The Nifty is expected to open flat around yesterday’s close at 17,930
Trends on SGX Nifty indicate a cautious opening for the index in India with a 19-point gain. The Nifty futures were trading at 18,014 on the Singaporean Exchange.
Indian markets could open flat to mildly higher following largely positive Asian markets today, and positive US markets on Monday, said Deepak Jasani, Head-Retail Research, HDFC Securities.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, the Nifty is expected to open flat around yesterday’s close at 17,930. Nifty has support at 17,600 and 17,450 levels and resistance at 17,950 and 18,050 levels. Traders are suggested to avoid long positions till the time Nifty trades above 18,350.
Mohit Nigam, Head – PMS, Hem Securities said: The benchmark Indices are expected to open on a slight positive note as suggested by trends on SGX Nifty. Nasdaq ended with +0.63 percent gains yesterday led by Tesla and Meta Platforms but it seems investors will once again take big bets only after the FOMC meeting. European Indices also ended higher on Monday with the French Index gaining +0.9 percent while UK and German Indices gaining +0.7 percent.
On the technical front, after weakness from previous 2-3 sessions, the green candle formed yesterday indicates a sharp bounce back from lower levels. This may lead to pull back rally upto 18200-18250 levels and if market sustains at these levels we can again witness levels of 18500 in near term, said Nigam.
Nifty closed up on November 1 after a three-day losing streak. At close, the stock market index was up 1.46 percent or 258 points to 17929.6. In the process it registered the biggest one day gain in nearly 5 weeks.
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