Benchmark Indian Indices expected to open on positive note

Published On: November 30, 2021Categories: Stocks & Shares1.3 min read

Nifty ended higher on November 29 after an early morning sell-off, up 27.5 points or 0.16 percent at 17,054

Trends on SGX Nifty indicate a flat to positive start for the index in India with a gain of 18 points. Benchmark Indices are expected to open on a positive note as suggested by trends on SGX Nifty.

Indian markets could open flat to mildly higher in line with flat Asian markets today and despite negative US markets on Friday, said Deepak Jasani, Head-Retail, HDFC Research.

Gaurav Udani, founder and CEO, ThincRedBlu Securities said: Nifty is expected to open flat around yesterday’s close at 17,053. Key levels to watch out for Nifty are 16,800 and 1,7250 as support and resistance. Overall, the short term trend is bearish and only high risk traders can consider buy on dips with strict stop loss of 16700.

Mohit Nigam, Head – PMS, Hem Securities said: Both European and US markets closed in green. Majority of the Asian markets are also trading in green. On Monday after seeing a turbulent morning session markets closed with a minuscule gain owing to recovery in global indices.

On the technical front, the key resistance levels for Nifty50 are 17,215 followed by 17,380 and on the downside 16,840 followed by 16,620 can act as strong support. Key resistance and support levels for Bank Nifty are 36,440 and 35,420 respectively, Nigam added.

Nifty ended higher on November 29 after an early morning sell-off. At close Nifty was up 27.5 points or 0.16 percent at 17,054.

The low of the day i.e. 16,782 will be a crucial level to watch out for on the downside, while on the upside 17,280 could offer resistance.

Meanwhile, Asian share markets were trading largely in positive territory on Tuesday as investors became cautiously optimistic the new Omicron variant might not cause a widespread global economic disruption to worsen the coronavirus pandemic.

About the Author: Jonathan Adams

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