MARKET VIEW
GLOBAL MARKETS
US Markets closed slightly higher on Tuesday after four sessions of declines. Dow Jones rose 92.2 points, or 0.28 percent, to 32,849.74.
S&P 500 gained 3.96 points, or 0.10 percent, to 3,821.62
Nasdaq Composite added 1.08 points, or 0.01 percent, to 10,547.11.
Markets in the Asia-Pacific traded mixed after Wall Street ended its four-day losing streak as global bonds rose after the Bank of Japan adjusted its yield curve control tolerance.
Japan continued its second day of losses, as Nikkei 225 fell 0.98 percent and Topix lost 0.65 percent. The Kospi in South Korea erased earlier gains and was flat.
Brent crude oil ended flat yesterday with change of 0.3% and now trading at 80.64$ per barrel.
INDIAN MARKETS
Sensex declined 104 points to 61,702, while the Nifty50 fell 35 points to 18,385 and formed small bodied bullish candle with long lower shadow which resembles hammer kind of pattern on the daily charts, indicating emergence of buying interest from lower levels. Banknifty fell 54 points and closed at 43359 formed a bullish candle which shows buying pressure.
The sectors which outperformed were IT, Energy, Metal and sector which underperformed were Realty, Media, Auto.
Foreign institutional investors (FIIs) have net bought shares worth Rs 455.94 crore, while domestic institutional investors (DIIs) net purchased shares worth Rs 494.74 crore.
TODAY’S VIEW
The market is expected to open Gap up as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 79 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,254, followed by 18,206 and 18,129. If the index moves up, the key resistance levels to watch out for are 18,408 followed by 18,456 and 18,533.