Watch | Markets@Moneycontrol: Will Nifty continue to be under pressure?

Moneycontrol News

Headlines:
Morgan Stanley’s Ridham Desai expects Sensex & Nifty earnings to triple in next 5 years
GIC Re’s mega IPO subscribed 80% on Day 1

Petrol pump dealers call off Friday's strike

Bulls failed to keep the momentum going as Nifty came under pressure as soon as it came close to its crucial resistance level of 10,080 and made a ‘Bearish Engulfing Pattern’ on the daily candlestick charts on Wednesday. The Nifty opened at 10,042.60 and made a high of 10,067.25 which resulted in small upper shadow. It pared gains and corrected below 9,900 to record its intraday low of 9,984.80 which resulted in small lower shadow.

The Nifty closed at 9,984.8 on Wednesday. According to Pivot charts, the key support level is placed at 9,938.0, followed by 9,891.2. If the index starts to move higher, key resistance levels to watch out are 10,049.4 and 10,114.

The Nifty Bank closed at 24,107.4. Important Pivot level, which will act as crucial support for the index, is placed at 23,954.33, followed by 23,801.27. On the upside, key resistance levels are 24,360.33, followed by 24,439.73.

US markets posts record close

Major stock indexes edged up to post record closing highs on Wednesday with sector moves in the S&P 500 showing preference towards so-called defensive stocks.

The Dow Jones Industrial Average rose 42.21 points, or 0.18 percent, to end at 22,872.89, the S&P 500 gained 4.6 points, or 0.18 percent, to 2,555.24 and the Nasdaq Composite added 16.30 points, or 0.25 percent, to 6,603.55, Reuters reported.

Asia stocks near decade-high on global equity surge

Asian stocks were near a decade high on Thursday, riding the bull run in global equity markets. Japan's Nikkei was up 0.4 percent after brushing 20,980.92, its highest since December 1996. South Korea's KOSPI added 0.1 percent to mark a fresh record high, Reuters reported.

SGX Nifty

The Nifty50 futures on the Singapore Stock Exchange were trading 32 points higher at 10020 indicating a flat to positive opening for the domestic market.

For more, watch the Markets@Moneycontrol show. Moneycontrol Editor Santosh Nair talks to Maryam Farooqui on what to expect in the trade today.