Nifty likely to open gap down by 24 points: Dynamic Levels

Dynamic Levels' Market Outlook:

The Indian Benchmark index Nifty recovered sharply from day's low to close with small losses amid volatility yesterday. Nifty declined 16 points or 0.15 percent to close at 10411.

Markets traded in a thin range with a negative bias for most part of the day before giving a recovery in the last hour of trading, after State Bank of India clarified that it has not received any notice from the Serious Fraud Investigation Office (SFIO) or Enforcement Directorate (ED) in respect of any investigation into the loans granted by the Bank to Usha Martin. Bank Nifty led the rally, recovering nearly 360 points from its intraday low. However the SmallCap index outperformed Nifty yesterday.

The Small cap index also traded in a narrow range and closed flat, the index opened at 8119 and closed at 8154 after making a low of 8088.

Media-TV and Newspaper and Paper sectors were the top performing sectors in minor sector and were up by 2.5 percent and 2.05 percent respectively.

Nifty Future is opening gap down by 24 points against yesterday’s close 10425 as indicated by SGX Nifty which is currently trading at 10405.

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