Trends on SGX Nifty indicate a negative opening for the index in India with a 30-points loss. The Nifty futures were trading at 17,985 on the Singaporean Exchange around 07:30 AM.
Indian markets could open flat to mildly lower following mixed Asian markets today and despite negative US markets on Wednesday, said Deepak Jasani, Head-Retail Research, HDFC Securities.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, “The Nifty is expected to open negative at 17,960 down by 50 points. Since the last few trading sessions Nifty has been trading around its 20 period moving average on daily charts but has not been able to close above it. It is important for Nifty to close above 18,100 with higher than average volumes to continue its bull run. Traders are suggested not to initiate new long positions till then.”
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. Asian shares followed Wall Street owing to an increase in US CPI by 0.9 percent QoQ and 6.2 percent YoY (fastest annual pace since 1990) fueled by vehicles, energy, shelter, and food.
"On the technical front, Indian markets can witness this short-term trend to be range bound with a weak bias. We believe the positive trend in the market is here to stay and investors can witness further upside in the markets. Immediate support and resistance in the markets are 17,900 and 18,100 respectively," Nigam added.
Nifty closed lower for the second consecutive session on November 10. At close, Nifty was down 0.15 percent or 27 points to 18,017.2.
Nifty closed almost flat for the second consecutive session with the advance decline ratio falling to slightly in the negative. As compared to the previous session, it made a lower high. 18,113 on the upside is the resistance level to watch while 17,836 is the support level to protect in the near term, said Jasani.
Stocks to watch out for
Stock-specific actions can be witnessed in stocks such as
Pidilite Industries (reported higher consolidated profit at Rs 374.6 crore in Q2FY22 against Rs 356.4 crore in Q2FY21),
Maruti Suzuki (witnessed a 26 per cent drop in production last month due to the shortage of semiconductor chips),
Zomato (reported loss at Rs 434.9 crore in Q2FY22 against loss of Rs 229.8 crore in Q2FY21, revenue increased sharply to Rs 1,024.2 crore from Rs 426 crore YoY).
Tata Steel, Balkrishna Industries, Bharat Dynamics, Engineers India, Godrej Consumer Products, HUDCO, Natco Pharma, NHPC, NMDC, Power Finance Corporation, Prestige Estates Projects, RailTel Corporation, Suryoday Small Finance Bank, and Zee Entertainment Enterprises among 376 companies that will release September quarter earnings.
Asian stocks trade mixed
Inflation fears pressured Asian stocks on Thursday after data overnight showed US consumer prices surged at the fastest pace since 1990 last month, boosting the case for faster Federal Reserve policy tightening.
Wall Street closes Wednesday's session in negative territory
Wall Street ended the session in negative territory on Wednesday as investor risk appetite was curbed by surging consumer prices, which stoked worries of a protracted wave of hot inflation. A poorly received auction of $25 bn long-dated US government bonds midday didn’t help the market’s complexion either.
The US consumer price index surged 6.2 percent on an annual basis (up from 5.4 percent in September and more than three times the Fed’s goal of a 2 percent rate), with gasoline leading a broad-based increase that added to signs that inflation could stay uncomfortably high well into 2022 amid snarled global supply chains.
Gold prices jump to 5-month high
Gold jumped to a five-month high and bitcoin hit a record as investors sought inflation hedges. Oil pulled back sharply from near seven-year highs after US President Joe Biden said his administration was looking for ways to reduce energy costs.
Japan inflation hits four-decade high
Japan's wholesale inflation hit a four-decade high in October (8% vs 6.4% in September), following a similar spike in China's factory gate prices as supply bottlenecks and rising commodity costs threatened Asian corporate profits.
MF SIP flows makes healthy progress
In India the MF SIP book continues to post healthy progress and was at Rs 10,518 crore for the month, compared to Rs 10,351 crore in September 2021. The number of SIP accounts also went up to 4.64 crore from 4.48 crore in the same period.
Seven stocks under F&O ban
Seven stocks - Bank of Baroda, BHEL, Escorts, Indiabulls Housing Finance, Punjab National Bank, SAIL and Sun TV Network - are under the F&O ban.
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