Indian equity markets are likely to open flat on Wednesday, tracking mixed trading across Asian markets. The SGX Nifty, which was trading with marginal loss of 4 points at 9,612, indicated that domestic bourses may open flat at the opening bell.
Nifty50 index has immediate support placed around the level of 9,580 and if it holds below this level, further corrections up to the level of 9,550 is likely. On the upside, the level of 9,640-9,650 is likely to act as a resistance for the Nifty50, if it holds above the level of 9,640-9,650, it may scale up to the level of 9,700.
Back home, Indian market opened flat, but soon after opening, it scaled higher. However, it failed to sustain at the higher levels and it erased earlier gains to end flat on Tuesday. IT and auto stocks were laggards. On the other hand, support came in for Power Grid, Lupin, NTPC and HDFC.
The US stocks moved to the upside early in the session and remained firm throughout the trading session on Tuesday. The Dow and the S&P 500 both closed at record levels. The Nasdaq Composite Index surged 45 points to close at 6,220. The Dow Jones Industrial Average climbed 93 points to end at 21,328. The S&P 500 rose 11 points to close at 2,440.
Asian stocks were trading mixed in early trading on Wednesday. Japan’s Nikkei 225 has been trading with gains of 62 points; Hong Kong’s Hang Seng has lost 53 points, while China’s Shanghai Composite has shed 11 points.
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