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Bearish sentiments may see markets heading southwards

Indian equities markets are likely to open lower on Wednesday tracking bearish sentiment prevailing in the Asian markets and sharp correction on Wall Street. The SGX  Nifty, which was trading at 9,083, down by 68 points or 0.75%, also signalled a negative opening.

Nifty 50 managed to hold and close above the important psychological mark of 9,100. Now, going forward, Nifty50 index has to surpass its immediate hurdle in the range of 9,160-9,170 to witness a fresh upmove up to the level of 9,220. On the downside, the zone of 9,060-9,075 is likely to act as a strong support zone.

Back home, despite opening on a fairly positive note on Tuesday, Indian markets turned cautious and slipped into negative territory as profit booking emerged after the strong recent run-up. However, markets rebounded from the lower levels in the closing minutes as traders indulged in some brisk buying into several frontline counters due to which markets ended with modest losses.

The US stock indices sank on Tuesday as the Dow and the Nasdaq logged their worst daily drops since September, while the S&P 500 index closed lower more than 1% for the first time since October 11. The Dow Jones Industrial Average dropped 238 points to close at 20,688 and the Nasdaq fell 108 point to finish at 5,794.
Asian stocks declined on Wednesday tracking sharp correction on Wall Street. Japan’s Nikkei 225 has slipped 2% followed by Hong Kong’s Hang Seng which is trading lower by 250 points and the Shanghai Composite has slid 7 points.