 "Markets may open lower on weak global cues; March F&O expiry eyed")
Markets are likely to witness a gap down opening tracking weakness in global markets amid concerns in the Middle East after Saudi Arabia announced on Wednesday night that it had launched a military campaign in Yemen. Meanwhile, investors are likely to remain cautious ahead of the March F&O expiry due later during the day.
Analysts say that till the Nifty doesn’t negate the formation of making lower lows on the charts, it may continue to trade weak and dip further. On the other hand, if it manages to hold previous day’s low and moves above 8,575 level, only then a bounceback move led by short-covering rally may be seen. Overall, it seems that shorts are not in hurry to exit their position.
Nifty Future has seen a rollover of 58.23% for the March series, data suggests. Capital Goods, Media, Pharma, Oil & Gas, Textile, Metals, FMCG, Auto and Technology stocks are top in sector-wise rollover. Indiabulls Realestate, JSW Steel, SAIL, Grasim, Indian Oil Corporation (IOC), HDFC Bank, Sun Pharma, BHEL and Maruti Suzuki top in stock-wise rollover.
GLOBAL MARKETS
Analysts say that till the Nifty doesn’t negate the formation of making lower lows on the charts, it may continue to trade weak and dip further. On the other hand, if it manages to hold previous day’s low and moves above 8,575 level, only then a bounceback move led by short-covering rally may be seen. Overall, it seems that shorts are not in hurry to exit their position.
Nifty Future has seen a rollover of 58.23% for the March series, data suggests. Capital Goods, Media, Pharma, Oil & Gas, Textile, Metals, FMCG, Auto and Technology stocks are top in sector-wise rollover. Indiabulls Realestate, JSW Steel, SAIL, Grasim, Indian Oil Corporation (IOC), HDFC Bank, Sun Pharma, BHEL and Maruti Suzuki top in stock-wise rollover.
GLOBAL MARKETS
Asian share markets were mostly lower on Thursday as tensions in the Middle East and losses on Wall Street soured sentiment, while the dollar's bull run looked to have stalled for the time being.
Risk appetite took a knock from news Saudi Arabia and its Gulf Arab allies had launched air strikes in Yemen against Houthi fighters who have tightened their grip on the southern city of Aden.
On Wall Street, a drop in technology stocks knocked the Nasdaq down 2.37 percent for its biggest decline in nearly a year. The Dow fell 1.62 percent, while the S&P 500 lost 1.46 percent.
The early indicator SGX Nifty is quoting at 8,477.50 levels down by 0.6%.
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