Markets likely to open new series on flat note
Indian equity markets are poised to open first trading session of fresh series on a flat to negative note. The SGX Nifty, which was trading at 9,178, down by 16 points or 0.17%, also signalled a flat to negative opening.
Nifty50 marked the highest daily close. Now going forward, the level of 9,185 may act as an immediate resistance for Nifty50 and if it holds above 9,185, it may scale up to levels of 9,220 and 9,280. On the flipside, supports are seen around levels of 9,125-9,135.(Nifty Future Tips)
Back home, Indian market ended higher on Thursday, extending the upmove to a third successive session after the country moved a step closer to implementing a nationwide Goods and Service Tax (GST) regime starting July 1 this year.
The US stocks closed higher on Thursday after a slightly better-than-expected fourth-quarter GDP data. The Dow Jones Industrial Average finished 69 points up at 20,278. (Stock Cash Circuit Calls)The S&P 500 index closed up 7 points at 2,368. The Nasdaq Composite Index climbed 17 points to close at a record 5,914.
Meanwhile, crude oil prices (Stock Future Circuit Calls)surged for a third straight session on Thursday, with crude trading above $50 a barrel on expectations that the Organisation of Petroleum Exporting Countries (OPEC) would extend production cuts beyond June.
Most of the Asian markets are trading in positive territory on Friday. Japan’s Nikkei 225 rose 118 points. Hang Seng is trading lower by 136 points and Shanghai Composite has gained 5 points as China’s factory output climbed to the highest level in almost five years.