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    Pre-market: Nifty seen opening lower; may retest 8100 levels

    Synopsis

    Tracking the momentum, the Nifty index is expected to retest its crucial psychological level of 8100 in trade today.

    ET Online
    NEW DELHI: The 50-share Nifty index is expected to open lower on Monday following muted trend seen in other Asian markets. Tracking the momentum, the index is expected to retest its crucial psychological level of 8100 in trade today.

    At 07:30 a.m., Nifty India stock futures in Singapore were trading 54 points higher at 8070 indicating negative opening on the domestic market.

    The 50-share Nifty index staged a smart rally towards the end of the week to record sixth straight week of rise. However, US Fed uncertainty capped gains and both Sensex and Nifty registered marginal gains for the week ended September 19.

    Nifty moved past the resistance of 8130 in intraday trade but was unable to close above it. Initial support for the index is placed at 8030.

    If Nifty manages to stay above 8030 and clears the resistance of 8130 then there is a possibility of a retest of 8180 and possibly 8229, GEPL Capital said in a report.

    "But a move below 8030 can bring it down till 8000 and lower. An important support for short term is now placed at 7920; however, the medium term support and trend reversal level remains at 7820 for Nifty," added the report.

    On Friday, US stocks closed flat after Alibaba's strong debut was offset by falling technology shares as Oracle and Yahoo stumbled, but the Dow managed to edge higher to set a record for a second straight session.

    "Alibaba took the spotlight after its initial public offering priced at $68 a share and rose as high as $99.70 before ending the session up 38 percent to $93.89, Reuters reported.

    The Dow Jones industrial average gained 13.75 points, or 0.08 percent, to 17,279.74, the S&P 500 lost 0.96 points, or 0.05 per cent, to 2,010.40, and the Nasdaq Composite dropped 13.64 points, or 0.3 per cent, to 4,579.79.

    Asian shares were trading lower. Japan's Nikkei 225 index which was trading 0.74 per cent lower at 16,247 and Hong Kong's Hang Seng index was trading 1.05 per cent lower at 24,040.

    South Korea's Kospi index was trading 0.67 per cent lower at 2,040 and China's Shanghai index was trading 0.74 per cent lower at 2,312.




    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    (What's moving Sensex and Nifty Track latest market news, stock tips, Budget 2024 and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
    The Economic Times

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