Markets may open negative on negative cues
Indian equities markets are likely to open flat to negative on Monday as the cues from Asian peers are subdued. The SGX Nifty, which was trading at 9,104, down by 7 points or 0.08%, also signalled a flat to negative opening.
Nifty50, after taking support near the level of 9,020, has scaled up and managed to close above the level of 9,100. Now, going forward, Nifty50 needs to sustain above the level of 9,170 to continue its upward movement. If it does, it is likely to scale up to levels of 9,220-9,300. On the downside, the level of 9,060 is an immediate support for Nifty50 and the next support is placed around the level of 9,000. (Stock Cash tips)
Back home, Indian markets opened the Friday’s session on a positive note, following FM’s comment about an early and effective resolution of the NPA mess with the Indian banking system. As a result, most of the PSBs and also some of the private sector banks rallied quite smartly. However, profit booking emerged in the afternoon session, post weak European market opening. At the end of the day, markets ended with marginal gains but off the day’s high.
The US stocks closed mostly lower, with major indices posting the biggest weekly losses in months, after House Republican pulled a controversial Healthcare bill from consideration as they did not have enough vote to pass the bill. The Dow Jones Industrial Average slid 60 points to 20,597. The S&P index closed 2 points lower at 2,344. The Nasdaq Composite ended with marginal gains of 11 points. (MCX Tips)
Majority of Asian markets are trading in the negative terrain on Monday. Japan’s Nikkei 225 has declined about 300 points. Hang Seng is trading flat with negative bias and Shanghai Composite has gained 8 points.