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Markets are likely to open lower in early trades today tracking weak global cues. Further, market data indicates that foreign institutional investors which were net buyers so far have started selling index futures and have turned net sellers in the cash segment too.
Benchmark US share indice ended lower on Tuesday on worries that the US Federal Reserve may curtail its stimulus measures earlier than expected. The Dow Jones Industrial Average ended down 76 points at 15,177. S&P 500 ended down 9 points at 1,631 and Nasdaq Composite ended down 20 points at 3,445.
Stocks in Asia were trading marginally lower in early trades on Wednesday amid weak overnight cues from the US. The Nikkei was down 0.1 per cent per cent, South Korea's KOSPI eased 0.6 per cent, Straits Times slipped 0.7 per cent while Taiwan Weighted was down 0.1 per cent.
At 700 hrs Indian Standard Time the SGX Nifty was down 20 points at 5,916.
According to technical experts, near term trend is down on charts, best trading strategy would be sell on rise. Intraday trading Levels Buy Above: 5936 Resistances 5947, 5964 and 5991. Sell Below: 5903 Supports at 5892, 5875 and 5848.
Telecom shares may see some action after the Union Cabinet later Tuesday approved a proposal for conciliation with British telecom company Vodafone on their Rs 14,000-crore tax dispute.
Bata India may extend gains on company's plan to spend Rs 100 crore on capex which includes upgrading plants and setting up new stores.
Cement stocks may be under pressure with the onset of monsoon over several regions of the country as demand declines as construction activity slows down.
Justdial, which will make its stock market debut today, is expected to ring in good gains for retail investors, who were offered shares at a 10 per cent discount to the issue price. The company, a local search engine, is expected to list at a premium of more than 10 per cent, going by broker estimates and grey market rates.
