Indian Markets Could Open Lower as US Stocks Decline
Indian markets are expected to open lower on Friday and this could end up as the worst week for NSE Nifty in a long time. US markets closed negative on Thursday with technology heavy Nasdaq losing 1.8 percent and S&P 500 closing 1.64 percent lower. Indian markets closed almost a percent lower on Thursday and today’s session could see further weakness.
Major losers in yesterday’s trade were Mahindra & Mahindra, ICICI Bank, Cipla, IndusInd Bank, SBI, UltraTech Cement, Tata Motors, Grasim and Tata Motors.
Indian markets have been trading firm of the last few weeks and we could finally expect a correction in the markets. Market participants are expecting a 5-10 percent correction in stocks but no one is sure about the timeline for such a decline. Every small decline in Indian markets in the recent months has been followed by sustained buying, leading to higher levels. Last week, Indian markets touched all-time highs for major indices.
In today’s session, we can expect a weak opening and NSE Nifty could take support at 19600. The next major support can be seen at 19500.
All trades should be conducted with strict Stop Loss. Markets can have unpredicted moves based on news and trends in the global markets. Stop Loss is an important strategy to reduce the risk in case the stock doesn’t move as per the call given by market experts.