SGX Nifty hints at cautious start for Sensex, Nifty; 5 things to know before market opens

Trends on SGX Nifty were negative, as Nifty futures were trading 24 points or 0.15 per cent down at 15,839.50 on Singaporean Exchange. Image: Reuters

BSE Sensex and Nifty 50 could start in red on Tuesday, after rising for two consecutive sessions. Trends on SGX Nifty were negative, as Nifty futures were trading 24 points or 0.15 per cent down at 15,839.50 on Singaporean Exchange. The equity market would continue to weigh economic recovery and pace of vaccination against the potential risk from Covid third wave. Moreover, first quarter earnings of FY22 which would begin this week with TCS (Tata Consultancy Services) results on 8 July 2021 would also provide the direction to the market, said an analyst. ” Since restrictions this time around was localized and less stringent v/s the lockdown in CY20, we expect the impact in 1QFY22 to be contained. We expect earnings momentum to accelerate in FY22 as the pace of vaccinations picks up and the economy opens up further,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Pre-opening view: Indian Indices are expected to open on a flat note as per the trends shown on SGX Nifty. Oil prices rose slightly on Tuesday with Brent crude trading at $77.44 a barrel. The Nifty 50 index is looking to hold around the same levels with the support at 15,600 and the resistance at 15,900.

Global watch: Asian stock markets were seen struggling for direction in early trade on Tuesday. Japan’s Nikkei 225 rose 0.3 per cent while the Topix index too gained 0.3 per cent. South Korea’s Kospi gained over half a per cent. US markets remained closed on July 4 on account of Independence Day holiday

FIIs turn net sellers of Indian equities: On Monday, foreign institutional investors (FIIs) offloaded shares worth Rs 338.43 crore, while domestic institutional investors (DIIs) lapped up shares worth Rs 645.59 crore in the Indian share market.

Call, PUT open interest: Maximum Call open interest was seen at 16000 strike, with 26.21 lakh contracts. Maximum Put open interest was at 15500 strike with 33.01 lakh contracts.

Nifty 50 technical view: “The upmove of Monday seems to have confirmed the bullish reversal of Friday and one may expect upmove towards 15900 levels or higher in the next 1-2 sessions. The upside area of 15900-16100 is going to be crucial to sustain for the short term. Any lack of strength to sustain the highs is likely to result in another downward correction from the highs. Immediate support is placed at 15740,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

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