The SGX Nifty shows that the Indian stock markets are likely to start the day flat with a bullish tilt. Overnight, American markets finished flat, with the Nasdaq and S&P 500 closing slightly down. The Dow Jones finished level, up 42 points.
The Sensex closed the day up 13 points at 59,846 while the Nifty-50 closed up 24 points at 17,624. Nifty Bank had some selling pressure and finished 206 points down.
“The bullish pattern is applicable above the 17,300 and 17,250 levels.” If the frontline index closes below these levels, the door is wide open until it reaches 17,100 to 17,000 levels. Resistance is stopped at 17,750–17,800 levels on the upper end. A breach of those levels would imply a buy signal towards 18,000 or higher,” said Rohan Patil of SAMCO Securities.
Early information from exchanges shows that foreign institutional investors continued to buy Indian shares worth Rs 893 crore. DIIs also increased their net purchases of shares worth Rs 351 crore, according to preliminary data from exchanges.
Bank of Baroda, IRB Infra, Fusion MFI, and Schaeffler India are among the top stocks to watch today.