SGX Nifty hints at gap-up start for Sensex, Nifty; 5 things to know before market opens

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March 10, 2021 8:40 AM

The market will continue to witness volatility on the weekly expiry day on March 10, one day before the normal expiry day.

sensex, Nifty, stock marketNifty has remained in the 14920-15120 band for the past two days seeing alternate up-down moves in this band, an analyst said. Image: Reuters

Nifty futures were suggesting a positive opening for BSE Sensex and Nifty 50 on Wednesday. The market will continue to witness volatility on the weekly expiry day on March 10, one day before the normal expiry day, as domestic equity markets will remain shut on Thursday for Mahashivratri. In the previous session, both the equity benchmarks ended over one per cent higher in the last hour of trade led by financials. Nifty has remained in the 14920-15120 band for the past two days seeing alternate up-down moves in this band, an analyst said. A sustained breach of this band could result in a fresh move in that direction.

SGX Nifty in green: Nifty futures were trading half a per cent or 69 points up from last trade at 15,229.50 on Singaporean Exchange in early trade on Wednesday.

Easy Trip Planners IPO: Today is the last day to bid for Delhi-based online travel agency Easy Trip Planners IPO. The public issue has received bids for shares 7.20 times the issue size on March 9. The offer has received bids for 10.85 crore equity shares against the IPO size of over 1.5 crore shares.

Technical talk: Technically, Nifty formed a Bullish Hammer like candle on daily scale. Nifty has been moving in a consolidative manner from the last few sessions and not emerging in a clear direction, said an analyst. “While immediate support exists at 15000- 14900 levels, the next resistance could be around 15200-15250 zones. India VIX has cooled down by 8.8% from 24.67 to 22.49 levels. However, a VIX below 21-20 zones is required for bullish momentum to sustain,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Global watch: Asian stock markets were trading higher in early trade on Wednesday. Japan’s Nikkei 225 climbed 0.67 per cent while the Topix index added 0.27 per cent. South Korea’s Kospi jumped 1.27 per cent and the Kosdaq was up 1.44 per cent. In overnight trade on Wall Street, US stock indices ended higher. The Dow Jones Industrial Average rose 0.10 per cent, the S&P 500 gained 1.42 per cent and the Nasdaq Composite added 3.69 per cent.

FIIs turn net buyers yet again: On Tuesday, foreign institutional investors (FIIs) net bought shares worth Rs 2,801.87 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1,250.22 crore in the Indian equity market.

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