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Pre-market: Nifty seen opening flat; may hit fresh record high

Tracking the momentum, the index may open flat but should be able to surpass its previous record high of 8534.65 hit on 24 November.

, ET Online|
Last Updated: Nov 25, 2014, 07.51 AM IST
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Stocks in news: Airtel, Ceat, Amtek Auto
NEW DELHI: The 50-share Nifty index is expected to open flat on Tuesday following muted trend seen in other Asian markets. Tracking the momentum, the index may open flat but should be able to surpass its previous record high of 8534.65 hit on 24 November.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 5 points higher at 8,541 indicating a flat opening on the domestic market.

Nifty ended the day with gains of 52 points at 5830, while the Sensex added 164 points to its value to conclude at 28499 on Monday.

Nifty has surpassed 8520 and closed above it, in the coming couple of sessions if 8440 is protected as a support then Nifty may edge higher till 8600 - 8620 range, however if it fails to sustain above 8440 then we may see some correction.

"On the down side the level of 8350 is an important support to watch out for in case any correction materializes," brokerage firm, GEPL Capital said in a report.

"Till the time 8350 is held as a support the short term trend would continue to remain on the up side," added the report.

Analysts are not ruling out volatility in markets across the board in the coming sessions ahead of November month's F&O expiry.

"Participants especially traders are advised to keep extra caution and trade with strict risk management rules," says Jayant Manglik, President-retail distribution, Religare Securities Limited.

"Besides, prefer only index majors and fundamentally strong stocks from the midcap space for fresh buying," he adds.

Overnight, US stocks ended higher on hopes that China will take further accommodative monetary policy action if needed, while merger deals kept traders focused even as volumes were below average.

"Following last week's surprise rate cut, China's leadership and central bank are ready to cut interest rates again and to loosen lending restrictions," Reuters reported.

The Dow Jones industrial average rose 7.84 points, or 0.04 per cent, to 17,817.9, the S&P 500 gained 5.91 points, or 0.29 per cent, to 2,069.41 and the Nasdaq Composite added 41.92 points, or 0.89 per cent, to 4,754.89.

Asian shares were trading higher. Japan's Nikkei 225 index which was trading 0.33 per cent higher at 17,412 and Hong Kong's Hang Seng index was trading 0.03 per cent lower at 23,875.

South Korea's Kospi index was trading 0.11 per cent lower at 1,976 and China's Shanghai index was trading 0.24 per cent higher at 2,539.

(What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

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