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Indian stock indices expected to open lower

Indian stock indices

The benchmark indices ended higher on November 8 despite negative global cues

Indian benchmark indices are expected to open lower as SGX Nifty dropped 15 points to 18,122 level amid mixed global cues. Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in Singapore Stock Exchange and considered to be the first indication of the Indian markets opening.

On November 8, benchmark indices ended higher despite negative global cues. Sensex gained 477.99 points to 60,545 and Nifty added 151 points to 18,068 after a volatile session.

Titan was the top Sensex gainer, gaining more than 4 per cent, followed by UltraTech Cement, Bajaj Finserv, Tech Mahindra, Kotak Bank and HDFC.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said: Nifty has crossed certain short-term barriers. It has crossed the key psychological mark of 18000, 61.8% retracement of the recent fall and a falling trendline on the hourly chart. This shows that the short-term range has shifted higher. The Nifty is expected to march towards 61.8% & 78.6% retracement of the entire decline from 18,604 to 17,613. The key Fibonacci levels are 18,225 & 18,392 respectively. On the other hand, 18,000 – 17,950 will now act as a near-term cushion.

Foreign institutional investors (FIIs) sold shares worth Rs 860 crore on November 8, and domestic institutional investors (DIIs) bought shares worth Rs 1,911 crore, as per provisional data available on NSE.

Elsewhere, Australia’s S&P/ASX 200 was trading 8 points higher at 7,460. Nikkei rose 29 points to 29,536 and Shanghai Composite was flat at 3,490.

Hang Seng index was dropped 19 points to 24,741. On Wall Street, the S&P 500 closed 4 points higher at 4,701, the Nasdaq added 10 points to 15,982 and the Dow Jones (DJIA) jumped 104 points to 36,432.

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