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Pre-market: Nifty seen opening flat; may reclaim 8,350 levels

Tracking the momentum, the index should be able to recoup losses and reclaim its crucial psychological level of 8,350 in trade today.

, ET Online|
Updated: Jul 29, 2015, 08.10 AM IST
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Tracking the momentum, the index should be able to recoup losses and reclaim its crucial psychological level of 8,350 in trade today. 
Tracking the momentum, the index should be able to recoup losses and reclaim its crucial psychological level of 8,350 in trade today. 
NEW DELHI: The 50-share Nifty index is expected to open flat on Wednesday following muted trend seen in other Asian markets. Tracking the momentum, the index should be able to recoup losses and reclaim its crucial psychological level of 8,350 in trade today.

At 08:00 A.M., Nifty India stock futures in Singapore were trading 5.50 points lower at 8,338 indicating a flat opening on the domestic market.

The S&P BSE Sensex slipped sharply in the last one hour of the trading session. The index finally closed 102.15 points lower at 27,459.23, while Nifty closed 24 points down at 8,337 on Tuesday.

"We are slightly oversold, so there is a possibility that we might keep on making some kind of intraday pullbacks. Lot of stocks have triggered declining trends notably amongst them are them are the banking names, both the private sector as well as the PSU banking names on Tuesday," says Mitesh Thacker, Technical Analyst, miteshthacker.com.

"Overall, the weight of evidence is more towards downside. We might get a bounce back, but may face supply pressure around 8400-8410. In case, we do not start getting beyond that, an immediate test of 8200 is what I would look for," he added.

Thacker is of the view that possibly if not in this expiry, then possibly by this Friday or next week early Monday-Tuesday wherein we will see markets trading much lower. So the idea is to keep trading on the short side.

Overnight, US stocks ended higher breaking a five-day losing streak as attention shifted from trouble in Chinese equities to U.S. corporate earnings.

With a two-day Fed policy meeting ending on Wednesday, investors are looking for hints about the timing of that rate increase. No move on rates is expected this week, Reuters said in a report.

"U.S. consumer confidence weakened in July to its lowest level since September, due in part to a less optimistic outlook on the labor market," added the report.

The Dow Jones industrial average rose 1.09 percent, to end the session at 17,630.27. The S&P 500 gained 1.24 percent to 2,093.25 and the Nasdaq Composite added 0.98 percent to finish at 5,089.21.

Japan's Nikkei 225 index which was trading 0.44 per cent lower at 20,238, Hong Kong's Hang Seng index was trading 0.4 per cent higher at 24,608, and China's Shanghai index was trading 0.44 per cent higher at 3,679.

Important results to watch out today:

Allahabad Bank, Blue Dart, Dabur India, Essar Oil, IFB Agro Industries, IIFL Holdings, JSW Steel, Mphasis, Nestle India, NHPC, Subex, Titan Securities, Vedanta, Wabco India Ltd, and Yes Bank.

Also Read

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Nifty strategy for limited move till Novemeber expiry

Bet on Bank Nifty if it corrects further: Kunal Bothra

Sensex, Nifty open with gains; Infosys plunges

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