The Nifty50 is expected to open with a gap on the lower side on Friday tracking heavy sell-off in other Asian markets
We advise investors to avoid creating aggressive shorts at the current juncture and instead look to accumulate quality stocks in a staggered manner for the medium-term.
The SGX Nifty is also indicating a positive opening in the Indian market, rising 16 points 10,194.50.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 4 points or 0.04 percent.
A close beyond 10,400 levels with healthy volumes can pause the current bearishness triggering a short covering to levels of 10,640-10,730.
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The Nifty50 is expected to open lower with a negative bias on Thursday tracking weak handover from Wall Street and muted trend seen in other Asian markets.
"The range of 10,300-10,500 levels for the Nifty will be crucial in the current expiry and the move is expected to remain volatile along with negative movement, as indicated by option open interest concentration," says Shitij Gandhi of SMC Global Securities Ltd.
According to Pivot charts, the key support level is placed at 10,376.87, followed by 10,326.93. If the index starts to move higher, key resistance levels to watch out are 10,477.67 and 10,528.53.
If the Nifty fails to cross the immediate resistance of 10,455 can resume the choppy and volatile trading sessions dragging the index lower to levels of 10,155-10,095.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 16.5 points or 0.16 percent. Nifty futures were trading around 10,415-level on the Singaporean Exchange.
The Nifty50 futures on the Singapore Stock Exchange were trading 119 points higher at 10333 indicating a gap-up positive opening for the domestic market.
We expect a near-term bounce in the index; however, such bounce will not lead to a significant trend reversal and any up move towards 10400-10480 levels can be used to exit from trading long positions.
In the current week, selling pressure was intensified on the breach of lower band of the broader consolidation range of 10300.
The Nifty50 is likely to open higher on Thursday tracking positive trend seen in other Asian markets. The index closed 95 points lower at 10,154.
We expect any bounce back to be mild and short-lived since any retracement will be utilized by lead players who will further jump and cap upside.
The overall data is still running negative for the markets and we can see further selling pressure coming into the market which can drag Nifty towards 10100 levels in coming sessions.
The Nifty50 is likely to open flat on Wednesday tracking muted trend seen in other Asian markets.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a gain of 45 points or 0.4 percent. T
The Nifty50 is likely to open flat after BJP clinched a majority in Tripura Assembly elections.
Nifty may find strong support around 10450-10500 level, where Puts have been written. To conclude, our advice would be to remain long with the stop loss of 10450 level.
It would be advisable to initiate fresh shorts only below 10300 in the Nifty. Resistance for the same would remain in the range of 10600-10640.
We expect volatility to extend further and one needs to trade on strict levels as it is buy on the dip and sell on rise market for the near term.
A close beyond the 38.2% Fibonacci retracement level placed at 10,625 can trigger short covering rallies to levels of 10720-10820.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 205 points or 1.95 percent. Nifty futures were trading around 10,355-level on the SGX.