HomeMarket InsiderIndian markets to open lower amid weak set-up

Indian markets to open lower amid weak set-up

According to the SGX Nifty, Indian stock markets are projected to start lower today. On Monday, US markets finished in the green, while Asian markets also finished in the green. Back home, the Sensex and Nifty closed down on Monday, pulled mostly by top-tier IT equities after disappointing results from Infosys and TCS.

Despite finishing lower, the Sensex recovered a substantial portion of its losses and closed the day 520 points down at 59,910. On Monday, the Nifty closed at 17,706, down 121 points. “Technically after a tall bearish candle post breakout suggest a range bound movement in further trading sessions. The overall trend is positive as prices are trading above the breakout levels of falling channel pattern. The support for the Nifty is placed at around 17,600 – 17,550 levels and resistance are capped at 17,900 levels. In case the Nifty breaches below 17,550 levels than 17,400 will be the next support zone,” said Rohan Patil of SAMCO Securities.

On Monday, foreign institutional investors broke their 10-session buying streak in Indian markets. According to preliminary statistics from exchanges, FIIs sold shares worth Rs 533 crore in cash markets on Monday. DIIs increased their purchases of shares worth Rs 269 crore, according to preliminary statistics from exchanges.

Top stocks to watch today include Zed Entertainment, Just Dial, Angel One, and Jubilant Foodworks, among others.

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