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Domestic stocks may see a cautious start to Friday s trade, even as optimism over the US stimulus, ECB s dovish tone and strong jobless data in the US sent Walls Street to record highs in overnight trade and kept Asian market buoyant this morning.
Here s the breaking down of the pre-market actions:
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 4 points, or 0.03 per cent, lower at 15,415 in signs that Dalal Street was headed for a tepid start on Friday.
Tech View: Nifty sets sight at 15,220
Nifty50 took out its immediate resistance at 15,100 level on Wednesday, but formed a small bearish candle with a long lower wick, suggesting intraday selling got bought into. Analysts said the index seems to have won a mini-battle, but is still indecisive and needs to take out the 15,220 level for the positive momentum to sustain.
A consistent rise in U.S. bond yields has raised fears of a sudden tapering of monetary stimulus, pressuring the main U.S. stock indexes in recent weeks.
Read more about US stocks open higher on Wall Street with help from Big Tech companies on Business Standard. Stocks are starting higher on Wall Street with an assist from technology companies, which have seen big swings in recent days.The S&P 500 index was up 0.7 per cent in the early going Thursday, while the tech-heavy Nasdaq was up 1.7 per cent.The
NEW DELHI: Nifty made a gap opening on Wednesday but succumbed to profit booking and formed a small indecisive bearish candle with a long lower shadow. The headline index managed to settle a tad higher than its previous close.
After narrow trading for the last five sessions with indecisive candle formations, the index appears to be carving out a new trading range in the 15,270-14,900 zone, said Mazhar Mohammad of Chartviewindia.in.
Vinod Nair, Head of Research at Geojit Financial Services, said, “Domestic markets mirrored positive cues from its global peers, tracking gains from the US market as bond yields pulled back easing concerns about rising inflation.