Tuesday, 6 December 2016

Expect Nifty to open at 8150, down 23 points: Dynamic Levels

Nifty Dec Futures is expected to open at 8150 as per SGX Nifty at 8:30 am IST, which is 23 points below its previous close of 8173, says Dynamic Levels. 

Nifty cheers up before RBI policy on Wednesday 

Indian Market Outlook:

Indian benchmark Index Nifty opened at 8092 yesterday and made a low of 8076, 2 points below its daily support of 8078 as per Dynamic Levels. Nifty rose sharply by 99 points from there to make a high of 8175 and finally closed at 8173. FII, however, are still continuing with their selling in the month of December. The total selling in cash segment amounting to Rs 912 crore in last 3 days.

7th of December, Wednesday this week, we have Urjit Patel, RBI governor's, second monetary policy where markets have high hopes of an interest rate cut. A rate cut would result in a weaker Rupee which would directly benefit the export oriented companies and rate sensitive companies. IT and the financial services sector would be the direct beneficiaries. Major surveyed economists as per Bloomberg expect RBI to reduce interest rates by 25 bps. Markets might cheer the upcoming move.

Nifty Dec Futures is expected to open at 8150 as per SGX Nifty at 8:30 am IST, which is 23 points below its previous close of 8173.

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