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Saturday, October 23, 2021
Stocks & Shares

India’s Nifty expected to open flat

India Nifty

Shares in Asia traded mixed on Thursday morning as investors reacted to the release of Chinese factory activity data for September

Trends on SGX Nifty indicate a negative opening for the index in India with a 47-points loss. The Nifty futures were trading at 17,660 on the Singaporean Exchange.

Nifty is expected to open flat to negative at 17,660, down by 50 points. Nifty has support in 17,580-16,620 and resistance in 17,780-17,820 range. Today being the monthly expiry we may see some volatile markets. Buying on dips with strict stoploss is the suggested strategy for traders, said Gaurav Udani, CEO and Founder, ThincRedBlu Securities.

Mohit Nigam, Head – PMS, Hem Securities said the Indian equity markets might face a muted start to Thursday’s trade. SGX Nifty is slightly lower this morning. Asian markets witness a mix performance whereas Dow Futures looks firm as it tries to recover from previous sessions’ selloff. Treasury yields are still rising however Jerome Powell indicates his optimism regarding inflation impact to be temporary.

In China, the Central Bank is pumping funds consistently so as to maintain sufficient liquidity amid Evergrande’s situation. India will post-fiscal deficit and industrial data today which shall be watched closely. Time and again, Indian markets are buying the dips and investors could look for opportunities in specific sectors and stocks which are offering favourable valuations, he said.

In Asia, shares traded mixed on Thursday morning as investors reacted to the release of Chinese factory activity data for September.

Nikkei 225 dropped 0.67 percent, while the Topix index shed 0.65 percent. South Korea’s Kospi declined 0.17 percent.

In China, factory activity fared better than expected in September, stabilising after a slump in August, a business survey showed on Thursday, with a smaller decline in production countering an uptick in demand.

The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) increased to 50.0 in September from 49.2 the month before, versus analyst expectations of 49.5 in a Reuters poll. The 50-mark separates growth from contraction on a monthly basis.

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