Indian equity markets will open after a long weekend and there are chances that the indices may see a positive opening on Tuesday on the back of strong global cues. Trends on SGX Nifty suggest markets to open with gains of 38 points at 9,878. Nifty has strong resistance placed in the region of 9,830-9,860, and if it successfully holds above these levels, Nifty is likely to scale up to the level of 9,900 in the short term. On the flipside, important support is placed in the zone of 9,680-9,700 and a breach of this support zone may lead to further correction up to the level of 9,630.
Back home, Indian markets, after opening in positive territory and extending gains in early trade, pared almost entire gains to end flat on Friday. The BSE Sensex closed almost unchanged at 31,284 and the Nifty rose 20 points to settle at 9,789. The broader markets outperformed the benchmark indices as the Mid-Cap and Small-Cap gained 0.83% and 1.09%, respectively.
The US equities ended Monday’s trading session firmly in positive territory. The strength came following the release of a report from the Institute for Supply Management (ISM) which said that its Purchasing Manager’s Index had climbed to 60.8 in September from 58.8 in August. The Dow Jones Industrial Average closed up 150 points at 22,557, S&P 500 surged 10 point to 2,529, while Nasdaq Composite Index added 21 points to close at 6,516.
Equity markets in Asia were trading higher in early Tuesday trading. Japan’s Nikkei 225 gained 160 points, Hong Kong's Hang Seng has jumped 475 points and China’s Shanghai Composite has climbed 10 points.
