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Pre-market: Nifty seen opening flat; may retest 7800 levels

The index is expected to head lower in morning trade, but should be able to pare losses and retest 7,800 levels later in trade today.

, ET Online|
Last Updated: Aug 18, 2014, 07.44 AM IST
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The index is expected to head lower in morning trade, but should be able to pare losses and retest 7,800 levels later in trade today.
The index is expected to head lower in morning trade, but should be able to pare losses and retest 7,800 levels later in trade today.
NEW DELHI: The 50-share Nifty index is expected to open flat on Monday tracking muted trend seen in other Asian markets. Tracking the momentum, the index is expected to head lower in morning trade, but should be able to pare losses and retest 7,800 levels later in trade today.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 16 points lower at 7,782 indicating flat opening on the domestic market.

Indian markets surged this week after falling heavily for the two straight weeks. The Sensex rose by 3.05 per cent and the Nifty up by 2.94 per cent for the week ended 14 August 2014.

"Though Nifty has managed to cross above its resistance barrier at 7750 but participants are keeping cautious approach due to lack of participation from broader segment," said Jayant Manglik, President-retail distribution, Religare Securities Limited

"Considering the situation, we reiterate our advice to strictly maintain stock specific view and choose counters from the defensive pack for fresh buying," he added.

GEPL Capital is of the view that 7,840 as the short term target for the index for the immediate term and in case of further bullishness it may even edge higher till 7900 - 7945 range.

"We recommend profit taking on an up move till 7840 and higher as the expected upside may likely be short lived," added the brokerage report.

On Friday, U.S. stocks ended mixed paring an earlier selloff sparked by reports of Ukraine shelling a Russian armored column.

"The three major U.S. stock indexes had opened higher on hopes of easing tensions between the two countries, but came under pressure when Ukraine, contradicting a report from Russia's Defense Ministry, said it had shelled a Russian armored column," Reuters reported.

The Dow Jones industrial average fell 50.67 points, or 0.30 percent, to close at 16,662.91. The S&P 500 dipped 0.12 of a point, or 0.01 percent, to end at 1,955.06. The Nasdaq Composite added 11.93 points, or 0.27 percent, to end at 4,464.93.

Asian shares were trading mixed. Japan's Nikkei 225 index which was trading 0.11 per cent higher at 15,336.50 and Hong Kong's Hang Seng index was trading 0.08 per cent lower at 24,938.

South Korea's Kospi index was trading 0.36 per cent lower at 2,056, China's Shanghai index was trading 0.50 per cent higher at 2,237.

(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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