Indian markets to open lower amid weak set-up

Foreign Institutional Investors ended their 10 session long buying momentum in the Indian markets on Monday.

Indian stock markets today are expected to witness a weak opening as signalled by the SGX Nifty. US markets on Monday ended in the green, whereas markets in Asia remained positive too. Back home, both Sensex and Nifty ended the session lower on Monday, dragged mainly by top tier IT stocks after weak earnings from Infosys and TCS.

Despite ending lower, the Sensex, managed to recover a large part of its losses and ended the session lower by 520 points at 59,910. The Nifty ended at 17,706, down 121 points on Monday. “Technically after a tall bearish candle post breakout suggest a range bound movement in further trading sessions. The overall trend is positive as prices are trading above the breakout levels of falling channel pattern. The support for the Nifty is placed at around 17,600 – 17,550 levels and resistance are capped at 17,900 levels. In case the Nifty breaches below 17,550 levels than 17,400 will be the next support zone,” said Rohan Patil of SAMCO Securities.
Foreign Institutional Investors ended their 10 session long buying momentum in the Indian markets on Monday. FIIs on Monday sold shares worth Rs 533 crore in the cash markets, provisional data from exchanges showed. Flows from DIIs turned positive as they bought shares worth Rs 269 crore, provisional data from exchanges showed.
Top stocks to watch today are Zee Ent, Just Dial, Angel One, Jubilant Foodworks, besides others.

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