Trends on SGX Nifty indicate a negative opening for indices. Indian markets could open lower in line with mixed Asian markets today and mixed US markets on Tuesday, said Deepak Jasani, Head-Retail Research, HDFC Securities.
Mohit Nigam, Head - PMS, Hem Securities for Wednesday January 5
Benchmark Indices are expected to open on a marginally lower note as suggested by trends on SGX Nifty. bullish candle, the Nifty ended above 17800. On technical front, Nifty's immediate support and resistance can be 17,500 and 18,000 respectively. While for Bank Nifty 36300 and 37300 may act as immediate support and resistance.
Nifty ended higher for the third consecutive day on January 4 even as traders started returning from holidays. At close Nifty was up 1.02 percent or 179.6 points at 17805.3.
Nifty has shown great strength in its recent upmove. Even with traders beginning to return, the upward momentum has not eased. Now Nifty could face resistance in the 17868-17918 band while 17640 could offer support.
Asian stocks mixed in early trade
Stocks in Asia were mixed Wednesday as investors fret about interest rate increases that dragged down US stocks from a record and as technology stocks in the region came under pressure.
US stocks close at fresh peak
The Dow Jones Industrial Average ended at a fresh peak Tuesday, scoring back-to-back record closes in the first week of 2022, even as the broader market fell under pressure amid newfound selling in government debt that was driving long-term yields higher and interest-rate-sensitive tech shares lower.
The S&P 500’s information technology sector finished 1.1 percent lower Tuesday, while the index’s financials sector rose 2.6 percent.The yield on the 10-year Treasury note rose 3.8 basis points to 1.666 percent-- the highest since October 21.
Higher number of Americans quit jobs
Americans quitting their jobs rose by 370,000 to a record 4.5 million in November. Job openings fell by 529,000 to 10.6 million on the last day of November.
The Institute for Supply Management said its US December manufacturing index dropped to an 11-month low of 58.7 percent compared with 61.1 percent in November.
Global supply chain pressures peak
The global supply chain pressures blamed for disrupting the flow of goods and sparking high inflation may have finally peaked, according to a new gauge from the New York Federal Reserve.
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