Nifty Likely to Consolidate Further Today; Dow Futures Flat

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Nifty Likely to Consolidate Further Today; Dow Futures Flat
Credit: © Reuters.

By Aditya Raghunath -- Nifty 50  and the BSE Sensex 30 are likely to open flat with a gap up today, according to early cues. Nifty 50 Futures in Singapore are trading up 0.27% as of this report, indicating a positive opening for the indices.

Market analysts say that Nifty charts indicate some consolidation in due as the index will focus on crossing the 16,300 mark and holding it.

The small-and-mid-cap space is likely to see some action today after BSE’s clarification that the limits on price rise are valid on for stocks that fall under X, XT, Z, ZP, ZY, and Y categories. This week has seen the BSE Small-cap Index fall 3.56% and the BSE Mid-cap Index fall 2.12%. Will the indices stage a recovery today and tomorrow?

Asian markets have opened mixed today. Nikkei 225 is up 0.21% while KOSPI 50 is flat and the Shanghai Composite is down 0.15%. Wholesale inflation in Japan has risen at the fastest pace in 13 years on the back of high import costs. China’s COVID cases have hit a 7-month high as the delta variant continues to spread.

US stocks have closed at record highs as data came out indicating that inflation levels have peaked. Dow Jones 30 Futures and S&P 500 Futures are trading flat while Nasdaq 100 Futures are down 0.11% as of this report.

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  • Yash Damade @Yash Damade
    great analysis ☀️
    Like 0

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