Three Reasons Why Nifty, Sensex Might Trade Sideways Today as Dow Futures Flat

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Three Reasons Why Nifty, Sensex Might Trade Sideways Today as Dow Futures Flat

By Aditya Raghunath

Investing.com -- It looks very likely that Nifty and the BSE Sensex will trade sideways (neither bulls nor bears taking control) after opening higher today unless there is compelling news on tilt the balance on either side. Nifty Futures are trading up 0.14% at the time of this report and that indicates a positive opening for the market. However, there are other factors that will affect markets today:

  1. Increase in COVID cases: India is seeing an increase in COVID cases in Maharashtra and Kerala. Mumbai Mayor KishoriPednekar has warned the city that it might be forced into another lockdown if citizens don’t take proper precautions and continue to flout COVID-19 rules.
  2. Asia trading sideways: Nikkei is up 0.13% and Kospi is down 0.59% as uncertainty lingers in markets. Renewed pandemic concerns regarding mutated versions of the virus are facing off against strong economic data. Nikkei opened higher, fell below February 17th closing price and recovered, all in a span of two hours.
  3. Flat US futures: US futures are trading flat with Dow Futures up 0.07%, S&P 500 Futures down 0.04% and Nasdaq 100 Futures down 0.23%.

Cold weather and snow in Texas have caused oil prices to go up further. Crude oil is now trading at $61.93 as US output has come down by almost one third.

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  • F.M. Lakhani @F.M. Lakhani
    Short covering on card . 15250 likely
    Like 1
    • F.M. Lakhani @F.M. Lakhani
      15250 done ✅
      Like 1

      • Comment Guidelines

      We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

      • Enrich the conversation
      • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
      • Be respectful. Even negative opinions can be framed positively and diplomatically.
      •  Use standard writing style. Include punctuation and upper and lower cases.
      • NOTE: Spam and/or promotional messages and links within a comment will be removed
      • Avoid profanity, slander or personal attacks directed at an author or another user.
      • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
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  • Patu Chothe @Patu Chothe
    Aditya Raghunath good analysis
    Like 2

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