Dynamic Levels' Market Outlook:Nifty holds critical 8520 level, global cues eyedIndian Market Outlook:
Indian markets were weak in trading yesterday where Nifty
saw a fall of 105 points from its yesterday's High. The weakness continued despite positive news in the Indian banking sector about the deleveraging of the Essar group. The Essar Group has announced to sell its stake in Essar oil and use the funds to pay off its debt amounting Rs. 90000 Cr. Banks including ICICI Bank, Axis Bank and SBI have a significant exposure to the Essar Group. ICICI bank rose 7 percent as the investors discounted that the proceeds from the sale of Essar Oil would be used to pay off the debt.
Indian markets shrugged out the positive news, Nifty fell into the negative territory and broke the support of 8550 which was two month's low. With Nifty holding on to the support of 8520, a further fall below it would land Nifty at 8460.In cash segment, FII and DII combined have been sellers worth Rs 2862 crore in the past four trading sessions and this is adding on to the selling pressure in the Indian markets.
Nifty Futures is expected to open at 8565 as per SGX Nifty at 8:30 am IST, which is 35 points above its previous close of 8530.Disclaimer
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