Market Cues:
Indian markets are expected to open flat tracking SGX Nifty. U.S. stocks ended the Wednesday’s session slightly lower, taking a pause after two straight days of gains. Main indexes retreated as Fed Chairwoman Yellen hinted that a 25bp rate hike in December would not derail the economy or housing market. Notably, Energy and Consumer Discretionary were the biggest decliners. European stock markets rallied on Wednesday after ECB President Mario Draghi reiterated that bank is ready to provide more stimulus in December if required.
These gains trimmed after Janet Yellen hinted at rate hike possibility in Dec-2015. For FTSE 100, Glencore was the biggest gainer of the day as it reported significant progress on its plans to cut down the net debt by FY2016-end. Indian markets lost the previous day's gains on Wednesday’s trading session as benchmark indices fell marginally, despite the positive global cues. Indices started on a strong note, with Nifty trading above 8100-mark, but could not sustain gains in the afternoon trade as profit booking was seen across heavyweight stocks. Private sector bank, healthcare, technology and select oil stocks pulled the market lower.
Sensex (26553) / Nifty (8040)
Yesterday, our benchmark index opened with nearly half a percent upside gap citing to cheerful mood across the globe. However, once again, the unsure bulls were overshadowed by the bears as we witnessed a decent correction throughout the session to close tad below the 8050 mark. As mentioned in our previous report, the index made an attempt move higher. However, similar to Tuesday's session, our markets faced a strong selling pressure at higher levels, which is not an encouraging sign. Despite this, we maintain our opinion that the index is likely to remain within a range of 200 points before confirming next direction of the market. On the higher side, 8120 – 8180 are likely to act as a strong resistance; whereas, 7950 is seen as a crucial support. Traders can focus on stock specific moves by following proper exit strategy.
Key Levels
Support 1 – 7995 Resistance 1 – 8120
Support 2 – 7950 Resistance 2 – 8180
Bank Nifty Outlook - (17221)
Yesterday, the Bank Nifty opened with an upside gap of more than 100 points and started correcting from initial trades. The selling pressure was very sturdy as the index continued to make lower lows throughout the session. The banking index breached the low of last two sessions and eventually ended the session with a loss of 0.60 percent over its previous close. Going forward, a sustainable move below 17170 levels may drag the Bank Nifty towards 16930. On the flipside, the immediate resistance for the index is placed at 17466 and 17565 levels.
Key Levels
Support 1 – 17170 Resistance 1 – 17466
Support 2 – 16930 Resistance 2 – 17565
Indian markets are expected to open flat tracking SGX Nifty. U.S. stocks ended the Wednesday’s session slightly lower, taking a pause after two straight days of gains. Main indexes retreated as Fed Chairwoman Yellen hinted that a 25bp rate hike in December would not derail the economy or housing market. Notably, Energy and Consumer Discretionary were the biggest decliners. European stock markets rallied on Wednesday after ECB President Mario Draghi reiterated that bank is ready to provide more stimulus in December if required.
These gains trimmed after Janet Yellen hinted at rate hike possibility in Dec-2015. For FTSE 100, Glencore was the biggest gainer of the day as it reported significant progress on its plans to cut down the net debt by FY2016-end. Indian markets lost the previous day's gains on Wednesday’s trading session as benchmark indices fell marginally, despite the positive global cues. Indices started on a strong note, with Nifty trading above 8100-mark, but could not sustain gains in the afternoon trade as profit booking was seen across heavyweight stocks. Private sector bank, healthcare, technology and select oil stocks pulled the market lower.
Sensex (26553) / Nifty (8040)
Yesterday, our benchmark index opened with nearly half a percent upside gap citing to cheerful mood across the globe. However, once again, the unsure bulls were overshadowed by the bears as we witnessed a decent correction throughout the session to close tad below the 8050 mark. As mentioned in our previous report, the index made an attempt move higher. However, similar to Tuesday's session, our markets faced a strong selling pressure at higher levels, which is not an encouraging sign. Despite this, we maintain our opinion that the index is likely to remain within a range of 200 points before confirming next direction of the market. On the higher side, 8120 – 8180 are likely to act as a strong resistance; whereas, 7950 is seen as a crucial support. Traders can focus on stock specific moves by following proper exit strategy.
Key Levels
Support 1 – 7995 Resistance 1 – 8120
Support 2 – 7950 Resistance 2 – 8180
Bank Nifty Outlook - (17221)
Yesterday, the Bank Nifty opened with an upside gap of more than 100 points and started correcting from initial trades. The selling pressure was very sturdy as the index continued to make lower lows throughout the session. The banking index breached the low of last two sessions and eventually ended the session with a loss of 0.60 percent over its previous close. Going forward, a sustainable move below 17170 levels may drag the Bank Nifty towards 16930. On the flipside, the immediate resistance for the index is placed at 17466 and 17565 levels.
Key Levels
Support 1 – 17170 Resistance 1 – 17466
Support 2 – 16930 Resistance 2 – 17565
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