NEW DELHI: The 50-share Nifty index is expected to open flat on Wednesday following muted trend seen in other Asian markets and SGX Nifty. Tracking the momentum, the index may retest its crucial psychological support level of 7,400 later in trade today.
At 07:30 a.m., Nifty India stock futures in Singapore were trading 9.5 points higher at 7,432.50 indicating a flat-to-positive opening on the domestic market.
The BSE benchmark Sensex rose by 173 points to close at all-time high level as RBI injected liquidity into the markets while keeping key rates unchanged. The 50-share Nifty index also closed at record 7,367.10 points, up by 53.35 points, or 0.72 per cent on Tuesday.
With Tuesday’s movement the index has registered a strong rebound from its near term moving average and closed at record highs. The Nifty now needs to sustain above the range of 7500–7550, which would give some strength ..
“In case the nifty fails to get past the resistance of 7550, it could be confined in the range of 7550 on the upside and 7200 on the on the down side. A break below 7200 (on the closing basis) would be negative and trigger further declines to the level of 7130 / 7000levels,” said Mitesh Thacker of miteshthacker.com.
“The Nifty has registered breakout on the long term chart, but till the time Nifty sustains above 7200 (on the closing basis) the bias remains positive,” he added.
Thacker is of the view that on the upside Nifty can head towards the levels of 7420 / 7510. On the down side Nifty can find support at 7340 / 7300 — 7280 / 7240 levels.
Overnight, U.S. stocks dipped in red despite strong economic data with the Dow and the S&P 500 retreating from Monday’s record closing levels.
Thacker is of the view that on the upside Nifty can head towards the levels of 7420 / 7510. On the down side Nifty can find support at 7340 / 7300 — 7280 / 7240 levels.
Overnight, U.S. stocks dipped in red despite strong economic data with the Dow and the S&P 500 retreating from Monday’s record closing levels.
Thacker is of the view that on the upside Nifty can head towards the levels of 7420 / 7510. On the down side Nifty can find support at 7340 / 7300 — 7280 / 7240 levels.
Overnight, U.S. stocks dipped in red despite strong economic data with the Dow and the S&P 500 retreating from Monday’s record closing levels.
“The Dow Jones industrial average fell 21.29 points or 0.13 per cent, to end at 16,722.34. The S&P 500 inched down just 0.73 of a point or 0.04 per cent, to 1,924.24. The Nasdaq Composite dropped 3.12 points or 0.07 per cent, to 4,234.08.
Asian shares were trading flat after slight dip registered on Wall Street overnight.
Japan’s Nikkei 225 index was trading 0.01 per cent lower at 15,003.50 and Hong Kong’s Hang Seng index was trading 0.45 per cent lower at 23,187.
South Korea’s Kospi index was trading 0.3 per cent higher at 2,008. China’s Shanghai index was trading 0.52 per cent lower at 2,032.
South Korea’s Kospi index was trading 0.10 per cent lower at 2,010. China’s Shanghai index was trading 0.04 per cent lower at 2,027.