Wednesday, 15 February 2017

Ways2Capital :SGX Nifty Signals Positive Start For The Markets

Posted by suhani varma on Wednesday, February 15, 2017 with No comments
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Indian equities may open marginally higher on Wednesday, tracking firm cues from Asian peers and strong closing of the Wall Street in overnight trade. Slightly bullish trend in the SGX Nifty, which was trading at 8,841.50, up by 20.50 points or 0.23 per cent, also signalled a positive start for the markets.

Nifty 50 in the last five trading sessions has traded in a narrow range and has faced resistance in the vicinity of 8820-8830. Now going forward, Nifty 50 needs to sustain above the levels of 8820-8830 to regain its lost momentum, and if it manages to sustain above levels of 8820-8830, it is likely to scale up to levels of 8890-8950. On the downside, the level of 8700 is an important support for the short term.

Back home, despite opening on a muted tone, the Indian benchmark indices soon came under some selling pressure and most of the day revolved in a narrow range with a negative bias in the absence of any major trigger.

The US stocks notched up a fourth straight record close on Tuesday with a rally in banks after Federal Reserve chairperson Janet Yellen signalled that the central bank could gradually raise interest rates sooner rather than later. The Dow Jones gained 92.25 points, the S&P 500 finished up 9.33 points and the Nasdaq Composite Index rose 18.62 points. 

On Wednesday, Asian shares are trading in the green after the statement of Federal Reserve chairperson that higher interest rates might be warranted if the US economy stays on course. Japan’s Index Nikkei 225 gained over 1 per cent followed by Hang Seng and Shanghai Composite which gained 0.97 and 0.31 per cent, respectively.


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