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Indian stocks look weak as Asia trades dull over Omicron woes

By Vinu Lal

02:52, 3 December 2021

Display of stock market numbers with defocused street lights in the background
Trends in SGX Nifty futures index indicate a negative opening – Photo: Shutterstock

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.


0.66 Price
-0.990% 1D Chg, %
Long position overnight fee -0.0074%
Short position overnight fee -0.0008%
Overnight fee time 22:00 (UTC)
Spread 0.00006


1.08 Price
-0.370% 1D Chg, %
Long position overnight fee -0.0080%
Short position overnight fee -0.0003%
Overnight fee time 22:00 (UTC)
Spread 0.00006


147.16 Price
+0.260% 1D Chg, %
Long position overnight fee 0.0112%
Short position overnight fee -0.0194%
Overnight fee time 22:00 (UTC)
Spread 0.010


1.26 Price
-0.530% 1D Chg, %
Long position overnight fee -0.0046%
Short position overnight fee -0.0036%
Overnight fee time 22:00 (UTC)
Spread 0.00013

“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

Read More: US labour figures positive, but challenges loom

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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