The trend of the SGX Nifty shows that India’s broader index started flat, rising 37.50 points or 0.24%. At 7:30 IST, Nifty futures traded around 15,817 on the Singapore Exchange. IST 09:02, Sensex rose 42.72 points or 0.08% to 52371.23, Nifty fell 9.00 points or 0.06% to 15742.70. Nifty closed in a positive zone during Monday’s trading hours. However, it does see some profit records from higher levels, which makes 15,850 a strong resistance for the team in the near term. As the trend of SGX Nifty indicates, the benchmark index is expected to open with a flat to slightly positive trend. Mohit Nigam, head of PMS at Hem Securities, said that due to news of the world’s lowest corporate tax rate and inflation concerns,
Dow Jones fell -0.36% on Monday, while European stocks closed with positive sentiment led by auto stocks. Asian markets were mixed in early trading on Tuesday, with the Nikkei 225 index up 0.75% as Japan’s quarterly GDP data was better than expected. According to Jay Thakkar, vice president and head of equity research at Marwadi Shares and Finance Ltd., the key support below is at the 15,600 level.
Therefore, the range of the index is 15,600-15,850 levels. Before there is a meaningful breakthrough in this range, the market is expected to trade sideways. The daily momentum indicator is good in the buying zone, but the hourly momentum indicator trades with negative divergence, which is a typical feature of a horizontal market. Thakkar said that private sector banks are important, as if they trade with a positive bias, then it can help Nifty and Bank Nifty go higher.
News Source : Backtrack
