Nifty futures had been trading 44.50 points or .32 per cent up at 14,125.50 on Singaporean Exchange, hinting at a positive opening for BSE Sensex and Nifty 50 on Wednesday. In the prior session, Sensex fell 530.95 points or 1.09 per cent to 48,347.59 whilst the Nifty 50 index declined 133 points or .93 per cent to close at 14,238.90. Asian stocks had been trading mixed in the early trade as the International Monetary Fund (IMF) raised the development forecast for the international economy this year. Japan’s Nikkei 225 rose almost half a per cent trade whilst the Topix index gained .58 per cent. South Korea’s Kospi also sophisticated by 1.2 per cent. In overnight trade on Wall Street, S&P 500 and tech-heavy Nasdaq Composite slipped from record closing levels. The Dow Jones Industrial Average fell .07 per cent, the S&P 500 lost .15 per cent, and the Nasdaq Composite dropped .07 per cent. “Markets may continue to remain highly volatile ahead of monthly expiry and Union Budget 2021. The Fed monetary policy is also due this week which would be the first one post newly inaugurated US President and thus would hold a lot more significance,” stated Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
IMF projects 11.5% development for India in 2021: The IMF on Tuesday projected an impressive 11.5 per cent development price for India in 2021, creating the nation the only important economy of the globe to register a double-digit development this year amidst the coronavirus pandemic.
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Technical speak: “The short term trend of Nifty continues to be weak. The consistent decline of the last three sessions could be hinting at the possibility of reversal in the market. A sustainable move below 14200 is expected to drag Nifty down to 13800 levels in the near term. Any upside towards 14360-14400 could be a sell on rise opportunity,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.