Sensex, Nifty likely to open lower, Buy On Dips could work, say analysts

US markets overnight ended largely in the red with cuts upto 1% on the indices.

Indian stock markets today are expected to witness a weak opening as signalled by the SGX Nifty. US markets overnight ended largely in the red with cuts upto 1% on the indices. Back home, both Sensex and Nifty ended the session with mild gains on Wednesday backed by institutional flows.

The Sensex ended higher by 169 points at 60,300, while the Nifty ended at 17,813, up 44 points. “Technically, the bullish candles have shown optimism amongst the traders but the index needs to cross 17,900 levels on the higher side for acceleration in momentum. On the lower side, 17,650 and 17,600 will act as support zone for the index,” said Rohan Patil of SAMCO Securities.
Foreign Institutional Investors in a surprise move, yet again, turned net buyers of Indian equities after seven straight sessions of selling. According to data available on exchanges, FIIs bought shares worth Rs 1,257 crore in the cash markets. On the other hand, flows from DIIs turned negative as they sold shares worth Rs 227 crore, provisional data from exchanges showed.
Top stocks to watch today are Bajaj Finance, HDFC Life, SBI Life, Syngene, City Union Bank, besides others.

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