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Trends on SGX Nifty indicate a positive opening for stock market indices

08:55 AM Oct 21, 2021 | FPJ Web Desk

Trends on SGX Nifty indicate a positive opening for the index in India with a 30-points gain.

The Indian markets could open mildly higher following range-bound and mixed Asian markets today, and despite gains in the Dow 30 index in US markets on Wednesday, said Deepak Jasani, Head-Retail, HDFC Securities.

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Gaurav Udani, CEO & Founder, ThincRedBlu Securities said, "Nifty is expected to open positive at 18355 , up by 35 points. Since the last few trading sessions Nifty has been correcting and charts suggest it may continue doing so for the next few sessions. Nifty has support in 18,250 and 18,150 range and resistance in 17,450 and 18,480 range."

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Nifty fell for the second day in a row on October 20 as profit taking across the board led to Indian markets being the worst performer in the Asian region once again. Nifty finally closed 0.83 percent or 152 points lower at 18,267.

Nifty closed at almost the intraday low for the second session and advance decline ratio continued to be sharply negative. 18,198 and 17,948 are the two successive supports for the Nifty while, 18,351 could be a resistance for the near term. Post-one or two days of more weakness, one may get a chance to bottom fish (especially for traders), added Jasani.

US stocks close higher on Wednesday

The S&P 500 index and Dow industrials ended higher Wednesday, knocking on the door of all-time records, as investors parsed the Federal Reserve’s latest Beige Book showing the US economy is growing at a modest to moderate pace. However, it remains under pressure from inflation and labor shortages.

Upbeat corporate earnings also continued to fuel bullishness in stocks, with electric-vehicle maker Tesla Inc. report after the market closed.

The yield-sensitive Nasdaq Composite gave up earlier gains though, after attempting to advance for a sixth straight gain, pressured lower by the benchmark 10-year Treasury yield climbing above 1.6 percent, even as corporate earnings for the third quarter continue to delight investors.

Bitcoin soared over $66,000, notching a fresh high for the cryptocurrency.

Asian stocks trade mixed

Asian stocks were mixed early Thursday as investors weighed corporate earnings, elevated inflation and risks from China’s property sector.

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