Indian stock markets are likely to start Thursday's session on a positive note with the SGX Nifty trading 24.50 points higher at 10,503.50 on Singapore Exchange. However, some resistance is expected around 10,490-10,520 levels, say analysts. Shares in the other Asian markets scaled a 10-year high. MSCI's broadest index of Asia-Pacific shares outside Japan ticked up 0.1 per cent, coming near its 2007 peak, with Australian shares hitting a decade high. Japan's Nikkei jumped 2.0 per cent on its first trading day of the year while the broader Topix hit its highest level since 1991. Overnight on Wall Street, the three key US stock indices - Dow Jones industrial average, S&P 500 and Nasdaq Composite - hit record closes.
"...Going ahead, these levels (10490 - 10520) remain to be a sturdy wall and a consistent failure to pass through would result into an extended profit booking towards 10400 - 10360 levels," said Sameet Chavan, chief analyst-technical and derivatives, Angel Broking.
On Wednesday, the domestic shares closed almost unchanged. The BSE Sensex closed 0.06 per cent lower at 33,793.38 while the NSE Nifty settled 0.01 per cent higher at 10,443.20.
Research analyst Simi Bhaumik
shared her trading picks:
for a target price of Rs 1,090 with stop loss at Rs 1,045
for a target price of Rs 789 with stop loss at Rs 762
for a target price of Rs 940 with stop loss at Rs 895Disclaimer: Investors are advised to make their own assessment before acting on the information.