homevideos Newsmarket NewsMarket setup: Nifty to defend Tuesday low of 16,824 and close of 16,958 levels
Market setup: Nifty to defend Tuesday low of 16,824 and close of 16,958 levels
At 7:38 am on Monday, Singapore Exchange (SGX) Nifty futures -- an early indicator of the Nifty index -- were down 221 points or 1.3 percent at 16,959, suggesting a gap-down opening ahead on Dalal Street.
Indian equity benchmarks halted a two-day winning run on Friday dragged by financial, IT, oil & gas and metal shares, amid weakness across global markets as concerns resurfaced about aggressive hikes in COVID-era interest rates.
Foreign institutional investors (FIIs) selling is back in cash and in futures. The levels that one would watch out for on Nifty are the Tuesday low and close. Tuesday, the market had collapsed and then had some recovery and then Wednesday and Thursday were good days. So Tuesday low of 16,824 and close of 16,958 are the two levels to defend both on intraday basis and on closing basis.
Also Read:
Global equities have been in some kind of a bearish phase though Indian markets have been quite resilient because a lot of markets are back to March lows but the Indian market is well above the March lows.
NASDAQ is all set to break its 52-week lows, the March lows and that can be troubling for the market.
At 7:38 am on Monday, Singapore Exchange (SGX) Nifty futures -- an early indicator of the Nifty index -- were down 221 points or 1.3 percent at 16,959, suggesting a gap-down opening ahead on Dalal Street.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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