Chinese Data Down but Markets Up; Nifty Likely to Open Flat

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Chinese Data Down but Markets Up; Nifty Likely to Open Flat

By Aditya Raghunath

Investing.com -- Nifty 50 Futures  in Singapore are trading up 0.14% of this report indicating a flat opening for Nifty 50 and the BSE Sensex 30 . Two Asian markets are up and one is down. It’s exactly the same scenario as yesterday when a flat opening was expected.

However, both Nifty and the Sensex gained almost a percent each. However, both Nifty and the Sensex gained almost a percent each. Will that happen today as well or will markets consolidate/see profit booking?

Market analysts say that Nifty ended strongly over 17,200 yesterday and there is no reason why bulls can’t continue to dominate the market. They say 17,300 levels can be challenged today.

Nikkei 225 is up 0.78%, KOSPI 50 is up 0.6% while the Shanghai Composite is trading flat as of this report. In China, the Caixin services purchasing managers’ index (PMI) for August was a disappointing 46.7, below the 50-mark which indicates growth.

With labor market recovery a condition for the Fed to begin asset tapering and hikes interest rates, investors’ focus is on the US jobs report, which includes non-farm payrolls and is due later in the day. As of this report, Dow Jones 30 Futures , S&P 500 Futures and Nasdaq 100 Futures are all trading up less than 0.1% each.

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