Indian stock markets today are likely to witness a weak opening as signalled by the SGX Nifty and signs of some profit booking in the market. US markets overnight ended largely in the red with over 1% decline on the indices. Back home, both Sensex and Nifty ended the session with gains on Tuesday, however, slightly lower than its intraday highs.
The Sensex ended higher by 242 points at 61,354, while the Nifty ended at 18,147, up 82 points. “Nifty rose with an upgap on Tuesday but ended up forming a small body spinning top. Spinning tops are a sign of indecision at higher levels. One must be watchful of the low of the Nifty for the day (18102) being protected, failing which a correction may ensue. 18265 could be the next resistance for the Nifty while 18065-18089band could provide support in the near term,” said Deepak Jasani of HDFC Securities.
Foreign Institutional Investors on Tuesday continued to remain net buyers of Indian equities. According to data available on exchanges, FIIs bought shares worth Rs 1,997 crore in the cash markets. On the other hand, flows from DIIs also remained negative as they sold shares worth Rs 394 crore, provisional data from exchanges showed.
Top stocks to watch today are Ambuja Cements, Tata Steel, Fino Payments Bank, Home First Finance, besides others.