Indian stock markets today are expected to start weaker taking cues from US markets post the US Fed’s announcement of a 25 bps rate hike despite the ongoing crisis in the banking sector. Dow Jones, S&P 500, and Nasdaq ended lower by 1.6% each overnight. The committee acknowledged that the banking crisis could slow down the already fragile economy.
The SGX Nifty, too, signals a negative start for the Nifty today. At 7:00 AM, the SGX Nifty was down 45 points.
Indian benchmark indices Sensex and Nifty ended higher on Wednesday led by buying interest in Bajaj Twins and Pharma stocks. The Sensex ended higher by 139 points at 58,214, while the Nifty gained 44 points to 17,151.90. However, analysts are of a view that the Nifty’s close above 17,200 remains a crucial point, post which, the markets could extend the rally further. “ Nifty50 from the last couple of trading sessions is trading in a higher high higher bottom formation and prices are sustaining above its 9-day exponential moving average on the daily time frame,” said Rohan Patil of SAMCO Securities.
Key Levels to track for Nifty today are 16,900-16,800 on the downside, whereas on the upside, the resistance for Nifty today largely stands at 17,250. Nifty Bank today will see support at 39,500, whereas a break above 40,000 could trigger a further rally in the index.
Foreign Institutional Investors broke the selling streak and turned net buyers of Indian equities after 10 consecutive sessions of selling. On Wednesday, FIIs bought shares worth Rs 61 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 383 crore, provisional data showed.
Stocks to watch today are HAL, Reliance Industries, Hero Motocorp, Nazara Technologies, besides others.