SGX Nifty indicates a positive start; Domestic markets offer heavy discount: Take it or leave it!

Just like an avid shopper eagerly waits for the sales to start, similarly, the market participants wait for the markets to fall so that they can grab a huge discount on quality stocks!

Jokes apart, what’s your take on this? Do you think it’s the right time to buy or wait for some more correction?

Well, we believe that if Nifty manages to hold above the prior session low, we could see a good pullback towards the levels of 11,740-11,800. Hence, the market participants should keep an eye on 11,660 levels. Meanwhile, SGX Nifty is indicating that the bulls would attempt another comeback as SGX Nifty trades at 11,751 levels, up by 56 points.

On the earnings front, HCL Technologies is scheduled to report its earnings today.

Asian indices were trading in the green on Friday. Hong Kong’s Hang Seng was up by over 1 per cent, while China’s Shanghai Composite and Japan’s Nikkei 225 were up by 0.38 and 0.07 per cent, respectively.

Bears struck back with a bang on Thursday as investors’ jitters grew on the second wave of Coronavirus that has hit major European countries. Further, news emerged that London would go into the ‘high’ tier of lockdown from midnight on Friday. As a result, Indian markets snapped its 10-day long winning streak and in a fashion, it lost nearly six days of gain in just a single day. At close, Nifty and Sensex plunged 2.42 per cent and 2.61 per cent, respectively. The broader market indices too ended in red with Nifty Mid-cap and Small-cap losing 1.70 per cent and 1.72 per cent, respectively. On the sectoral front, all the sectoral indices ended deep in the red wherein, the Banking and Financial i.e. the pied piper of the latest rally saw maximum selling.

US equities ended the session off the lows of the day but still ended the day in the red as uncertainty related to the stimulus package continued to play on the psyche of the market participants. While the Weekly initial jobless claims unexpectedly rose and this added to further woes. In the end, Dow lost 20 points, S&P 500 dipped 5 points and Nasdaq shed 55 points. Whereas in the European region, there was a sea of red as concerns over the spike in Coronavirus infection and news of fresh lockdown restrictions in some regions further dampened the hopes of economic recovery.