Trends on SGX Nifty indicate positive opening for Indian indices

2 weeks ago 35

Indian markets could open mildly higher in line with mostly higher Asian markets today and sharply positive US markets on Thursday. /Representational image | AFP PHOTO / Yoshikazu TSUNO

Indian markets could open mildly higher in line with mostly higher Asian markets today and sharply positive US markets on Thursday, said Deepak Jasani, Head-Retail Research, HDFC Securities.

The Indian market rallied more than 1 percent on F&O monthly expiry day (April 28). Nifty managed to close above 17,200 at 17245.

Jasani said, On daily charts, Nifty has formed higher top formation preceded by higher bottom, which indicates higher probability of markets extending the gains. Nifty longs should be held with the stop loss of 17,050. On the upside 17,414 can act as a resistance.

Prashanth Tapse, Vice President (Research), Mehta Equities said, the Markets are likely to start on a firm note following a sharp upsurge in US markets and early buoyancy in other Asian indices. After Thursday's (April 28) smart recovery amidst bargain hunting it appears that short covering backed with fear of missing out (FOMO) shall rule traders’ mindset in today’s trade as well.

Another positive thing is FIIs bought shares worth Rs. 743.20 crores in yesterday's trade while DIIs bought shares worth Rs. 780.90 crores. Also, India VIX, which measures the expected volatility in the market, has slipped to 19.37 levels inThursday's trade. Technically speaking, bulls will continue to rise if Nifty continues to close above its 200 -DMA at 17219 mark, Tapse added.

At the close on April 28, the Sensex surged 701.67 points or 1.23 percent at 57,521.06. The broad-based Nifty added 206.60 points or 1.21 percent at 17,245.

Asian stocks up in early trade

Shares in Asia-Pacific largely climbed in Friday morning trade following big gains overnight on Wall Street. Asian shares clung on to small gains on Friday thanks to a solid Wall Street session, but were still set for their worst month in two years, as China growth fears and looming US rate hikes dragged on sentiment and sent the safe-haven dollar soaringl Reuters said.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2 percent on Friday, after robust earnings from Facebook parent Meta Platforms had driven the Nasdaq 3 percent higher overnight. Japanese markets are closed for a holiday.

Shanghai stocks rose 0.2 percent on Friday, but are set for an 8.1 percent fall for the month, their worst since January 2016. ...

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