Indian stock markets today are expected to witness a gap-up opening as signalled by the SGX Nifty. At 6:50 AM, the SGX Nifty was up 110 points. On Friday, Dow Jones, S&P 500, and Nasdaq ended the session in the green, up 0.4%, 0.5%, and 0.3%, respectively.
The Sensex ended lower by 398 points at 57,527, while the Nifty on Friday ended lower at 16,945, down 131 points or 0.7%. The Nifty Bank on Friday ended at 39,395, down by 221 points or 0.5%. “The stance has turned bearish and Nifty stands at the strong polarity support of 16,800–16,750 levels, failing to hold, which the index is likely to see, a further correction towards 16,450–16,400 zones. Only a sustained close above the 17,300-17,350 zone is likely to trigger bullish momentum towards 17,500–17,550,” said Rohan Patil of SAMCO Securities.
Key Levels to track for Nifty today are 16,800-16,850 on the downside, whereas on the upside, the resistance for Nifty today largely stands at 17,100-17,150.
Foreign Institutional Investors continued to remain net sellers of Indian equities. On Friday, FIIs sold shares worth Rs 1,720 crore in the cash market, provisional data from exchanges showed. Domestic Institutional Investors on the other hand, continued to remain net buyers of Indian equities, buying shares worth Rs 2,555 crore, provisional data showed.
Stocks to watch today are Sun Pharma, Alembic Pharma, BEL, Crompton Greaves, and Campus Activewear, besides others.