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Positive start for markets likely

Indian Indices:

Indian equities are set to open higher on Monday, tracking firm cues from Asian peers after Wall Street ended in the green.

Indian equities are set to open higher on Monday, tracking firm cues from Asian peers after Wall Street ended in the green. Bullish trend in the SGX Nifty, which was trading at 8,845, up by 37 points or 0.42 per cent, also signalled a robust start for the markets. Today is going to be the busiest day of the earnings season as over 670 companies will release their financial reports, including big names such as Petronet LNG, Motherson Sumi Systems, Britannia Industries, Concor, NBCC.

Nifty50 Index formed a Doji candlestick pattern on weekly scale post the 5-6 weeks run up and formation of Doji pattern after a reasonable upmove are impending signs of top reversals, but they need to be confirmed by way of decent negative closing in subsequent weeks. The positive structure of ‘higher tops and higher bottoms’ is intact as per daily time frame over the last 5-6 weeks and the level of 8715 could now be considered as a new higher bottom of the sequence. The levels of 8820-8825 is key resistance for the Nifty and move above this resistance zone may help Nifty to scale up to levels of 8900-8950. On the downside, the level of 8700-8715 is a key support zone for Nifty and a move below this zone may attract correction up to level of 8650.

Global Market:

The US stocks extended their winning streak for the second successive session as investors cheered President Donald Trump’s promise to introduce tax reforms in the next few weeks.

Asian shares advanced, following yet another record closing on Wall Street on Friday and growing optimism over US President Donald Trump’s proposed plan to overhaul taxes for business.

Major Headlines of the day:

  • SBI will be global player after merger with associates: Jaitley
  • Power Grid sees huge opportunity in rly line electrification
  • Govt may rework indirect tax maths mid-way after GST entry

Trend in FII flows: The FIIs were net buyers of Rs  504.51 the cash segment on Friday  while the DIIs were net sellers of Rs -224.76 as per the provisional figures.


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