SGX Nifty is indicating a pessimistic start. Watch out for 20-DMA, it may offer support to the bulls.
![Opening Bell. Opening Bell.](https://storage.googleapis.com/5paisa-prod-storage/files/2021-10/image_9.jpg)
![resr resr](https://storage.googleapis.com/5paisa-prod-storage/files/2022-01/author.png)
Last Updated: 13th December 2022 - 01:55 pm
Opening Bell: Here’s what you need to know before the market opens on October 05, 2021.
SGX Nifty is indicating a pessimistic start. Watch out for 20-DMA, it may offer support to the bulls.
The early trend from SGX Nifty indicates that the Indian benchmark indices are in for a pessimistic start on the back of weak cues from the global peers. SGX Nifty is trading down by 138 points or 0.78% at 17,572.50 level.
Technically speaking, one needs to watch whether or not, Nifty holds above its important short-term moving average i.e., 20-DMA (17,563.51). If it does, expect the bulls to try to attempt a recovery after an initial bump. On other hand, if it fails to do so, then Nifty is likely to test levels of 17,400-17,440 on lower levels.
Cues from Asian markets: Asian stock markets were seen reeling under selling pressure on Tuesday amid a sharp sell-off witnessed on Wall Street. Japan’s Nikkei 225 has plummeted more than 3% and entered into correction territory as it was down by more than 10% from its September high. Meanwhile, Hong Kong’s Hang Seng was down by 0.74% and was seen trading below its important psychological mark of 24,000.
Overnight cues from US markets: All three major US stocks indices ended the first trading session of the week with substantial losses. Tech-heavy Nasdaq relatively underperformed as it plunged more than 2% amid a sharp sell-off in social media giant Facebook, which slipped nearly 5%. While the S&P 500 lost more than 1% and the Dow dropped 0.94%.
Last session summary: On Monday, Indian benchmark indices snapped their four-day losing streak as broad-based buying helped Sensex and Nifty to registered gains of 0.91% each. Interestingly, broader markets continued to outperform the frontline indices as Nifty Midcap 100 and Smallcap 100 gained 1.57% and 1.58%, respectively.
Among the sectoral indices, Nifty Metal was the top gainer as it jumped nearly 3% followed by Nifty Media and Nifty Realty which gained 2.6% and 2.17%, respectively. India VIX further cooled off on Monday as it slipped below 17.
FII’s and DII’s activity on Monday: On Monday, both FIIs and DIIs were net buyers to the tune of Rs 860.50 crore and Rs 228.06 crore, respectively.
Important events to watch out for: Market participants will look forward to the announcement of Markit Composite PMI and Markit Services PMI for September.
Trending on 5paisa
Discover more of what matters to you.
Disclaimer: Investment in securities market are subject to market risks, read all the related documents carefully before investing. For detailed disclaimer please Click here.