SGX Nifty sits in red on Monday morning; 5 things to know before today’s opening bell

(*5*)In the earlier week, Foreign Institutional Investors (FII) have been web sellers of home securities.
(Image: REUTERS)

Domestic fairness markets soared larger in the earlier buying and selling week, as benchmark indices nearing their all-time larger. S&P BSE Sensex settled at 50,540 factors on Friday whereas the Nifty 50 ended at 15,175. However, the upward march would possibly face some resistance with Nifty futures on Singapore Exchange buying and selling in the red on Monday morning. Global cues have been additionally blended in the course of the early hours of commerce. On the charts, Nifty registered a nine-week excessive at 15,190 on Friday and closed close to it. “We observe an upside breakout of the downward slopping trend line at 14900, as per week’s close. This is a positive indication,” stated Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

Global cues: Wall Street ended blended on Friday with Dow Jones gaining 0.36%, whereas S&P 500 closed flat with a destructive bias and the tech-heavy NASDAQ closed 0.48% decrease. Among Asian friends, Shanghai Composite was up in the inexperienced whereas Hang Seng slipped into the red. Japanese stock markets have been up with positive factors whereas South Korean Indices have been in the red.

Technical take: “A long bull candle was formed, which indicate a sharp upside bounce from the lower support,” stated Nagaraj Shetti. “This pattern seems to have confirmed a sustainable upside breakout of the hurdle and also an upper range (15000-14200) at 15K mark. As per this pattern, a potential upside pattern target of 15800 could open up and this could be achieved over the next few weeks,” he added.

Levels to be careful for: Nearing the month-to-month expiry, analysts imagine Nifty might rally to earlier all-time highs. “Nifty is nicely poised to rally and break above the resistance at 15400-15500 over the next couple of weeks. As we head into May expiry Nifty will try to trade beyond 15200,” stated Manish Shah, Founder, Niftytriggers. “Price and pattern break out for the week are very significant from a view of next 6-8 weeks and the upside potential in Nifty is towards 16000-16200,” he added.

FII and DII trades: In the earlier week, Foreign Institutional Investors (FII) have been web sellers of home securities. Meanwhile, Domestic Institutional Investors (DII) have continued their sustained shopping for of home equities.

Results as we speak: India Cements, Grasim Industries, JK Paper, Mahanagar Gas, ADF Foods, Balaji Amines, Barbeque-Nation Hospitality, Dalmia Bharat Sugar and Industries, India Cements Capital, JSW Holdings, Kanpur Plastipack, Karda Constructions, Ramco Cements, and Ramco Industries are a few of the firms that may announce their quarterly outcomes as we speak. 

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