After yesterday’s spectacular rally, the signs are not very good for Indian Stock Markets today. The SGX Nifty started off with mild weakness, though it is currently hovering around 11600. Dow futures are trading around 50 points and Nasdaq futures are down by 40 points. Today there is also a weekly expiry of Indian markets. Asian markets started with a downward trend, Japan’s Nikkei opened down 80 points and Hong Kong’s Hang Seng is also trading with mild weakness. China’s Shanghai Composite is also trading down by half a percent.
How were Foreign Stock Markets on Wednesday?
Yesterday saw tremendous action in U.S. markets as the Dow Jones slipped 330 points from the day’s high and closed almost flat. The S&P 500 declined slightly, but the Nasdaq slipped 1.25% due to selling in technology stocks. European markets were in a slump yesterday, Germany’s DAX closed 0.29% and France’s CAC 40 closed up 0.13%, but London’s FTSE 100 closed down 0.44%.
Signal from Overseas Markets
The Federal Reserve issued the policy yesterday, saying the Fed had not made any changes to interest rates or asset purchases. According to the policy, there will be no increase in interest rates until 2023. The Fed says it is unlikely that it will reach the 2% inflation target before 2023. According to the Fed, the unemployment rate is projected to fall to 4% by 2023. The US Federal Reserve lowered the 2021 US GDP estimate from 5% to 4%. Now the market is eyeing the policy of the Bank of Japan. Bank of England policy is also coming this evening, in which any announcement can be made to increase asset purchases.
What will be the Strategy Today
For today, the support range for Nifty will be 11450-11525, while the upper range will be 11650-11700, the support range for Nifty Bank will be 22200-22300, while the upper range will be 22750-22950.