The 50-share Nifty index is expected to open higher on Thursday following positive trend seen in other Asian markets. Tracking the momentum, the index may reclaim its crucial psychological level of 7,750 in trade today. At 08:00 A.M., Nifty India stock futures in Singapore were trading 26 points lower at 7,766 indicating a flat-to-positive opening on the domestic market.
Technical indicators also seem to suggest that some respite may be in the offing despite global headwinds. "Three key technical indicators - Relative Strength Index (RSI), Put-Call Ratio (PCR) and Stochastic Oscillator are suggesting that markets are now in an oversold zone," said an ET report.
"At the end of Wednesday's trading, the RSI of Nifty is 29 and the Bank Nifty's is 28. An ending of less than 30 indicates that the stock or the index is in oversold territory, while more than 70 indicate overbought zone," added the report.
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