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Pre-market: Nifty seen opening higher; may reclaim 8250 levels

Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,250 in trade today.

ET Online|
Last Updated: Dec 22, 2014, 07.44 AM IST
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Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,250 in trade today.
Tracking the momentum, the Nifty index is expected to reclaim its crucial psychological level of 8,250 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 8,250 in trade today.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 18 point higher at 8,250.50 indicating a higher opening on the domestic market.

The S&P BSE Sensex surged 245 points, or 0.90 per cent, to close at 27371 points on Friday. NSE's Nifty gained 65 points, or 0.81 per cent, to end at 8,225 points.

Nifty extended the gains and tested the initial target of 8,215, but faced some resistance near the 50 Day EMA after surpassing it briefly in intraday trade.

"The range of 8175 to 8145 would now serve as a support in case of any decline from present levels," GEPL Capital said in a report.

"The present bounce back has the potential to extend higher till 8290 to 8320 in coming sessions as long as the level of 8030 is held as a support despite any minor decline that may be seen," added the report.

Firm global cues helped index to inch higher which later fueled by mid-term review report tabled by the finance ministry on Friday. It stated that India's economy is expected to grow at around 5.5 per cent in the fiscal year.

"We reiterate our view that index would consolidate in the near future; however, stocks may witness rise in volatility due to derivative expiry in the coming week," says Jayant Manglik, President-retail distribution, Religare Securities Limited.

"Hence, participants should uphold cautious approach and keep a check on the position sizing," he adds.

On Friday, US stocks ended higher and the S&P 500 came within a few points of its closing record high. The index has gained 5 percent since Wednesday for its best three-day stretch since 2011.

In Europe, worries emerged that the European Central Bank's money-printing plans could come with a number of restrictive strings attached, Reuters reported.

The Dow Jones industrial average rose 0.15 percent to 1,7804.70, while the S&P 500 gained 9.42 points, or 0.4 percent, to 2,070.65, and the Nasdaq Composite added 0.4 percent to 4,765.38.

Asian shares were trading mixed. Japan's Nikkei 225 index which was trading 0.08 per cent lower at 17,607, Hong Kong's Hang Seng index was trading 1.2 per cent higher at 23,399 and China's Shanghai index was trading 1.3 per cent higher at 3,151.

(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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