SGX Nifty nosedives 200 points; 5 things to know before today’s opening bell

By: |
April 12, 2021 8:09 AM

Equity benchmark indices could be staring at a weak opening to the week’s first trading session with SGX Nifty plummeting over 200 points during the early hours of Monday.

Stock Market todayOn the charts, the Nifty has remained range-bound for the last few trading sessions and is likely to continue moving sideways. (Image: REUTERS)

Equity benchmark indices could be staring at a weak opening to the week’s first trading session with SGX Nifty plummeting over 200 points during the early hours of Monday. S&P BSE Sensex currently sits at 49,591 points while Nifty 50 is placed at 14,834 points. On the charts, the Nifty has remained range-bound for the last few trading sessions and is likely to continue treading on the same path, as it sits just below the crucial resistance zone of 14,950-15,000. Global cues were also mixed on Monday morning. 

Global Watch: Equity markets ended in the green on Wall Street last week but that positive momentum has not been mirrored by all Asian markets as they begin trading today. Shanghai Composite, Hang Seng, and Nikkei 225 were in the negative territory while Topix, KOSPI, and KOSDAQ were up with gains.

Technical Take: For the near term, Nifty is likely to remain range-bound, according to Nagaraj Shetti, Technical Research  Analyst, HDFC Securities. “The formation of consolidation type pattern just below the key resistance could point a decisive upside breakout of the hurdle in the near term. The chances of range movement for one more session is likely to open higher probability of upside breakout,” he added.

Levels to watch out for: Current market movement is corrective in nature, said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities. “As we are of the view that we are in the corrective pattern to the previous strong trend, the Nifty/Sensex should break on the upward side.  Above 14920/49900, the Nifty/Sensex would arrest at 15060/50300, however, above 15060/50300 the Nifty/Sensex would enter in the medium term break out that may lift the market to 15350/51850 and 15450/52515 again,” he said.

FII and DII trades: On Friday, Foreign Institutional Investors (FII) were net sellers of domestic securities. FIIs sold Rs 653 crore worth of shares during the previous session. Domestic Institutional Investors (DII) were also net sellers on Friday, pulling out Rs 271 crore from the market.

Results today: Today IT Major Tata Consultancy Services (TCS) will announce its quarterly results. TCS will be joined by Lloyds Metal and Energy, Housing development Infrastructure Limited, Cupid trades, and  California Software. 

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Sensex, Nifty end with gains for second day straight; here’s what experts make of today’s trade
2Wall Street in control of bulls; Chris Wood says these factors will continue to aid market momentum
3Rupee may fall up to 75.20 against US dollar; FIIs sell-off, COVID, slow vaccination may impact INR