The SGX Nifty predicts that Indian stock markets will open flat to negative today. The SGX Nifty was down 25 points at 6:50 a.m. The Dow Jones, S&P 500, and Nasdaq finished the day with minor gains, giving up the majority of their early gains.
The Sensex closed 289 points lower at 57,925, while the Nifty closed 75 points lower at 17,076, down 75 points or 0.4%. On Thursday, the Nifty Bank closed at 39,616, down 382 points, or over 1%. The market texture is “Sell on Rally,” as all bounces are being sold into. “The index is on a declining trend, with prices remaining below its short and medium-term averages.” “The Nifty is technically in a negative trend, and selling on every bounce might be a good strategy,” said Rohan Patil of SAMCO Securities.
On the downside, key levels to watch for Nifty today are 17,000–17,050, while on the upside, resistance for Nifty today is mostly around 17,200–17,250. Experts predict that the Nifty Bank will recover today.
After a single day of purchasing on Wednesday, foreign institutional investors were net sellers of Indian shares once again. According to preliminary data from exchanges, FIIs sold shares worth Rs 995 crore in the cash market on Thursday. On the other hand, preliminary data shows that domestic institutional investors continued to buy more Indian stocks than they sold. They bought shares worth Rs 1,668 crore.
Today’s stocks to watch include Vedanta, HAL, BEL, IRCTC, and Campus Activewear, among others.