Nifty likely to breach 17,600, indicates SGX Nifty

Indian stock markets are likely to open with a gain of at least two per cent, thanks to strong global cues. Analysts expect the market to sustain the recent gains thanks to fall in crude oil prices and positive markets across the globe.

"Fall in crude oil prices and another round of peace talks between Russia-Ukraine provided the market with much needed optimism," said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Buying interest is visible at lower levels for second consecutive day, with Nifty trying to breakout from its range on higher side. Fall in volatility to 21 levels is also supporting the markets, he added.

SGX Nifty at 17,650 indicates (6.30 am) that Nifty is poised to open well above 17,600-mark. However, the NYMEX crude oil futures, which briefly dipped below $100-mark for the first time in many days, climbed back again to $105 level. SImilarly, Brent oil futures also rose to $109. Analysts said that the market is likely to remain volatile and firm crude oil price will cap the gains and could even turn the sentiment in the later part of the day.

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Asia-Pacific stocks mixed

Though equities across Australia, Korea and Taiwan opened marginally higher, Japan stocks are down over 1 per cent in early deal on Wedneday. Overnight, all the three US major indices — Dow Jones, S&P 500 and Nasdaq — closed higher between one and two per cent.

Today being the penultimate day of monthly F&O contracts on the NSE, experts advise caution, as volatility will rise.

"Beaten down sectors like cement and realty are witnessing fresh buying on account of attractive valuation and hope of price hike to pass on higher input cost. Also buying interest is seen in pharma, consumer durables and financial services. However, traders need to remain cautious ahead of F&O monthly expiry," Khemka said.

Technical range

According to Rahul Sharma, Co-Founder, Equity 99, technically 17300 will act as very strong support for Nifty 50 and if this level is breached than 17255 will be the next support, post which market might take support at 17150 level. On upper side, 17440 will be resistance, if this level is breached than next hurdle will be 17530 and then 17600 will act as strong resistance level.

Similarly for Bank Nifty, 35,780 will act as very strong support level, if this level is broken than 35,600 will be very strong support, post which 35,400 will be very strong support. On upper side, 36,080 will act as strong resistance, if this level is breached then next hurdle rate will be 36,230 and at 36,400.

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