Trends on SGX Nifty indicate cautious opening

Published On: September 24, 2021Categories: Stocks & Shares1.3 min read

Stocks in Asia-Pacific were mixed on Friday morning as investors continue to watch developments surrounding China Evergrande Group

Trends on SGX Nifty indicate a cautious opening for the index in India with an 11-points gain. The Nifty futures were trading at 17,840 on the Singaporean Exchange at one time.

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

Nifty is expected to open at 17,860, up by 20 points. Nifty is in a strong bullish trend with support at 17,580- 17,620 range. Traders can use buy on correction strategy with strict stoploss for targets of 17,880 and 17,910, Gaurav Udani, CEO & Founder, ThincRedBlu Securities.

Mohit Nigam, Head – PMS, Hem Securities, said the benchmark Indices are expected to open on a slight positive note as suggested by trends on SGX Nifty. On the technical front, markets are in a very strong bullish trend. We may face some resistance at 18,000 in Nifty 50 while 17,650 may act as immediate support in Nifty 50.

Nifty closed at another record high on September 23 when it just kept rising hour by hour without any major corrections. Advance Decline ratio was sharply positive, though lower than that in the morning. Nifty is marching towards the 18,000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum, Jasani said.

Stocks in Asia-Pacific were mixed in Friday morning trade as investors continue to watch developments surrounding China Evergrande Group. This, despite US shares rallying and sovereign bond yields surging on economic optimism.

The Nikkei 225 in Japan climbed 1.95 percent in morning trade while the Topix index added 2.1 percent. South Korea’s Kospi rose 0.49 percent.

About the Author: Jonathan Adams

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