Markets may open on a soft note following subdued cues in Asia as investors averted from taking bold positions ahead United States Federal Reserve Speech. The Nifty futures on the Singapore Exchange were down 8 points, 4,858.
Across Asia markets were trading in a tight range. Japan's Nikkei Stock Average declined 0.1%, South Korea's Kospi Composite lost 0.2%, China’s Shanghai Composite declined 0.6% and Hong Kong’s Hang Seng was off 0.2%
Even Wall Street indices snapped the three day's winning streak and closed down 1.5% as market men believed that the Federal Reserve may not be left with any rabbit in his hat to bolster the ailing economy.
Back in India, on the technical charts, the Nifty support was placed at 4,750-4,800 level, if breached, the index would see heavy selling, said Ashish Chaturmohta from IIFL Wealth. On Thursday, markets closed in the negative on account of derivatives expiry. According to Emkay Research Note, “The Nifty rollover stood at 71%, higher than its three months average of 66%. Sectors such as Auto and Oil & Gas witnessed better rollovers.”
