Indian stock markets today are expected to start flat with a negative as signalled by the SGX Nifty. At 6:50 the SGX Nifty was down 25 points. In the US, Dow Jones, S&P 500, and Nasdaq ended the session with mild gains, giving off most of the early gains.
The Sensex ended lower by 289 points at 57,925, while the Nifty on Thursday ended lower at 17,076, down 75 points or 0.4%. The Nifty Bank on Thursday ended at 39,616, down by 382 points or almost 1%. The texture of the market is “Sell on Rally” as all bounces are getting sold into. “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 17,000-17,050 on the downside, whereas on the upside, the resistance for Nifty today largely stands at 17,200-17,250. Nifty Bank today is likely to see some bounce back, said experts.
Foreign Institutional Investors again turned net sellers of Indian equities after a single day of buying on Wednesday. On Thursday, FIIs sold shares worth Rs 995 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 1,668 crore, provisional data showed.
Stocks to watch today are Vedanta, HAL, BEL, IRCTC, Campus Activewear, besides others.