The Indian stock market is expected to open flat after Nasdaq closed at a new record high. Asian markets look poised to track Wall Street’s tech-fueled rally. Trends on SGX Nifty indicate a flat opening for the index in India with a 2-point gain.
Sensex closed at 38,050.78, up 173.44 points on August 17 and the Nifty climbed 68.70 points to 11,247.1. The bounce back after August 14 sharp downtick indicated that the market could see another bout of upside, amid volatility, in the coming session. But if the index breaks the previous week’s high decisively, then there could be a sharp rally, experts told Moneycontrol.
According to pivot charts, the key support level for the Nifty is placed at 11,172.03, followed by 11,096.97. If the index moves up, the key resistance levels to watch out for are 11,294.63 and 11,342.17.
The Nasdaq surged to a record high close on Monday, while the S&P 500 approached its own record level, with both indexes lifted by Nvidia and other technology stocks.
The Dow Jones Industrial Average fell 0.31 percent to end at 27,844.91 points, while the S&P 500 gained 0.27 percent to 3,381.99. The Nasdaq Composite climbed 1 percent to 11,129.73, its fifth closing high this month.
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