The SGX Nifty shows that the Indian stock markets are likely to start the day flat with a bullish tilt.The SGX Nifty was up 10 points at 6:45 a.m. The Dow Jones, S&P 500, and Nasdaq all closed in the red on Tuesday.
On Tuesday, the Sensex fell 40 points to 57,613 while the Nifty fell 34 points to 16,951. The Nifty Bank closed at 39,567—an increase of 136 points. ” The Nifty’s short-term trend is projected to stay negative until it breaks through the 17,200 barrier. “Only a sustained closure above the 17,200 zones is expected to generate strong momentum into the 17,350–17,400 levels,” according to Rohan Patil of SAMCO Securities.
On the downside, key levels to watch for Nifty today are 16,800 and 16,850, while on the upside, resistance for Nifty today is mostly around 17,100.
After four consecutive sessions of strong selling, foreign institutional investors became net purchasers of Indian shares on Tuesday. According to preliminary statistics from exchanges, FIIs were net purchasers in the cash markets today to the tune of Rs 1,531 crore. Domestic institutional investors, on the other hand, sold Rs 156 crore worth of Indian stocks on Tuesday, according to preliminary data.
Today’s stocks to watch include Vedanta, Zydus Life, Jindal Stainless, NBCC, and GR Infra, among others.