Nifty is likely to open flat in absence of major cues as Wall Street remained shut on account of public holiday.
The Nifty50 is likely to open flat on Wednesday in absence of major cues as Wall Street remained shut on account of public holiday. The Nifty50 closed 1.7 points lower at 9,613 on Tuesday.
The index formed a bearish candle on the charts after a small bullish candle which suggests indecisiveness among the bulls as well as bears. But, the trend seems to be on the upside as long as Nifty holds 9,500.
Investors should not get overly worried about the intermittent corrections. The Bulls will be able to pick up momentum once the index manages to close convincingly above 9,650 on a closing basis. Long positions can be maintained with a stop loss below 9,540.
The European Union and Japan expect to commit to signing a free trade deal on Thursday, the EU said, in what both see as a push back against a feared US turn toward protectionism under President Donald Trump, said a Reuters report.
The dollar slipped against the Yen on concerns about rising tensions between the United States and North Korea. The dollar shed 0.3 percent in early trade to fetch 112.95 yen, slipping further from Monday's 1-1/2-month high of 113.48, said a Reuters report.
The rupee on Tuesday made a smart recovery as it appreciated by 14 paise to close at 64.74 against the US currency on fresh bouts of dollar selling exporters and banks.
The local currency opened firmly higher at 64.80 against Monday's close of 64.88 at the Interbank Foreign Exchange (Forex) Market amid easing dollar pressure.
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