Indian equity markets are likely to open on a soft note on Wednesday, tracking muted cues from SGX Nifty, which was unchanged at 9,625 amid lacklustre trading across Asian markets.The Nifty50 index saw a strong supply around levels of 9,640-9,650 in the previous session and, hence, the zone of 9,640-9,650 may continue to act as a strong resistance zone. On the flip-side, the level of 9,580 may act as an immediate support level for Nifty50, but if the index fails to hold this support level, it may witness further correction up to the levels of 9,550 and 9,530.
Back home, Indian markets, after starting the session with moderate gains, pared most of the gains and oscillated within a restricted range for most part of the session. However, in the late hour of trading, some selling was witnessed and markets ended on a flat note with negative bias on Tuesday.
American stock exchanges were closed on Tuesday on account of Independence Day holiday.
Asian bourses were under pressure in early trade amid heightened geopolitical concerns on Wednesday. Japan’s Nikkei 225 has plunged 121 points; Hong Kong's Hang Seng has slipped 38 points, while China’s Shanghai Composite is trading flat with negative bias.
