Indian stocks cautious and optimistic as Asia opens green
By Vinu Lal
03:04, 7 December 2021
Indian stock markets are heading for a positive start, riding on Asian cues as indices across the globe recover from Omicron worries.
Key Asian regions including Hong Kong and Japan are trading in the green following Wall Street indices that closed higher on Monday as investors kicked off a rally on fresh hopes over the less-virulent Covid virus variant. Dow surged 1.87%, S&P 500 rallied 1.17% on Monday
SGX Nifty futures index, which represents Indian stocks, mirrored similar sentiments during Tuesday morning trades and was trading up 0.17% in Singapore.
“The short term trend of Nifty continues to be negative. The sharp downward reversal of the last two sessions after a decent pullback rally could open further decline down to 16700 or lower in the next few sessions. Any upside bounce from here could find strong resistance at 17080 levels,” said Nagaraj Shetti, technical research analyst at HDFC Securities.
Things to note before trade
- Tata Motors to hike prices of its commercial vehicles from 1 January to offset the rise in commodity and raw materials costs
- HCL Technologies to create 12,000 new jobs in the United States, in the next five years
- InterGlobe Aviation, which operates IndiGo airline, will convene a shareholders’ meeting on December 30 to amend the company’s Articles of Association (following a joint request from its owners
- ITC ties up with a Swiss training partner for skill development in the Indian hospitality sector
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