Sensex, Nifty likely to open flat amid positive global cues

Indian benchmark indices are likely to open on a flat note today as SGX Nifty gained 5 points to 18,442 level amid positive global cues.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in Singapore Stock Exchange and considered to be the first indication of the Indian markets opening.

Benchmark indices snapping their seven-session gaining streak on Tuesday as investors booked profits at record levels.

Sensex settled 49.54 points or 0.08 per cent lower at 61,716 and Nifty shed 58.30 points or 0.32 per cent to close at 18,418.75.

Earlier, the 30-stock index crossed the 62K mark for the first time on October 19 and touched an all-time high of 62,245.43.

Nifty too hit a record high of 18,604.45 in early trade.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "The index has formed a lower top formation which also indicates intraday weakness. For day traders, 18,550-18,600 levels would be the immediate hurdle and below the same, the correction could continue up to 18,350-18,300. On the other hand, above 18,600, breakout continuation formation will continue up to 18,650-18,675 levels. Contra traders can take a long bet near the 18,300 support level with a strict stop loss at 18,250."

Foreign institutional investors (FIIs) sold shares worth Rs 505 crore on October 19, and domestic institutional investors (DIIs) offloaded shares worth Rs 2,578 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 gained 55 points to 7,430. Nikkei climbed 46 points to 29,261 and Kospi was trading flat at 3,024. Hang Seng climbed 272 points to 26,068.

On Wall Street, the S&P 500 rose 33 points to 4,519, the Nasdaq gained 107 points to 15,129 and the Dow Jones zoomed 198 points 35,457.