Trends on SGX Nifty Point to Positive Open for Indices

The trends on SGX Nifty indicate a positive opening of the index with a gain of 50 points.

Indian markets could open slightly higher despite the largely slightly negative Asian markets today and mixed US markets on Tuesday, said Deepak Jasani, head of retail, HDFC Research.

“Nifty should open positively at 17,560, up 60 points. Nifty will face resistance in the 17,600-17,650 range. Overall, Nifty’s trend is weak and traders are advised to exit positions. long either on rallies or with strict stoploss. Nifty has strong support in the 17200-17250 range. ” – Mr. Gaurav Udani, CEO and Founder, ThincRedBlu Securities.

Mohit Nigam, Head-PMS, Hem Securities said, “European markets closed in the red and US markets closed 50% lower. by the United States and other consuming countries, oil prices peaked in one week. Technically, key resistance levels for Nifty50 are 17650 followed by 17,750 and downside 17,300 followed by 17,100 can provide strong support. for Bank Nifty is 37,600 and support is 36,800, Nigam added.

Nifty recovered from his first losses on November 23 and finished in the positive, breaking a 4-day losing streak. At the close, Nifty was up 0.50% or 86.8 points to 17,503.3.

Nifty rebounded well after hitting a low of 17,216. The lead decline ratio also went deep into the positive. 17,613 could be the next resistance for the Nifty while 17,280 could be support. The broad market having fallen sharply could rebound longer than the Nifty.

US stocks close higher

US stocks closed largely higher on Tuesday after a turbulent trading day that put the tech sector under pressure, with the Dow Jones Industrial Average and S&P 500 closing with gains while the tech-rich Nasdaq Composite Index , dropped.

Energy stocks rallied, however, as oil prices rebounded despite the White House announcement that the United States would release crude from its strategic oil reserve in a move coordinated with other countries to try to reduce the cost of gasoline. A coordinated release of US-led government oil reserves could add about 70 to 80 million barrels of crude supply, less than the more than 100 million barrels the market has valued, analysts said. by Goldman Sachs.

The market may be anticipating a hike in interest rates from the middle of next year, which is not positive for long-term assets like tech stocks.

The so-called flash survey of US manufacturers hit a two-month high of 59.1 in November from 58.4 the previous month, while a similar survey of service companies fell to a two-month low at 57 against 58.7.

Fastest Expanding Japan PMI

The index on the Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) rose to 54.2 seasonally adjusted, its fastest pace of expansion since January 2018. The reading, which was lifted by a rally in overall production and new orders, compared to a 53.2 the previous month.

The flash services PMI index at Jibun Bank improved to seasonally adjusted 52.1 from the previous month’s final of 50.7, placing it more firmly in expansion territory. Reading marked the fastest growth rate since September 2019, just before a sales tax hike affected consumer confidence.

The IHS Markit Flash Composite Purchasing Managers Index for Europe, a good indicator of overall economic health, jumped to 55.8 in November from 54.2 in October.

New Zealand’s central bank raised interest rates to 0.75% to dampen price pressures and forecast benchmark borrowing costs of 2% by the end of 2022.

Asian equities stable at the start of the session

Asian stocks were flat on Wednesday and Treasury yields rose as traders assessed the prospect of tightening monetary policy to curb inflation. Crude oil reduced an advance.

Government to introduce cryptocurrency regulation bill

During the winter session of Parliament, the Indian government will introduce the Cryptocurrency and Official Digital Currency Regulation Bill 2021. ) of the traders and credit default swaps (CDS) segment from December 1, 2021 to February 28, 2022, in its recent circular.

Star Health launches its IPO

Star Health and Allied Insurance Company is set to launch its first public offering on November 30, 2021, information on the price range and lot size will be released today.

Net sales value of FII Rs 4,477.06 cr

On November 23, 2021, foreign institutional investors made a net sale worth Rs 4,477.06 crore, while domestic institutional investors made net purchases worth Rs 1,412.05 crore on the Indian stock market.

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Posted on: Wednesday November 24th, 2021 08:52 IST


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