On Thursday, the Nifty closed well above the 200-day moving average (DMA) but this morning the SGX Nifty is indicating that the market will start once again at around 200-DMA levels.
The key point to watch out for will be whether the Nifty holds the 200-DMA level of 17,185. If it holds on a closing basis or in the second half of the trading session then perhaps a rally is possible.
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Indian equity benchmarks entered a second straight day of pullback on Thursday, with the Nifty50 rebounding 434 points in two days to cover more than half of the losses in the previous five sessions. Strength in IT stocks along with heavyweights Reliance and the HDFC twins aided the upmove.
The market is seeing a bit of a red. However, it has been a very interesting week, two days for bulls, two days for bears and today is a bit of a decider.
The Indian market has started to show some decoupling signs. Could that help today? One needs to watch out for that as well.
Market moves have been sharp in both directions, so it is tough to take a call beyond 1-2 days. There have been massive moves on the market almost on the daily basis, 300-400 points moves on the Nifty.
In terms of global markets, NASDAQ has seen a decline, that led all the global markets lower.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.
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