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Nifty likely to open gap up by 42 points

Nifty Future is opening gap-up by 42 points against yesterday’s close 10171 as indicated by SGX Nifty which is currently trading at 10221.

Indian benchmark index Nifty continued selling pressure for the 6th straight day, on weak global cues. The index fell 429 points or 4.05 percent in six trading sessions from its close of 10583 on February 26, 2018.Banking stocks remained under pressure after fresh developments in the PSU bank fraud case. Yesterday, Nifty opened at 10233 and closed at 10154 after making a low of 10142. Major players of the market FII & PRO have a net sell position for 306225 contracts till 7th March 2018 and for current expiry, FII & PRO have sell position of 179653 contracts which suggests further weakness in the market.

Small cap index also remained under pressure and traded weak throughout the day to close at 7954 after making low of 7934. The index posted a loss of 181 points or 2.22% from its previous close.

Nifty Future is opening gap-up by 42 points against yesterday’s close 10171 as indicated by SGX Nifty which is currently trading at 10221.

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