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Markets may open positive; Nifty may face resistance at 10K

Indian markets are likely to open on a positive note on Wednesday, tracking optimistic cues prevailing across Asian markets. The SGX Nifty, which was trading at 9,978, up by 5 points, also hinted positive opening for the Indian benchmark indices.

Now, going forward, Nifty50 may face resistance in the zone of 9,980-10,000, and if it holds above the level of 10,000, it may extend its up-move up to the level of 10,060. On the way down, the level of 9,920-9,930 will now act as an important support level for Nifty50.

Key results for the day: Bharat Financial Inclusion, Federal Bank, HDFC, L&TFH, Nestle and Yes Bank.

Back home, Nifty started the session on a highly promising note as it touched the landmark level of 10,000 on Tuesday. However, the momentum in both Sensex and Nifty fizzled out as the day progressed and both indices ended the Tuesday’s session with minor losses.

The US stocks ended higher on Tuesday on the back of a flurry of positive earnings. The Nasdaq and the S&P 500 reached new record closing highs. The Dow Jones Industrial Average ended with gains of 100 points at 21,613. The S&P 500 advanced 7 points to 2,477 and the Nasdaq Composite Index rose 1 point.

Asian stocks edged up in early trade on Wednesday. Japan’s Nikkei 225 is leading as it has surged 108 points, followed by Hong Kong’s Hang Seng which has advanced 62 points, while China’s Shanghai Composite has gained 9 points.