The SGX Nifty indicates that Indian stock markets will begin with a gap-up today. The SGX Nifty was up 110 points at 6:50 a.m. The Dow Jones, S&P 500, and Nasdaq all finished the day in the green, up 0.4%, 0.5%, and 0.3%, respectively.
The Sensex closed 398 points lower at 57,527, while the Nifty closed at 16,945, down 131 points or 0.7%. On Friday, the Nifty Bank closed at 39,395 — down 221 points or 0.5%. “The posture has become negative, and the Nifty sits at the strong polarity support of 16,800-16,750 levels, failing to hold, which means the index will likely decline further to 16,450-16,400 zones.” “Only a prolonged closing above the 17,300–17,350 zone is expected to generate positive momentum towards 17,500–17,550,” SAMCO Securities’ Rohan Patil said.
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 and 17,150.
Foreign institutional investors continued to sell Indian shares at a net loss. According to preliminary data from exchanges, FIIs sold shares worth Rs 1,720 crore in the cash market on Friday. Domestic institutional investors, on the other hand, continued to be net purchasers of Indian stocks, purchasing shares worth Rs 2,555 crore, according to preliminary statistics.
Sun Pharma, Alembic Pharma, BEL, Crompton Greaves, and Campus Activewear are among the stocks to watch today.