Markets opened on a frail note mirroring cues from global markets in absence of any immediate triggers.
The Sensex opened at 25,817 levels, 47 points down while the Nifty50 opened at 7,823 levels, down by 11 points.
The US economic data released yesterday showed some positivity in consumer prices as well as manufacturing data thus providing room for a December rate hike case.
The morning note from Angel Broking presented their views on the levels of Nifty and Sensex.
The note said, “We maintain our view that the Nifty may extend the bounce towards 7880-7920 levels. On the flipside, 7780 - 7700 remains to be immediate support levels for the index.”
Further, “Looking at the chart structure of few stocks, it’s advisable to continue with the stock centric approach.”
Asian markets are trading mixed with Nikkei up by 0.8% while Shanghai Composite and Hang Seng down between 0.1-0.3%.
The Wall Street ended flat after opening higher. But the economic data released yesterday supported the Fed’s case for a December rate hike.
The American dollar rose against major currencies in the currency basket on Tuesday.