Nifty set to open at record high levels, SGX Nifty up nearly 50 pts; 5 things to know

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August 18, 2021 9:06 AM

Nifty futures were trading 46.50 points or 0.28 per cent up at 16,647.50 on Singaporean Exchange, suggesting a record high opening for Nifty 50 on Wednesday.

nifty, bank niftyNifty formed a Bullish candle on daily scale and now it has to hold above 16500 levels

Nifty futures were trading 46.50 points or 0.28 per cent up at 16,647.50 on Singaporean Exchange, suggesting a record high opening for Nifty 50 on Wednesday. In the previous session, BSE Sensex and NSE Nifty posted record closing highs. BSE Sensex surged 210 points to 55,792.27, while the Nifty 50 index ended at 16,614. Analysts say technically Nifty formed a Bullish candle on daily scale and now it has to hold above 16500 levels to extend the momentum towards 17000 zones while support exist at 16300 levels.

Meghmani Finechem: Meghmani Finechem Ltd (MFL) on Tuesday said the company will get listed on the BSE and the National Stock Exchange (NSE) on Wednesday. “Tomorrow (August 18), 4.15 crore equity shares of Rs 10 of MFL will get listed on the stock exchanges and trading will commence,” the company said in a statement.

FII and DII data: On Tuesday, foreign institutional investors (FIIs) offloaded shares worth Rs 343.73 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 266.43 crore in the Indian equity market on August 17, as per provisional data available on the NSE.

Nifty technical view: “Nifty is expected to open positive at 16650, up by 50 points from yesterday’s close. Nitty has strong support at 16480 and 16450 levels. It may face some minor resistance at 16680 and 16720 levels. Buying on dips with strict stop-loss can be a good strategy,” Gaurav Udani, Founder & CEO, ThincRedBlu Securities, said.

Global watch: Asian stock markets were trading higher in early trade on Wednesday. Japan’s Nikkei 225 rose 0.37% while the Topix index climbed 0.4%. South Korea’s Kospi advanced 0.32%. In overnight trade on Wall Street, major US stock indices fell. The Dow Jones Industrial Average fell 0.79%, the S&P 500 lost 0.71%, and the Nasdaq Composite dropped 0.93%.

Bank Nifty outlook: “Bank Nifty is trading sideways in the 35600-36300 zone where we can expect a move towards 36200-36300 zone in the opening session on the back of positive development in heavyweight HDFC Bank but we have to watch Bank Nifty’s behavior post-gap up opening because if it again faces resistance at a higher level then it may continue to remain range-bound while if it manages to cross the 36300 level then 36500 will be the next critical hurdle; above this, we can expect a meaningful short-covering rally,” Santosh Meena, Equity Research Head, Swastika Investmart, said.

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