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Pre-market: Nifty seen opening higher; F&O expiry eyed

Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 7950 in trade today.

, ET Online|
Last Updated: Aug 28, 2014, 07.48 AM IST
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Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 7950 in trade today.
Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 7950 in trade today.
NEW DELHI: The 50-share Nifty index is expected to open higher on Thursday following positive trend seen in other Asian markets ahead of August F&O expiry. Tracking the momentum, the index is expected to reclaim its crucial psychological level of 7950 in trade today.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 18 points higher at 7,955 indicating flat-to-positive opening on the domestic market.

The market may remain volatile as traders roll over positions in the futures & options (F&O) segment from the near month August 2014 series to September 2014 series.

The Nifty index remained very range bound throughout the session to conclude with marginal gains of 31 points at 7936 on Wednesday. Nifty continued to trade above the key support of 7840 for yet another session.

"Till the time 7840 is respected there still remains a possibility of a retest of 7968 and beyond that 8000 - 8030 range may be seen," GEPL Capital said in a report.

"However, if it breaches 7840 then it would be the initial sign of further weakness which may take it down to 7780 - 7750 range at least and lower," added the report.

The brokerage firm is of the view that the level of 7640 has now emerged as a trend reversal level for Nifty and GEPL continue to advice profit taking at present levels and on any upside till 7968 to 8030.

Traders are recommended a trailing stop loss of 7840 for all Nifty long positions.

Overnight, US stocks ended flat with the S&P 500 creeping up to another record closing high in a lethargic session, though a number of retail stocks traded heavily after reporting results.

"Volume was depressed with some market participants on vacation ahead of the Labor Day long holiday weekend in the United States," Reuters reported.

The Dow Jones industrial average rose 15.31 points, or 0.09 per cent, to 17,122.01. The S&P 500 gained 0.1 point, or 0.01 per cent, to 2,000.12, and the Nasdaq Composite dropped 1.02 points, or 0.02 per cent, to 4,569.62.

Asian shares were trading mixed. Japan's Nikkei 225 index which was trading 0.48 per cent lower at 15,460 and Hong Kong's Hang Seng index was trading 0.37 per cent higher at 25,009.

South Korea's Kospi index was trading 0.60 per cent higher at 2,087 and China's Shanghai index was trading 0.22 per cent higher at 2,213.


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