10,787.1581.4
Stock Analysis, IPO, Mutual Funds, Bonds & More

Pre-market: Nifty seen opening higher; may reclaim 8100 levels

Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,100 in trade today.

, ET Online|
Last Updated: Sep 08, 2014, 08.03 AM IST
0Comments
Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,100 in trade today.
Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,100 in trade today.
NEW DELHI: The 50-share Nifty index is expected to open higher on Monday following positive trend seen in other Asian markets. Tracking the momentum, the index is expected to reclaim its crucial psychological level of 8,100 in trade today.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 28 points higher at 8,136 indicating positive opening on the domestic market.

Nifty index witnessed lows of 7984 before heading towards record highs of 8141.90 last week. The NIFTY finally closed the week at the 8086.85 levels with gain of 132.50 points.

Last week Nifty registered breakout from broadening top formation after making record highs of 8141.90. The sustained weekly gap up closing indicates an extension of a current bull run.

"Immediate support for the Nifty is placed around 8048 / 8000 followed by 7968 (weekly gap). Nifty holds an important support at 7968 levels. Till it continues to hold above these levels, the trend is likely to remain sideways to positive," said Mitesh Thacker of miteshthacker.com.

"Cautious is advised below 7968 levels. Market will be in a stock and sector specific mode. In nutshell, market is not ready to go up as well as not ready to go down," he added.

Thacker is of the view that it is moving in narrow range with positive outlook. At this junction, the only way a trade can make money is to take position in Swing Calls.

On Friday, U.S. stocks ended higher lifting the S&P 500 to a fresh closing high, after a weaker-than-expected jobs report was taken as a sign that the Federal Reserve will not begin raising interest rates anytime soon.

"Fed officials have made it clear that they see the labor market as still struggling, which partially justifies keeping rates at rock-bottom levels," Reuters reported.

The Dow Jones industrial average rose 67.78 points, or 0.4 percent, to 17,137.36. The S&P 500 was up 10.06 points, or 0.5 percent, to 2,007.71. The Nasdaq Composite added 20.61 points, or 0.45 percent, to 4,582.90.

Asian shares were trading mixed. Japan's Nikkei 225 index which was trading 0.16 per cent higher at 15,692 and Hong Kong's Hang Seng index was trading 0.54 per cent lower at 25,102.

(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.)

Also Read

Bank Nifty may outperform in near term, catch up with Nifty

Share price of Siemens Ltd. as Nifty strengthens

Options strategy to play Bank Nifty

Share price of Petronet LNG Ltd. rises as Nifty weakens

REC Ltd. shares up 1.24% as Nifty gains

Bosch Ltd. shares up 1.06% as Nifty gains

Comments
Add Your Comments
Commenting feature is disabled in your country/region.

Other useful Links


Copyright © 2020 Bennett, Coleman & Co. Ltd. All rights reserved. For reprint rights: Times Syndication Service