Advertisement

Indices expected to open weak in line with negative Asian markets

08:51 AM Nov 26, 2021 | FPJ Web Desk

Indian markets could open lower in line with negative Asian markets today. US markets were shut on Thursday due to the Thanksgiving holiday, said Deepak Jasani, Head-Retail, HDFC Research.

Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, “Nifty is expected to open negative, with a gap down of 160 points at 17380. It is important for Nifty to hold above its support range of 17200-17250 else we may see 16900 levels. Overall short term trend in Nifty is weak and traders are suggested not to initiate new longs in current markets.

Advertisement
Advertisement

Nifty opened higher on November 25 and corrected mildly to make an intra day bottom at 1000 Hrs. At close Nifty was up 0.70 percent or 121.2 points at 17536.3. In the process it recovered the loss of the previous day.

Advertisement

Nifty has bounced up after a day of losses. Advance decline ratio has expanded to much above 1:1. Now 17,351 could be a crucial support to track while 17,613 continues to the resistance, added Jasani.

A tech shares bounce carried European equities higher on Thursday, following similar gains on Wall Street and Asia and helped also by a small pullback in the dollar from a 17-month high. With US. markets closed for Thanksgiving, focus was trained on Europe where a surge in COVID-19 cases is raising the prospect of lockdowns going into the Christmas shopping season.

Emerging markets saw some relative calm after a turbulent few days that has seen Turkey's lira battered again, Russia and Ukraine tensions rise, and Mexico's president stoke worries about central bank independence by installing a virtual unknown at the helm.

Brazil’s annual inflation rose faster than expected to 7 percent, its highest in over a decade, adding pressure on the central bank to tighten policy further.

Australia’s retail sales in October jumped 4.9 percent month-on-month, seasonally adjusted, according to official estimates released Friday. That was far higher than the 2.5 percent increase predicted in a Reuters poll.

Asian stocks fall

Asian stocks fell Friday amid caution over a new coronavirus strain and concerns over faster Federal Reserve policy tightening. Scientists in South Africa are studying the recently identified variant amid fears it could spread internationally.

(To view our epaper please Read Now. For all the latest News, Mumbai, Entertainment, Cricket, Business and Featured News updates, visit Free Press Journal. Also, follow us on Twitter and Instagram and do like our Facebook page for continuous updates on the go)

Advertisement