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Sunday, January 23, 2022
Stocks & Shares

SGX Nifty expected to open higher

SGX Nifty

All the three major stock indexes eked out record closing highs for a second session in a row

Trends on SGX Nifty indicate a positive opening for the index with a 45 points gain. The Nifty futures were trading at 15,867 on the Singaporean Exchange.

All the three major stock indexes eked out record closing highs for a second session in a row on Monday as investors were optimistic about earnings reports from technology and internet giants this week, while caution ahead of a Federal Reserve policy meeting keeping the market in check.

The Dow Jones Industrial Average (DJIA) gained 82.76 points or 0.24 percent to 35,144.31, the S&P 500 advanced 0.51 points, or 0.24 percent to 4,422.3 and the Nasdaq Composite increased 3.72 points or 0.03 percent to 14,840.71.

Indian markets could open flat to mildly higher, in line with mildly positive Asian markets today and mildly higher US markets on Monday.

Indian benchmark equity indices failed to hold on to the intra day gains on July 26 and broke a two-day winning streak. Q1FY22 results from frontline stocks have failed to excite investors at a time when the other Asian markets are reeling under regulatory measures and rising cases of the Delta variant of coronavirus. Nifty closed down 0.2% at 15824.4.

Deepak Jasani, Head of Retail Research, HDFC Securities, said, the Nifty continues to face resistance at 15,900. Although the Nifty is showing strength, the weakness in other markets, if it continues, can impact the Nifty and we could see some more downside in coming sessions. 15899-15768 could be the trading band for the Nifty in the near-term.

The Nifty continues to face resistance at 15,900. Although the Nifty is showing strength, the weakness in other markets, if it continues, can impact the Nifty and we could see some more downside in coming sessions. 15899-15768 could be the trading band for the Nifty in the near-term, he said.

According to Mohit Nigam, Head-PMS, Hem Securities, immediate Support and resistance for Nifty 50 are 15600 and 16,200. Overall, the markets look bullish and we believe that any significant dip is a good opportunity to accumulate quality stocks.

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