MARKET VIEW
GLOBAL MARKETS
S&P 500 and Nasdaq closed down on Wednesday after a choppy session. S&P 500 lost 7.34 points, or 0.19 percent, to close at 3,933.92.
Nasdaq Composite dropped 56.34 points, or 0.51 percent, to finish at 10,958.55.
Dow Jones Industrial Average was flat, ending on 33,597.92.
Asian Markets were trading mixed in the early trade on Thursday with Hang Seng up 1 percent and Straits Times up 0.3 percent, while Kospi and Nikkei down nearly a percent each.
Oil rose after a four-day drop as investors weighed the impact of China’s moves to ease virus curbs against a looming US slowdown. Brent crude oil traded at 77.9$ per barrel.
U.S. dollar weakened against major currencies on Wednesday.
INDIAN MARKETS
Sensex fell 216 points to 62,411, while the Nifty50 slipped 82 points to 18,560 and formed a bearish candlestick pattern on the daily charts, indicating temporary nervousness among bulls. Banknifty fell 40 points, closed at 43099, formed a doji candlestick pattern.
The sectors which outperformed were FMCG & PSUBanks and sectors that underperformed were Media, Realty, Energy.
RBI increased the repo rate by 0.35% Yesterday. Since this was in line with market expectations hence no strong reaction to this hike was seen.
Foreign institutional investors (FIIs) net sold shares worth Rs 1,241.87 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 388.85 crore.
TODAY’S VIEW
The market is likely to open positive to flat as trends in the SGX Nifty indicate a muted opening for the broader index in India with a gain of 12 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,532, followed by 18,499 & 18,446. If the index moves up, the key resistance levels to watch out for are 18,639 followed by 18,672 and 18,726.