Markets are likely to begin the September series on a cautious note. The Sensex on Thursday ended at 17,542 up 51 points or 0.3% and the 50-share Nifty ended at 5,315 up by 27 points or 0.5%.
According to technical analysts, Nifty has bounced back after testing support around the medium-term moving average. The index seems to have taken support around 5,250-odd levels. However, select momentum oscillators like the MACD and Stochastic Slow are still negative. Hence, any up move is likely to meet stiff resistance. Expect the index to face resistance around 5,350-5,400. On Friday, the index can seek support around 5,280-5,260, while face resistance around 5,350-5,370. At 700 hrs Indian Standard Times, the SGX Nifty was up 24 points at 5,315.
U.S. stocks fell on Thursday as investors looked to Federal Reserve Chairman Ben Bernanke's speech on Friday at a symposium of central bankers for fresh trading incentives. The Dow shed 107 points while Nasdaq was down 32 odd points.
In Asia, markets slumped following global cues. Nikkei, Shanghai and Hang Seng shed 168 points each in early trades.
Among individual stocks, keep a lookout for NTPC. According to sources, work on its Sri Lanka project is likely to start by year- end, while an environmental impact study is going on for its Bangladesh project.
Arvind PD Glass Composites Pvt. Ltd, a joint venture company set up by leading textiles company Arvind Limited and Germany’s PD FibreGlass Group, commissioned the first phase of its production facility to manufacture glass fabrics at Santej in the outskirts of Ahmedabad on Thursday. Arvind Ltd may come i focus following this news.
Vadodara based Alembic Pharmaceuticals has informed BSE that major part of the manufacturing operations at the company's Panelav plant has been restored. A major fire had broken out at around mid-night on August 26 at the active pharmaceutical ingredient -1 plant at Panelav. Shares of Alembic may be in the limelight today.
Top Section
Explore Business Standard