Indian stock markets today are expected to witness a strong opening as signalled by the SGX Nifty. At 7:00AM, the SGX Nifty was up 66 points. On Monday, Dow Jones & S&P 500 ended in the green, while Nasdaq ended the session lower by 55 points.
The Sensex on Monday ended higher at 57,653, up 126 points, while the Nifty ended up by 40 points at 16,985. The Nifty Bank ended at 39,431, up 35 points. . “
The index continues to trade in a downward-sloping channel and prices are sustained below its short and medium-term averages. Technically the trend for the Nifty is bearish and selling on every rally can be a profitable strategy.” 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.
Foreign Institutional Investors continued to remain net sellers of Indian equities. On Monday, FIIs sold shares worth Rs 890 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 1,808 crore, provisional data showed.
Stocks to watch today are Paytm, PNC Infratech, Kalyan Jewellers, AB Capital, Dilip Buildcon, besides others, besides others.