Markets may follow Wall Street and move northward
Indian equities markets are set to open higher on Wednesday amid strong gains on Wall Street. The SGX Nifty, which was trading at 9,140, up by 26.50 points or 0.29%, also signalled a strong opening.
Nifty50 formed a small bullish candle on the daily chart. Now, going forward, immediate resistance for Nifty50 is placed in the zone of 9,125-9,135 and a decisive move above these levels may open up for levels of 9,170-9,200. On the downside, 9,060 is a crucial support level.
Back home, after a bright start on Tuesday and subsequent upmove, the Indian market moved in a tight range but stayed firm till the end to sign off with notable gains. sTOCK cASH tIPS
The US stocks finished higher on Tuesday with the Dow Jones Industrial Average snapping an eight-day losing streak after US Consumer Confidence Index soared to more than 16-year high. Dow Jones Industrial Average surged 151 points to finish at 20,702. The S&P 500 Index gained 17 points to finish at 2,359. The Nasdaq Composite index finished up 35 points at 5,875.
Asian markets are trading flat to positive on Wednesday following sharp gains on the Wall Street. Japan’s Nikkei 225 is trading flat, while Hang Seng is trading higher by 82 points and Shanghai Composite is trading flat.