SGX Nifty jumps 100 pts, Sensex, Nifty eye gap-up start; 5 things to know before market opens

Asian stock markets were trading higher as investors continue to monitor the China Evergrande Group crisis.

Nifty futures were trading 105 points or 0.60 per cent higher at 17,658 on Singaporean Exchange, suggesting a strong opening for BSE Sensex and Nifty 50 on the day of weekly F&O expiry. In the previous session, BSE Sensex settled at 58,927, down 78 points or 0.13 per cent while the NSE Nifty 50 closed at 17,546, slipping 15 points or 0.09 per cent. Analysts say Nifty remains in a medium-term uptrend for targets of 18000 and above; any meaningful correction is a good opportunity to buy. “Support for the September series is seen at 17325 while resistance is expected at 17600-177700 levels. Breach of 17325 on the closing basis is expected to result in selling pressure to sub 17000 levels,” Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities, said.

Global watch: Asian stock markets were trading higher as investors continue to monitor the China Evergrande Group crisis. Hong Kong’s Hang Seng index jumped nearly 2 per cent. South Korea’s Kospi slipped 0.51 per cent. Markets in Japan were closed on Thursday. US gained in overnight trade on Wall Street. The Dow Jones Industrial Average rose 1.40 per cent to 34,395.68, the S&P 500 gained 1.25 per cent, and the Nasdaq Composite gained 1.16 per cent.

FII and DII data: Foreign institutional investors (FIIs) offloaded shares worth Rs 1,943.26 crore, while domestic institutional investors (DIIs) bought shares worth Rs 1,850.02 crore in the Indian share market.

Nifty levels to watch out: According to Daily charts, the key support levels for the Nifty are placed at 17,510 followed by 17,435. If the index moves up, the key resistance levels to watch out for are 17660 and 17,785, said an analyst. “The index has managed to close above the short-term support of its five-day exponential moving average (EMA). The momentum indicators like RSI and MACD are also positive which suggests the market in the near term is likely to continue the positive momentum,” Aprajita Saxena, Research Analyst, Trustline Securities, told Financial Express Online.

Call, PUT OI: On the derivative front, a tug of war was seen between Call and Put writers at 17,600 strike price. On the higher side, 18000 would now act as strong resistance, while 17,400-17250, levels are likely to act as strong support zones, Saxena said.

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