifty. US markets closed on a green note and majority of the European markets closed in red yesterday. Asian shares followed Wall Street higher in early trade on Tuesday as the passage of the US infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.
"On the technical front, though Indian markets gained marginally yesterday, outperformance was witnessed in majority of the Indices. We believe the positive trend in the market is intact and investors can witness further upside in the markets. Immediate support and resistance in the markets are 17,950 and 18,300 respectively," he added.
Nifty closed higher for the second consecutive session on Nov 08 and closed above 18000 level. At close Nifty was up 0.85% or 151.7 points to 18068.5.
Nifty advanced for the second straight day with higher volumes and positive advance decline ratio. A move above the 18115-18125 band could lead to more upsides while 17947-17970 is a support band for the Nifty in the near-term.
Stocks to watch out for
Stock-specific actions can be witnessed in stocks such as:
L&T (construction arm bags order worth up to Rs 2,500 cr),
Godrej Prop (sales bookings rose 18 percent to Rs.3072 cr during the April- Sep 2021 period, driven by higher demand of its residential properties in Dehli NCR.),
RIL (aims for a net-zero carbon emissions future by 2035; the company is exiting its conventional oil and gas businesses.).
Bosch, Mahindra & Mahindra, Power Grid Corporation, Astrazeneca Pharma, BHEL, HEG, Indraprastha Gas, MRF and Petronet LNG among 160 companies will release September quarter earnings today (November 9)
Three stocks under F&O ban
Escorts, Punjab National Bank and Sun TV Network are under the F&O ban.
Asian stocks trade higher
Asian shares followed Wall Street higher in early trade on Tuesday as the passage of the US infrastructure bill boosted sentiment while oil prices gained on the outlook for energy demand in an expansive global economy.
Early in the Asian trading day, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 percent.
Japan’s Nikkei stock index rose 0.06 percent while Australian shares were down 0.12 percent.
Paytm IPO subscribed 18%
India’s largest initial public offering of the shares of One97 Communications, the parent company of Paytm, was subscribed 18% on the first day. It received bids for 88.23 lakh equity shares against 4.83 crore shares offered, data from exchanges.
US stock indices close at record high
Major US stock benchmarks all book record closes on Monday, as investors bought materials, energy, and technology shares on apparent optimism for the outlook for the economy. Stock indexes built on gains scored Friday after the US employment report showed job growth rebounded in October. Healthy quarterly results have also helped to support the market’s persistent advance, despite some lingering concerns about inflation and the Federal Reserve’s policy shifts.
The New York Fed’s Survey of Consumer Expectations for October, released Monday, showed the median expectation for inflation in the next 12 months climbed to 5.7 percent, the highest level since the survey’s inception in June 2013.
World shares hit new highs on Monday as investors welcomed the passage of a US infrastructure spending bill, while crude oil gained on the outlook for energy demand in an expansive global economy.
Bitcoin jumps past $67,000 to new all-time high
In cryptocurrencies, Bitcoin jumped past $67,000 for the first time to set a new all-time high. That’s part of a broader rise in digital tokens that has taken their overall market value past $3 trillion. Ether, the native token of ethereum’s blockchain, surpassed $4,800 for the first time ever.
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