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SGX Nifty hints for a cheerful beginning; bulls set eyes on 14,000 mark

Karan DSIJ
·2-min read

D-Street bulls seemed unstoppable on Tuesday as they continued to grind higher for the fifth successive day. However, the only regret was that despite having a super start to the day, they failed to touch the milestone of 14,000 levels. Nevertheless, it seems that today, they would finally touch the 14,000 mark as SGX Nifty indicates a wonderful start for the markets (up by 0.44 per cent).

Further, Bank Nifty, which was one of the major drivers for the rally on D-Street over the last couple of months seems to find its mojo back in the last couple of days and would perhaps help the index to maintain the prevailing bias. Having said, as we inch closer to the expiry of December series, volatility is likely to be witnessed and hence, traders are advised to maintain some caution, especially in the leveraged positions.

The majority of the Asian indices were seen advancing on Wednesday. Hong Kong’s Hang Seng was up by 1.19 per cent at 26,883.34 levels, Hang Seng index has witnessed a breakout out of the flag-like pattern and the technical prospect looks quite promising. China’s Shanghai Composite surged 0.63 per cent to touch the important psychological level of 3,400. However, Japan’s Nikkei was down by 0.57 per cent as the news of a surging case of Coronavirus along with the confirmation of a new virus strain that emerged in South Africa weighed on sentiments.

In the overnight developments, US stocks retreated from record highs as early assurance over the fresh round of stimulus relief has hit a hitch in the Senate. The House voted in favour of an increase in direct payment to the household as part of the deal but Senate majority leader McConnell blocked a quick vote on the measure.

Dow slipped nearly 250 points from the day’s high and closed down by 0.22 per cent. Meanwhile, the tech-heavy Nasdaq trimmed nearly 120 points from the day’s high and closed at 12,850, down by 0.38 per cent while S&P 500 slid 30 points from the day’s high to end at 3,727, lower by 0.22 per cent.

Meanwhile, in the European market, the majority of the indices ended in green with several European indices hitting a multi-month high amid optimism of vaccine rollout to combat the spread of Coronavirus.