Nifty likely to open higher, gain 40 points
Emerging market benchmark Index MSCI Emerging market has come near to its recent low of 1136 and yesterday made a low of 1138. If the index goes below 1136, we might see selling pressure in Nifty.
The Nifty yesterday closed at 10618, near its recent high of 10638. However, if the index goes above and sustains 10638, we may see further upside in the market.
Yesterday, the index opened at 10,587 and closed at 10,618 after making a low of 10,560. The Nifty index rose 47 points or 0.45 percent.
India’s third largest private sector lender Axis Bank yesterday reported a loss of Rs 2,188.74 crore for the fourth quarter of FY18. The bank had posted a profit of Rs 1,225 crore in the same quarter last year.
Some of the stocks which performed yesterday are MPS from consumer goods sector that rose by 15.06 percent, Shakti pumps India from Industrial manufacturing sector which gained 9.86 percent and Filatex India from textiles and apparel which rose by 8 percent.
Nifty Future is opening gap up by 40 points against yesterday’s close, as indicated by SGX Nifty which is currently trading at 10,658.
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