Good Morning All,
The market is expected to open in the green as trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 186 points.
The BSE Sensex plunged 509 points to 56,598 yesterday while the Nifty50 fell 149 points to 16,859 and formed a Doji kind of pattern on the daily charts, indicating indecisiveness among bulls and bears about future market trend.
Key support and resistance levels on the Nifty and Nifty Bank
As per the pivot charts, the key support level for the Nifty is placed at 16,773, followed by 16,688. If the index moves up, the key resistance levels to watch out for are 16,991 and 17,123.
The downtrend continued in Nifty Bank, which corrected 599 points to 37,760 and formed bearish candle on the daily charts on September 28. The important pivot level, which will act as crucial support for the index, is placed at 37,468, followed by 37,176. On the upside, key resistance levels are placed at 38,210 and 38,661 levels.
US Markets
Global equities staged a partial comeback on Wednesday -- with Wall Street stocks surging around 2% -- as the Bank of England said it would step in to the bond market in an attempt to dampen investors' fears of contagion across the financial system.
The Dow Jones Industrial Average jumped 548.75 points, or 1.88%, to 29,683.74. The S&P 500 gained 1.97% to 3,719.04. The Nasdaq Composite was 2.05% higher at 11,051.64 at the close.
Asian Markets
Shares in the Asia-Pacific rose at the open on Thursday following a rebound on Wall Street overnight. The rally in the US came after the Bank of England said it would intervene in the bond market to stabilise conditions.
The Nikkei 225 in Japan advanced 1% and the Topix index gained 0.31%. Australia’s S&P/ASX 200 jumped 1.38%. In South Korea, the Kospi added 1.5%. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.72%.
SGX Nifty
Trends in SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 186 points. The Nifty futures were trading around 17,075 levels on the Singaporean exchange.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 2,772.49 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,544.17 crore on September 28, as per provisional data available on the NSE.