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The markets are likely to open on a flat to negative note on account of weak global cues. Early indicator, SGX Nifty was down 10 points at 7,978.
Benchmark indices are likely to continue to trade in a very tight range ahead of the market holiday.
The trend deciding level for the day is 26,654 / 7,973 levels. If Nifty trades above this level during the first half-an-hour of trade then we may witness a further rally up to 26,827 – 27,024 / 8,023 – 8,080 levels notes an Angel Broking report.
Global Markets
Asian shares got off on the back foot on Wednesday as continued civil unrest in Hong Kong sapped confidence, while the dollar index was in sight of a four-year high after marking its best quarterly gain in six years.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.4%, while Japan's Nikkei stock average fell 0.2%. Japan's benchmark rose 4.9% in September, the biggest monthly rise since last November.
US stocks slipped on Tuesday, dragged down by energy and materials shares as economic data disappointed.
Major indexes also posted losses for the month, but ended the quarter with gains.
US consumer confidence fell in September for the first time in five months and home prices in July rose less than expected from a year earlier, underscoring the unsteady nature of U.S. growth. Analysts are skeptical of how many more gains are in store for the market this year.
The Dow Jones industrial average fell 0.17%, to 17,043, the S&P 500 lost 0.28%, to 1,972 and the Nasdaq Composite dropped 0.28%, to 4,493.
Stocks to Watch
Maruti Suzuki: Company will recall 69,555 units of the Dzire, Swift and Ritz models manufactured between March 2010 and August 2013 to repair wiring harness fitment.
IVRCL: Rs 4,000 crore assets for sale to reduce debt burden over the next two years.
JSW Steel: Announced a cut in the prices of steel products for the month of October.
Reliance Power: Plans to invest nearly Rs 50,000 crore in the next five years to undertake expansion projects
Oil marketing companies: Companies like IOC, HPCL, BPCL have cut petrol prices by 65 paise per litre due to fall in international oil prices.
