MARKET VIEW
GLOBAL MARKETS
Dow Jones rose 216.96 points, or 0.64 percent, to 34,189.97.
S&P 500 gained 13.56 points, or 0.34 percent, to 3,983.17.
Nasdaq Composite added 69.43 points, or 0.64 percent, to 11,001.11.
Australia’s S&P/ASX 200 was up 0.76 percent. Japan’s Nikkei 225′s dipped 0.3 percent in its first hour of trade, while the Topix declined fractionally. Kospi rose 0.92 percent, and the Kosdaq edged up 0.53 percent.
INDIAN MARKETS
India’s headline retail inflation rate fell for the third month in a row in December, coming in at 5.72 percent – 18 basis points below the consensus estimate of 5.9 percent.
More importantly, Consumer Price Index (CPI) inflation averaged 6.1 percent in October-December, well below the Reserve Bank of India’s (RBI) forecast of 6.6 percent
Sensex declined 147 points to 59,958, while the Nifty50 fell 38 points to 17,858 and formed a bearish candle on the daily charts with long lower shadow indicating support-based buying. Banknifty decline 150 points to 42082.
TODAY’S VIEW
The market is expected to open in the green as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 12 points.
As per the pivot charts, we have the key support level for the Nifty at 17,785, followed by 17,741, and 17,671. If the index moves up, the key resistance levels to watch out for are 17,925, followed by 17,969 and 18,039.