Good Morning All,
The Indian stock market is expected to open higher as trends in the SGX Nifty indicate a positive opening for the broader index in India with a gain of 170 points.
The BSE Sensex fell 276 points to 54,088, while the Nifty50 declined 73 points to 16,167 and formed bearish candle which resembles Hammer kind of pattern on the daily charts.
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 15,682, followed by 15,556. If the index moves up, the key resistance levels to watch out for are 15,988 and 16,168.
The selling pressure continued in banking stocks as the Nifty Bank plunged 1,161 points or 3.35 percent to 33,532 on Thursday. The important pivot level, which will act as crucial support for the index, is placed at 33,106, followed by 32,680. On the upside, key resistance levels are placed at
US Markets
U.S. stocks ended a whipsaw session slightly lower on Thursday, as investors juggled signs of peaking inflation with fears that it could remain elevated, prompting ever more aggressive tightening from the Federal Reserve.
All three major U.S. stock indexes seesawed and the S&P 500 came within striking distance of confirming it entered a bear market after swooning from its all-time high reached on Jan. 3.
When the dust settled, the S&P and the Dow ended modestly red, but the Nasdaq eked out a modest gain.
The Dow Jones Industrial Average fell 103.81 points, or 0.33%, to 31,730.3, the S&P 500 lost 5.1 points, or 0.13%, to 3,930.08 and the Nasdaq Composite added 6.73 points, or 0.06%, to 11,370.96.
Asian Markets
Asian shares found some footing after a volatile session for U.S. equities, but the dollar remained at 20-year highs and global stocks near 18-month lows on worries about persistently high inflation and tightening central banks.
Those worries ultimately overcame hopes on Wall Street that high inflation might be peaking, pushing the S&P 500 close to confirming a bear market on Thursday, at nearly 20% off its January all-time high.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 1.15%, trimming its losses for the week to around 3.5%.
Australian shares were up 1.56%, while Japan's Nikkei stock index jumped 2.62%.
In China, the blue-chip CSI300 index was up 0.92% and Hong Kong's Hang Seng rose 1.8%.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India with a gain of 170 points. The Nifty futures were trading around 15,987 levels on the Singaporean exchange.