Going ahead, Nifty has immediate support around the level of 10,400 and a decisive breach of this support zone could lead to further decline up to the levels of 10,380 and 10,350. On the upside, the level of 10,480-10,490 would act as a strong hurdle for the index. 

Indian markets are expected to open in the red today tracking SGX Nifty which is down by 0.36%. The SGX Nifty suggests that the Nifty could open at 10,521, lower by 38 points at the opening bell.   

Following stocks are close to their 52-week low as at 12.48 p.m. on January 1.

The markets on January 1 opened flat. BSE Sensex is trading at 34,052, down by 4.83 points and the Nifty is trading at 10,523.50, down by 7.20 points. 

With the government taking a considerate stance while amending the IBC law, there seems to be enough leeway for prudent promoters to be able to bid for their company's assets. The amends allow a defaulter or existing promoter to become eligible for the resolution plan by making their bad loans operational. 

Overall volumes in futures & options currently stand at 32.29 lakh contracts with a turnover of Rs. 2,77,694.13 crore.

Overall volumes in futures & options currently stand at 32.29 lakh contracts with a turnover of Rs. 2,77,694.13 crore.

Going ahead, the levels of 10,553 followed by 10,600 would play out as immediate resistance levels for the markets, whereas important support for the index is placed around 10,480. 

The key benchmark indices are expected to make a soft start on the first trading session of 2018. The SGX Nifty suggests that Nifty could open at 10,531 with a loss of 28 points at the opening bell.