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SGX Nifty indicates cautious opening for stock markets

SGX

Asian shares appeared to be calm after the US Federal Reserve signalled it was in no rush to taper the stimulus programme

SGX Nifty indicates a cautious opening for the index in India with a gain of 8 points. The Nifty Futures were trading at 15,715 on the Singaporean Exchange.

The Indian markets could open flat to mildly higher, in line with positive Asian markets today and despite mixed US markets on Wednesday, said Deepak Jasani, Head of Retail Research, HDFC Securities.

The Nifty is expected to open flat at 15,715. On Wednesday, the Nifty gave a sharp up move after making a low of 15,513. The Nifty will face resistance in 15,720-15,780 range, above which 15,850 levels can be seen. On the downside, it will take support in the 15,580-15,620 range. Any fall below 15,580 may take it to the 15,500 to 15,450 range, said Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Mohit Nigam, Head, PMS – Hem Securities said, Asian markets opened positive at the beginning, rebounding from steep losses sparked by Beijing’s crackdown on private enterprises. Tatva Chintan Pharma Chem will make its market debut today. The RBI has imposed Rs 5 crore penalty on the Axis bank for contravention of RBI’s cybersecurity framework. Immediate Support and Resistance for Nifty 50 are 15600 and 15900. Overall, the markets look bullish and we believe that any significant dip is a good opportunity to accumulate quality stocks.

Asian shares appeared to be calm on Thursday after the US Federal Reserve signalled it was in no rush to taper the stimulus programme, though the mood was fragile as investors waited to see if Beijing could stem the recent rout in Chinese shares.

In Hong Kong, shares continued to rebound in Thursday morning trade from a two-day slump earlier in the week.

Meanwhile, markets in the Asia-Pacific gained after the US Federal Reserve left its benchmark interest rate near zero.

In Japan, the Nikkei 225 gained 0.51 percent while the Topix index added 0.26 percent. Elsewhere, South Korea’s Kospi edged up while the S&P/ASX200 in Australia jumped 0.47 percent.

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