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Market likely to open on flat note amidst dull global cues
June 29, 2021
A view of the Bombay Stock Exchange (file photo) - REUTERS×
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Domestic markets are expected to open on Tuesday on a negative-to-flat note amid weak global cues. As the Union Government announced fresh relief measures to boost economy, experts believe that the market is likely to move in a range with limited downfall.
The SGX Nifty is currently ruling at 15,858 indicates (8 am) a flat opening as the Nifty futures on Monday closed at 15,855 and the spot at 15,814.70.
The divergent trend continued at the US bourses, with tech-focussed Nasdaq and the broader S&P 500 edging up almost one per cent and 0.23 per cent respectively, even as the Dow Jones Industrial Average slipped 0.44 per cent.
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Last Updated: Jan 27, 2021, 05:06 PM IST
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Synopsis Nifty took support at the 50% Fibonacci retracement level at 13,940. Now a sustained trade beyond 14,070 may trigger a short covering rally, taking it higher to levels of 14,250-14,310.
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Aditya Agarwala, YES Securities
Benchmark index Nifty witnessed a 300-point cut after a weak start to the trading session ahead of the F&O expiry and the much-awaited Union Budget. Further, bears kept pushing the index lower at every minor rise to shut shop below the 14,000-mark. Nifty has now lost 5.60% from the highs of 14,750.
However, following this relentless selling by the bears, the index has now reached oversold territory on shorter time frame charts along with positive divergence on the RSI, indicating that a short covering rally may be witnessed in the coming trading session. Moreover, Nifty took support at the 50% Fibonacci retracement level at 13,9
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