Business · Markets · 1 hr ago

Indian stocks may open higher after Monday’s sharp decline

Indian stocks may open higher after Monday’s sharp decline

Indian stocks were expected to open higher on Tuesday, 13 October, after GIFT Nifty signalled a positive start.

The signal came after the Sensex fell 0.76% and the Nifty 50 fell 0.70% on Monday.

Selling picked up after oil prices rose, foreign investors continued withdrawing funds and bond yields increased.

Asian markets were lower on Tuesday, while US stock futures had ended mixed.

High oil prices, inflation concerns and geopolitical tensions were adding to uncertainty for investors.

Analysts highlighted 22,300 as a near-term support level for the Nifty, while 22,420 and 22,650 were resistance levels.

Investors were also awaiting key US inflation data due later in the week.

What people are saying

Indian equities are likely to remain volatile and cautious as elevated crude oil prices, mounting inflation concerns and escalating geopolitical tensions weigh on investor sentiment.
Ponmudi RCEO of Enrich Moneyvia Mint
After Friday’s sharp recovery, the Nifty opened 70 points higher on strong global cues and touched an intraday high of 22,651.
Nandish ShahDeputy Vice President, HDFC Securitiesvia Mint
Overall, the Sensex outlook remains sideways with a cautious undertone.
Sachin GuptaVP – Technical Research at Choice Equity Broking Private Limitedvia Mint
The overall sentiment looks weak and may lead to further downside, as the spike in crude oil prices continues to weigh on equities.
Rupak DeSenior Technical Analyst at LKP Securitiesvia Mint

Sources

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