Indian stocks look weak as Asia trades dull over Omicron woes
By Vinu Lal
02:52, 3 December 2021
Taking its cue from Asian markets, which remain spooked by the Omicron variant, Indian stock markets are looking to begin Friday trading on a weak note. Hong Kong and Japanese indices came under selling pressure today morning.
SGX Nifty futures, which represent Indian stocks in the Singapore stock market, were trading down 0.35% as investors seem to be largely concerned about the impact of the new Covid variant on overall economic recovery.
“Nifty is expected to open negative at 17350, down by 60 points. Nifty will now see support in its previous resistance range on 17250-17350. Traders can consider buy-in-dips with strict stop loss for 17600 as targets in the next few sessions,” said Gaurav Udani, founder and chief executive of ThincRedBlu Securities.
“Nifty nicely built on the gains made on the previous day on 2 December and crossed the crucial 17355 level. Now the next resistance for Nifty is at 17536 while support could come in at 17213,” said Deepak Jasani, head of retail research, HDFC Securities.
Wall Street indices, however, saw a broad rally on Wednesday with investors pinning their high hopes on the November jobs data report expected on Friday from the Labor Department. Dow gained 1.82%, S&P 500 1.42% and Nasdaq 0.83% on Thursday
Key things to note before trade
- Tata Power plans to amend a scheme of arrangement to keep Tata Power Solar Systems as an independent entity, as against its earlier plan to merge it with itself
- Biocon received approval from the USFDA to market a generic product
- ABB India has completed the sale of its mechanical power transmission division to Dodge Industrial India
- ONGC signed an agreement with Solar Energy Corporation of India to scale up its clean energy projects
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