Equity benchmark indices could be staring at a weak opening to the week’s initial trading session with SGX Nifty plummeting more than 200 points for the duration of the early hours of Monday. S&P BSE Sensex at the moment sits at 49,591 points even though Nifty 50 is placed at 14,834 points. On the charts, the Nifty has remained variety-bound for the final handful of trading sessions and is probably to continue treading on the very same path, as it sits just under the critical resistance zone of 14,950-15,000. Global cues have been also mixed on Monday morning.
Global Watch: Equity markets ended in the green on Wall Street final week but that positive momentum has not been mirrored by all Asian markets as they commence trading today. Shanghai Composite, Hang Seng, and Nikkei 225 have been in the adverse territory even though Topix, KOSPI, and KOSDAQ have been up with gains.
Technical Take: For the close to term, Nifty is probably to stay variety-bound, according to Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The formation of consolidation type pattern just below the key resistance could point a decisive upside breakout of the hurdle in the near term. The chances of range movement for one more session is likely to open higher probability of upside breakout,” he added.
Levels to watch out for: Current market place movement is corrective in nature, mentioned Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. “As we are of the view that we are in the corrective pattern to the previous strong trend, the Nifty/Sensex should break on the upward side. Above 14920/49900, the Nifty/Sensex would arrest at 15060/50300, however, above 15060/50300 the Nifty/Sensex would enter in the medium term break out that may lift the market to 15350/51850 and 15450/52515 again,” he mentioned.
FII and DII trades: On Friday, Foreign Institutional Investors (FII) have been net sellers of domestic securities. FIIs sold Rs 653 crore worth of shares for the duration of the prior session. Domestic Institutional Investors (DII) have been also net sellers on Friday, pulling out Rs 271 crore from the market place.
Results today: Today IT Major Tata Consultancy Services (TCS) will announce its quarterly outcomes. TCS will be joined by Lloyds Metal and Energy, Housing improvement Infrastructure Limited, Cupid trades, and California Software.