The 50-share Nifty index is expected to open soft on Monday tracking mixed Asian markets and the index is likely to test its key psychological level of 6000 in trade today.
At 07:30 a.m., Nifty India stock futures in Singapore were trading 6.5 points higher at 5972.50, indicating a soft opening on the domestic market.
Nifty has managed to recover more than 300 points in the last 4 trading sessions, and Sensex has rallied close to 900 points. The BSE Sensex closed at 19,683.23, up 269.69 points over the previous close and the NSE Nifty closed at 5,945.70, up 82.40 points on Friday.
"According to our Elliot prediction, markets have managed to take support at the zone of 5600-5700 levels and met with the first target of 5821 and then 5920 on Nifty spot levels," says Swati Hotkar, Technical Analyst at LKP Advisory.
"After the breaking levels of 5920, markets saw a flurry of short covering and long build-up leading us to believe that in the next couple of days, the support of 5920 could be a very crucial support for the indices," she added.
Hotkar is of the view that with a strong performance from the frontline stocks, this rally looks sustainable, provided there are no major surprises arising in the global markets.
On Friday, US stocks edged higher with the Dow Jones Industrial Average set a fresh record for the fourth straight session supported by solid jobs data.
"The Labor Department reported that the economy generated a net 236,000 new jobs in February, far more than expected, pulling the unemployment rate down to 7.7 per cent from 7.9 per cent," AFP reported.
The Dow Jones industrial average rose 67.58 points, or 0.47 percent, to 14,397.07, a record closing high. The Standard & Poor's 500 Index added 6.92 points, or 0.45 percent, to 1,551.18. The Nasdaq Composite Index gained 12.28 points, or 0.38 percent, to end at 3,244.37.
Asian shares eased after surprisingly strong U.S. labor jobs data showed economic recovery there gaining traction.
"Data over the weekend showed China's uneven economic recovery signaling a looming dilemma for policymakers, as inflation stood at a 10-month high in February," said a Reuters report.
U.S. crude was down 0.3 percent at $91.64 a barrel.
Japan's Nikkei 225 index was trading 0.8 per cent higher at 12,395.17 and Hong Kong's Hang Seng index was trading 0.45 per cent higher at 22,194.12.
South Korea's Kospi index was trading 0.04 per cent lower at 2004.45. China's Shanghai index was trading 0.3 per cent lower at 2,311.12.
Nifty F&O Cues:
Nifty futures shed 48,100 lk shares in OI
Nifty 5700 call shed 6.5 lk shares in OI Nifty 5800 call shed 10.3 lk shares in OI Nifty 6000 call shed 9.8 lk shares in OI Nifty 6200 call added 7.6 lk shares in OI
Nifty 5800 put added 12.7 lk shares in OI Nifty 5900 put added 26 lk shares in OI Nifty 6000 put added 12.9 lk shares in OI
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At 07:30 a.m., Nifty India stock futures in Singapore were trading 6.5 points higher at 5972.50, indicating a soft opening on the domestic market.
Nifty has managed to recover more than 300 points in the last 4 trading sessions, and Sensex has rallied close to 900 points. The BSE Sensex closed at 19,683.23, up 269.69 points over the previous close and the NSE Nifty closed at 5,945.70, up 82.40 points on Friday.
"According to our Elliot prediction, markets have managed to take support at the zone of 5600-5700 levels and met with the first target of 5821 and then 5920 on Nifty spot levels," says Swati Hotkar, Technical Analyst at LKP Advisory.
"After the breaking levels of 5920, markets saw a flurry of short covering and long build-up leading us to believe that in the next couple of days, the support of 5920 could be a very crucial support for the indices," she added.
Hotkar is of the view that with a strong performance from the frontline stocks, this rally looks sustainable, provided there are no major surprises arising in the global markets.
On Friday, US stocks edged higher with the Dow Jones Industrial Average set a fresh record for the fourth straight session supported by solid jobs data.
"The Labor Department reported that the economy generated a net 236,000 new jobs in February, far more than expected, pulling the unemployment rate down to 7.7 per cent from 7.9 per cent," AFP reported.
The Dow Jones industrial average rose 67.58 points, or 0.47 percent, to 14,397.07, a record closing high. The Standard & Poor's 500 Index added 6.92 points, or 0.45 percent, to 1,551.18. The Nasdaq Composite Index gained 12.28 points, or 0.38 percent, to end at 3,244.37.
Asian shares eased after surprisingly strong U.S. labor jobs data showed economic recovery there gaining traction.
"Data over the weekend showed China's uneven economic recovery signaling a looming dilemma for policymakers, as inflation stood at a 10-month high in February," said a Reuters report.
U.S. crude was down 0.3 percent at $91.64 a barrel.
Japan's Nikkei 225 index was trading 0.8 per cent higher at 12,395.17 and Hong Kong's Hang Seng index was trading 0.45 per cent higher at 22,194.12.
South Korea's Kospi index was trading 0.04 per cent lower at 2004.45. China's Shanghai index was trading 0.3 per cent lower at 2,311.12.
Nifty F&O Cues:
Nifty futures shed 48,100 lk shares in OI
Nifty 5700 call shed 6.5 lk shares in OI Nifty 5800 call shed 10.3 lk shares in OI Nifty 6000 call shed 9.8 lk shares in OI Nifty 6200 call added 7.6 lk shares in OI
Nifty 5800 put added 12.7 lk shares in OI Nifty 5900 put added 26 lk shares in OI Nifty 6000 put added 12.9 lk shares in OI
Nifty trades at 5,941.55 and Sensex at 19,678.28 http://in.reuters.com/finance/markets/indices
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