The Indian market is likely to open lower today as the SGX Nifty fell 25 points to 16,534. The equity market was down three days of a gaining streak on Tuesday as market participants were nervous ahead of the release of Q 4 GDP data. A jump in crude oil prices weighed on the market sentiment, traders said.
Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. Sensex dropped 556.6 points or 0.99 per cent to 55,369. Palak Kothari, Research Associate at Choice Broking said that Nifty has given closing above the 21 hourly moving average, which indicates that the support above the same can show upside movement in the counter. The momentum indicators MACD and Stochastic were trading with a negative crossover on an hourly chart that suggested a southward journey in the counter. The Nifty may find strong support around 16,400 levels, while on the upside 16,750 may act as an immediate hurdle. The Bank Nifty has support at 34,800 levels on the other hand, while the resistance is at 36,000 levels. The Indian market is likely to open lower today as the SGX Nifty fell 25 points to 16,534. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
The equity market bounced back three days of gaining streak today as market participants got nervous ahead of the release of Q 4 GDP data. The market sentiment was weighed down by a jump in crude oil prices.
The Sensex fell 359 points to 55,566 and Nifty closed 77 points lower at 16,584. Sensex dropped 556.6 points or 0.99 per cent to 55,369. 15 of 30 Sensex stocks ended up higher. BSE mid-cap and small-cap indices gained 513 points and 570 points, respectively. M&M, NTPC, PowerGrid, Tech Mahindra and Tata Steel were the top Sensex gainers, rising to 3.61 per cent.