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Indian stocks are likely to rebound in early trades today tracking firm global cues.
Benchmark US share indice ended higher amid a volatile trading session on Monday. The Dow Jones Industrial Average ended up 138 points or 0.9% at 15,254. S&P 500 ended up 10 points or 0.6% at 1,640 and Nasdaq Composite ended up 9 points or 0.3% at 3,465.
Stocks in Asia continued to trade weak on Tuesday. The Nikkei was down 0.9%, South Korea’s KOSPI eased 0.1%, Straits Times slipped 0.5% while Taiwan Weighted was up 0.4%
At 700 hrs Indian Standard Time the SGX Nifty was down 5 points at 5,949.
According to technical experts, strong support is expected around 5930 as per closing basis. As close below 5930 would attract a fresh round on selling on charts whereas next support would be around 5800. Traders watch this level closely. Intraday trading Levels Buy Above: 5962 Resistance 5975, 5998 and 6034 Sell Below: 5917 Support 5903, 5881 and 5845.
Select NBFCs which are in the race to set up banks are likely to firm as the RBI said bank aspirants will get 18 months time to set up banks once they receive the approval as compared to 12 months as proposed on the final guidelines on new bank licence.
Deepak Fertilisers will be in action after the company informed that the workers have called off their strike upon amicable settlement of the issues and long term wage agreement with the Union.
Lanco Infratech will see some activity after it bagged orders worth Rs 3,293.9 crore from Gujarat Industries Power Company Limited for civil works as well off-shore and on-shore supplies among others.
JSW Steel may witness some action after it announced completion of the merger of JSW Ispat Steel with itself and the amalgamation has become effective from June 1. With this, JSW Steel has become the second largest steel producer in India after SAIL.
