Stock market opening: Sensex, Nifty to slide even more today? Check key levels
The stock market is expected to open flat on Wednesday, after closing in the red during the previous session. While there is some support from global markets, the mood in the domestic market remains cautious due to large block deals and strong interest in the primary market.Gift Nifty futures were trading at 24,850.5 at around 8:06 am, suggesting that the Nifty50 may start the day close to its previous close of 24,826.2.VLA Ambala, Co-Founder of Stock Market Today, said that the key level to watch for today is 24,700."In case of a gap down at the opening, this level will act as a resistance zone, but if there's a gap up, the same level will serve as a support zone. On the other hand, in case of a flat opening, we can expect Nifty to gain support at 24,630, 24,550, or 24,470 and face resistance near 24,850 and 24,980," she added. Asian markets continued their positive run following overnight gains on Wall Street. The MSCI Asia ex-Japan index went up by 0.3%, helped by signs of reduced trade tensions between the United States and Europe. In addition, US Treasury yields came down, which usually helps equity markets in developing countries like India. This is because lower bond yields often make stocks more attractive to investors.Stocks came under pressure on Tuesday due to profit booking by investors. One stock that will be closely watched today is ITC. British American Tobacco (BAT), which is based in the UK, said on Tuesday that it plans to sell a 2.3% stake in ITC.This deal is expected to be worth around USD 1.4 billion and will be carried out through a block trade. This is the second big block deal this week. Earlier, Rakesh Gangwal, co-founder of IndiGo, sold a 5.7% stake in the airline for USD 1.36 billion.In the primary market, the Rs 3,409 crore (USD 409 million) initial public offering of Schloss Bangalore, the owner of Leela Hotels, will close for subscription today. The offer has seen strong interest so far and could attract more funds from investors.Foreign investors were net buyers on Tuesday. As per provisional data, they bought Indian shares worth Rs 348.45 crore.Speaking on the overall market outlook, VLA Ambala added, 'Recent market conditions have offered a breather to market participants, and the benchmark index Nifty is expected to move only 12% to 13% over the next year. Notably, key indices Nifty 50 and Sensex have already delivered these gains in recent months. Hence, it is important to maintain realistic expectations in the market.'advertisement(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)Must Watch
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