Investors are bracing for the latest earnings season as they evaluate the threat from inflation, amid concerns that rising commodity costs and more circumspect consumers will end up squeezing company profits.
Nifty view: Osho Krishan, Sr. Analyst – Technical & Derivative Research, Angel One
Looking at recent developments, 17500 is expected to act as the immediate support zone, followed by the unfilled gap of 17350 odd zones. On the contrary, 17650 could be seen as immediate resistance, followed by the sturdy wall of the 17900-18000. The momentum is likely to be seen only when the major hurdle of the 18000 mark is crossed decisively. Till then, traders are advised to remain cautious and have a stock-centric approach to trading opportunities.
SGX Nifty futures trade flat
Nifty futures on the Singapore Exchange traded 9.50 points, or 0.05%, higher at 17,574.50.
On Tuesday, Sensex fell 388 points to close at 58,576.37, led by losses in index-majors Tata Steel, Wipro and Reliance Industries. The Nifty finished the day 144.65 points lower at 17,530.30.
Asian stocks mixed amid rise in US inflation, oil soars
Asian stocks were mixed Wednesday as investors weigh economic risks from inflation amid a jump in crude oil back to the $100 a barrel level.
Japan shares gained but Hong Kong and China fell. Signals from equity futures were muddy: S&P 500 and Nasdaq 100 contracts rose but Europe’s dipped.
The U.S. session Tuesday was shaped by inflation data, which came in at 8.5% for the headline number — the highest in four decades — but was better-than-expected at the core level, which excludes volatile food and energy prices. The S&P 500 fell 0.3% after having been up 1.3% earlier in the day. The Dow Jones Industrial Average and the Nasdaq composite each fell 0.3% after shedding early gains.
On the geopolitical front, Putin said peace talks with Ukraine are stalled and vowed to continue his “military operation” there even as he called the conflict “a tragedy.” Ukrainian President Volodymyr Zelenskiy again called for further European Union sanctions on Russia to include oil as well as all banks.
the App to get 14 days of unlimited access to Mint Premium absolutely free!