Positive leads may perk up market sentiments
Indian equity markets are seen opening higher tracking positive leads from Asian markets. The positive trend in the SGX Nifty, which was trading higher by 17 points at 9,334, indicated that domestic bourses may open higher.
Nifty50 formed a bearish engulfing candlestick pattern on Friday and ended the session below its important psychological level of 9,300. Now, going forward, immediate support for Nifty50 is placed at the level of 9,245 and the next support comes in at the level of 9,200. On the upside, immediate resistances come in at the level of 9,320 and next resistance at 9,350.Bonaz Capital
Major corporates such as ABB, Canara Bank, Infratel, Union Bank are slated to report their quarterly earnings today.
Back home, Indian market witnessed a steep fall on Friday as investors and traders preferred to take profit off the table ahead of the weekend. The Sensex slipped below its important psychological mark of 30,000 and Nifty also slipped below its important psychological mark of 9,300.
On Friday, the US stocks eked out gains amid a better than expected April employment report. The Nasdaq Composite Index saw a record finish as it rose 25 points to end at 6,101. The Dow Jones Industrial Average surged 55 points to close at 21,007, IBM ended lower by 2.5% following news that Warren Buffett’s Berkshire Hathaway sold about one-third of its stake. The S&P 500 index advanced 10 points to close at 2,399.
Asian markets mostly traded higher on Monday after Emmanuel Macron’s victory in the French presidential election. Japan’s Nikkei 225 has rallied 350 points. Hong Kong’s Hang Seng has advanced 32 points, while China’s Shanghai Composite is trading lower by 19 points.