SGX Nifty Down 14 Points; Indicates Flat Opening for Indian Stock Markets

Mon, 22 Feb SGX Nifty | Yash Vora, TM Team

   Momentum Moves   

   Pre-Open   

   09:30 am   

   12:30 pm   

   Closing   

The SGX Nifty opened on a flat note today.

At 8:20 am, it was trading down by 14 points, or 0.1% lower at 14,980 levels.

Trends on SGX Nifty indicate a flat opening for Indian stock markets.

Asian stock markets inched higher today as expectations for faster economic growth and inflation globally boosted bonds and commodities.

The Nikkei is trading up by 1.1% while the Hang Seng is up 0.5%.

In US stock markets, Wall Street indices came under pressure on Friday, reversing early gains.

A combination of rising interest rates and profit taking in some of the market's largest technology companies appeared to dampen optimism.

The Dow Jones Industrial Average finished the day on a flat note after climbing more than 150 points earlier in the session. The S&P 500 finished down 0.2% while the Nasdaq Composite gained 9 points to end 0.1% higher.

For the week, the Nasdaq shed 1.6% while the Dow gained 0.1%.

US stock futures are trading flat today, with Dow Futures trading up by 20 points while Nasdaq futures are up 0.2%.

Watch Now: 3 Little-known Stocks We are Super Bullish On

Crude oil prices rose today as the slow return of US crude output that was cut by frigid conditions raised concerns about supply just as demand is coming back from the depths of the coronavirus pandemic.

Brent crude was up 76 cents, or 1.2%, at US$ 61.67 a barrel, after gaining nearly 1% last week. US oil rose 74 cents, or 1.3%, to US$ 59.98 a barrel, having fallen 0.4% last week.

Here are the key events due later this week:

• Germany - GDP Q4 - Wednesday
• US - Crude Oil Inventory and New Home Sales - Wednesday
• India - Fiscal Deficit, Bank Deposits and Loan Growth & Forex Reserves - Friday

Back home, Engineers India and Oil India will be among the top buzzing stocks today.

In our new series called Momentum Moves, Brijesh Bhatia talks about what traders can expect this week.

In the previous edition, Brijesh discussed about the Nasdaq and said it could reverse from 13,700-14,000. The Nasdaq is now back to 13,500 levels from a high of 13,879.80 forming a dark cloud cover candlestick pattern.

As per Brijesh, If Nasdaq continues its southwards journey, Nifty will join in as the short-term chart of Nifty has witnessed a bearish crossover of the exponential moving average.

Bears could take charge for the next 2-3 weeks.

You can read the entire article here: Nifty: Bears Gain the Upper Hand

To know the top cues in today's stock market session, check out the pre-open commentary here.

Stay tuned for more updates on Indian stock markets in the upcoming commentary.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

Read the latest Market Commentary

Indian Share Market Update: Top Gainers and Losers

What else is happening in the markets today? Dig in...