Small analysis on stock market
The Indian stock market is expected to open flat as trends on SGX Nifty indicate a cautious opening for the index in India with a 8-points gain.
The BSE Sensex fell 214.18 points to 57,338.21, while the Nifty50 declined 55.90 points to 17,076.30 and formed a bearish candle on the daily charts as the closing was lower than opening levels.
According to pivot charts, the key support levels for the Nifty are placed at 17,012.27, followed by 16,948.33. If the index moves up, the key resistance levels to watch out for are 17,182.97 and 17,289.73
The Nasdaq closed Wednesday at a record high, and the S&P 500 rose but just missed a fresh peak, as September kicked off with renewed buying of technology stocks and private payrolls data, which supported the case for dovish monetary policy.
The Dow Jones Industrial Average fell 48.2 points, or 0.14%, to 35,312.53, the S&P 500 gained 1.41 points, or 0.03%, to 4,524.09 and the Nasdaq Composite added 50.15 points, or 0.33%, to 15,309.38.