When the markets reopen on Monday after a hiatus of four days, the triggers from US market closing on Thursday and Dow Futures on Monday will be the key. US markets will remain shut on Friday,
Stock Markets on Monday: Indian markets ended the week negatively on Wednesday. The BSE Sensex settled at 58,338.93, down by 237 points or 0.4 per cent while the Nifty50 ended at 17,475.65, down by 0.3 per cent or 54 points. Bank Nifty fell by 284 points to end at 37,463.40.
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The markets ended in the red on all three trading days during the week. There was pressure due to a truncated trading week and weekly expiry and the traders wanted to have less positions, Zee Business Managing Editor Anil Singhvi said. However, the strength was intact in the broader markets, he added.
When the markets reopen on Monday after a hiatus of four days, the triggers from US market closing on Thursday and Dow Futures on Monday will be the key. US markets will remain shut on Friday.
Nifty will have a support between 17,350 and 17,425 while the resistance will be between 17,600 and 17,675.
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As for Bank Nifty, support will be between 37,150 and 37,300 while the resistance will be between 37,850 and 38,000.
The Market Guru said that, market participants must keep an eye on these levels. He said that there was pressure on the index while broader markets were strong.
The clear direction for the markets will come from Monday’s trading session as global markets will also get open.
Indian markets extended decline for the third straight session on Wednesday, as HDFC twins – HDFC and HDFC Bank dragged the market most along with auto stocks. The BSE Sensex slipped over 237 points while Nifty50 settled above the 17450-mark at the close falling by 54 points or 0.3 per cent.
Sectorally, the selling pressure was seen in auto, banking, and financial stocks, while FMCG, metal and pharma witnessed buying interest on Wednesday at the close.
Of 50 scrips on Nifty50, 22 advanced, and 28 declined at the close. ONGC closed as a top gainer, nearly 3 per cent higher amid rising crude, followed by Apollo Hospital up over 2 per cent.
