Indian Market Outlook:
Indian benchmark Nifty gave a steady and positive move yesterday to close 0.2 percent in the green despite banking stocks showing weakness throughout the day. FII have been in the profit booking mode since the past few days after a flurry of buying in the beginning of the September series. They were also net sellers in both cash and F&O segment. Nifty, in order to move up, requires FII participation and in this context the next few days will be very critical. The important support for Nifty stands at 8700, falling below this level, the next support stands at 8520. On the upside, resistance could be faced at 9000.
Nifty Futures is expected to open at 8812 as per SGX Nifty at 8:30 am IST, which is 30 points above its previous close of 8782.
International Market Outlook:
International markets showed a strong up tick with US Futures Index S&P rising handsomely and making a high of 2148 from lows of 2120. The move was backed by weaker than expected retail sales data and factory data, which have reduced the probability of rate hike for the September policy meet of the Fed due next week.
Though S&P Futures is trading in a broad range of 2110-2160, holding on to the support of 2110 level is in itself a sign of strength for the markets.
Indian benchmark Nifty gave a steady and positive move yesterday to close 0.2 percent in the green despite banking stocks showing weakness throughout the day. FII have been in the profit booking mode since the past few days after a flurry of buying in the beginning of the September series. They were also net sellers in both cash and F&O segment. Nifty, in order to move up, requires FII participation and in this context the next few days will be very critical. The important support for Nifty stands at 8700, falling below this level, the next support stands at 8520. On the upside, resistance could be faced at 9000.
Nifty Futures is expected to open at 8812 as per SGX Nifty at 8:30 am IST, which is 30 points above its previous close of 8782.
International Market Outlook:
International markets showed a strong up tick with US Futures Index S&P rising handsomely and making a high of 2148 from lows of 2120. The move was backed by weaker than expected retail sales data and factory data, which have reduced the probability of rate hike for the September policy meet of the Fed due next week.
Though S&P Futures is trading in a broad range of 2110-2160, holding on to the support of 2110 level is in itself a sign of strength for the markets.
Nifty Holds Fort at 8750, Strong Upsides Above 8820
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