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Asian stocks traded mixed on Tuesday as investors look ahead to the release of US consumer inflation data for August.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell. On the macro front, Consumer Price Index-based Inflation (CPI) for August 2021 came in at 5.30%, compared with 5.59% in July, as food prices cooled further, especially in the case of vegetable inflation, data released by the National Statistical Office (NSO) showed on September 13.
Global markets:
Overseas, Asian stocks traded mixed on Tuesday as investors look ahead to the release of US consumer inflation data for August. In US, the S&P 500 closed higher on Monday, ending a five-day losing streak as investors focused on potential corporate tax hikes and upcoming economic data. The Dow Jones Industrial Average also advanced, but the Nasdaq Composite Index ended lower.
Domestic markets:
Back home, equity benchmarks ended a volatile trading session with modest losses on Monday. The barometer index, the S&P BSE Sensex, was down 127.31 points or 0.22% at 58,177.76. The Nifty 50 index was down 13.95 points or 0.08% at 17,355.30. Foreign portfolio investors (FPIs) bought shares worth Rs 1,419.31 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 559.59 crore in the Indian equity market on 13 September, provisional data showed.
Market outlook
Nagaraj Shetti, technical research analyst, HDFC Securities said in the last one month, the downward correction from the high was minimal (in terms of consolidations or rangebound action). The positive chart pattern like higher highs and lows was observed on the daily chart and present consolidation or minor weakness is likely to form a new higher bottom in the next 1-2 sessions, before showing another leg of sharp upside bounce.
“The short term trend of Nifty continued with rangebound action, but the overall market breadth has placed at the positive side. The Nifty is expected to form a higher bottom reversal around 17,250 levels (near the support of 10 day EMA) in the next 1-2 sessions before witnessing another round of upside bounce. Immediate resistance to be watched at 17450 levels,” he said.