The Indian stock market is expected to start weak today as indicated by SGX Nifty. However, US markets closed in green on Monday, and Asian markets were also positive. In India, the Sensex and Nifty both closed lower on Monday due to weak earnings from top IT companies like Infosys and TCS.
The Sensex recovered a large part of its losses but still ended lower by 520 points at 59,910. The Nifty ended at 17,706, down 121 points on Monday. According to Rohan Patil of SAMCO Securities, the Nifty might trade within a range after a bearish candle post breakout. However, the overall trend is positive as prices are trading above the breakout levels of falling channel pattern. The Nifty has support at 17,600 – 17,550 levels and resistance at 17,900 levels. If it breaches below 17,550 levels, then the next support zone will be at 17,400.
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Foreign Institutional Investors (FIIs) stopped buying stocks in the Indian markets on Monday after 10 consecutive sessions. On that day, FIIs sold shares worth Rs 533 crore, as per preliminary data from exchanges. However, Domestic Institutional Investors (DIIs) bought shares worth Rs 269 crore, resulting in a positive trend in the market. Today’s top stocks to watch include Zee Ent, Just Dial, Angel One, Jubilant Foodworks, and others.