Trends on SGX Nifty indicate a negative opening for Indian indices

1 month ago 7

Stocks in Asia dipped on Tuesday and bonds extended a selloff -- leaving the 10-year Treasury yield at the highest since 2018 ./AFP PHOTO / WANG ZHAO |

The trends on SGX Nifty indicate a negative opening for the broader index in India with a loss of 137 points. The Indian markets could open lower in line with mostly negative Asian markets today and negative US markets on Monday, said Deepak Jasani, Head-Retail Research, HDFC Securities.

Nifty fell for the fourth out of the past five sessions on April 11 dragged down by IT stocks ahead of the Q4 results. At close Nifty was down 0.62 percent or 109.4 points at 17674.9.

Nifty fell once again on April 11 after a day of recovery. Advance decline ratio however remains positive signifying pressure of FPI selling in largecaps. 17,522-17,600 could be the next support band for the Nifty while 17,784 could be the resistance for the near-term, Jasani said.

Markets are likely to extend the southbound journey in today's trades amid weak global cues as heightened recession fears, hawkish Federal Reserve and a prolonged Russia-Ukraine conflict remain major concerns for investors, said Prashanth Tapse, Vice President (Research), Mehta Equities Ltd. Although interest rates have been the market's main driver for months, earnings season will likely steal away traders' attention soon enough. Nifty’s intraday support is seen only at 17,601 mark, while the make-or-break medium term support is seen at 200-DMA at 17,141 mark. Below the same, expect a waterfall of selling which could take Nifty down to 16,691-mark with inter-month perspective.

Mohit Nigam, Head - PMS, Hem Securities said, Asian markets are trading on negative side as investors continue monitoring developments surrounding the COVID situation in mainland China. Nikkei is trading 0.84 percent lower and Topix index is trading at 0.51 percent lower. Oil prices fell about 4 percent on Monday, with Brent crude tumbling below $100 a barrel on plans to release record volumes of crude and oil products from strategic stocks and on continuing coronavirus lockdowns in China.On the technical front 17,400 and 17800 are immediate support and resistance in Nifty 50. For Bank Nifty 37200 and 37900 are immediate support and resistance respectively.

Asian stocks down

Stocks in Asia dipped on Tuesday and bonds extended a selloff -- leaving the 10-year Treasury yield at the highest since 2018 -- as economic threats from high inflation, tightening monetary policy and China’s Covid lockdow...

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