Nifty to Move Sideways; Expect Cautious Opening

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Nifty to Move Sideways; Expect Cautious Opening

By Aditya Raghunath -- After three consecutive volatile days, expect Nifty 50 and the BSE Sensex 30 to trade sideways today. Nifty 50 Futures in Singapore are up 0.55% which indicate a positive opening for the markets but the broader direction during trading hours will likely be influenced by June’s expiry factors, say experts.

Yesterday, Nifty closed below 15,700, and if weakness persists, it could fall lower on higher selling pressure. Nifty is likely to enter a consolidation phase.

Reserve Bank of India (RBI) data on Wednesday said that Indian household savings fell from 10.4% to 8.2% for the third quarter of FY21 as the COVID-19 pandemic impact hit hard. Bank deposits, and insurance flows from households also fell while debt went up.

State Bank Of India (NS: SBI ) has announced that it will raise Rs 14,000 crore from markets through additional tier-I (AT-1) bonds. The bank had a capital outflow to the tune of Rs 9,000 crore this year as bonds worth that amount matured.

Asian markets have opened mixed with Nikkei 225 and KOSPI 50 trading up 0.14% and 0.42% while the Shanghai Composite is down 0.12% as of this report.

Nasdaq 100 was near its all-time high on Wednesday after US factory activity showed a record high in June. Dow Jones 30 Futures are up 0.32% while S&P 500 Futures and Nasdaq 100 Futures are up 0.25% each as of this report.

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  • Abhishek Singh @Abhishek Singh
    why nifty is ballooned.. can anyone give major reasons?? NIFTY EPS even though of covid went up by 17-18%. All valuations are done one year forward.
    Like 0
  • Nilesh Pathak @Nilesh Pathak
    today itself we will see 15500 and its below level.. Everything is smartly placed event wise.. Best is to sell and square off as nifty and bank both weak and will have sharp fall
    Like 2
  • Ravi Rajwade @Ravi Rajwade
    Nifty over valued by 13-15 %
    Like 2
  • Ravi Rajwade @Ravi Rajwade
    Nifty is ballooned and major correction is due, not immediately,but over linger period.Nifty likely to touch 13K level at the time when UP election comes.
    Like 1

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