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

The trade is likely to remain volatile, but the index may reclaim its crucial psychological level of 8250.

, ET Online|
Last Updated: Dec 29, 2014, 07.56 AM IST
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The trade is likely to remain volatile, but the index may reclaim its crucial psychological level of 8250. 
The trade is likely to remain volatile, but the index may reclaim its crucial psychological level of 8250. 
NEW DELHI: The 50-share Nifty index is expected to open higher on Monday following positive trend seen in other Asian markets. However, the trade is likely to remain volatile, but the index may reclaim its crucial psychological level of 8250.

At 07:30 a.m., Nifty India stock futures in Singapore were trading 26.50 points higher at 8,299 indicating a positive opening on the domestic market.

Nifty ended the day with a gain of 26 points at 8200 after a very lack luster session, while the Sensex closed higher by 33 points at 27241 on Friday.

Nifty continues to trade above the immediate support level of 8,175 and the bounce back may resume if 8,175 is respected as a support.

"In such a scenario Nifty may test 8365 to 8400 in coming sessions," brokerage firm GEPL Capital said in a report.

"However, in the alternate scenario if 8175 is breached then there may be a further correction till 8100 - 8115 range which is the next support for the index," added the report.

The equity markets managed to close marginally in green amid excessive intraday volatility. But, experts still feels that the volatility will continue in the next few sessions as well.

"We expect index to trade volatile in a narrow range on Monday as well; however, participants will continue to find ample of trading opportunities across the board," says Jayant Manglik, President-retail distribution, Religare Securities Limited.

"In short term, PSU banks and media counters look upbeat for an upswing while metal, energy and realty space may remain under pressure," he adds.

On Friday, U.S. stocks ended higher with both the Dow and S&P 500 closing at records in a broad rally, though trading was light with many market participants still out for the Christmas holiday.

"Major indexes closed out their second straight weekly gain, continuing an advance that has lifted the S&P 5.9 percent in seven sessions," Reuters reported.

"The benchmark index hit its 52nd record close of the year on Friday, the most since 1995 and the fourth-best annual record ever, while the Dow rose for a seventh straight day, its longest streak since March 2013," added the report.

The Dow Jones industrial average rose 23.5 points, or 0.13 percent, to 18,053.71, the S&P 500 gained 6.89 points, or 0.33 percent, to 2,088.77 and the Nasdaq Composite added 33.39 points, or 0.7 percent, to 4,806.86.

Asian shares were trading mixed. Japan's Nikkei 225 index which was trading 0.40 per cent higher at 17,889, Hong Kong's Hang Seng index was trading 2.09 per cent higher at 23,842 and China's Shanghai index was trading 1.7 per cent higher at 3,211.

(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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