DSIJ Mindshare

The markets are all set to witness a jubilant start on Thursday as cues from the Asian markets are positive after Wall Street posted its largest single-day gain in history. The SGX Nifty Index Future was trading higher by 38 points at 10,800.

Going ahead, the zone of 10580-10570 is likely to act as crucial support for the index as it is the confluence of 50-day simple moving average. Failure to hold this support would lead to further correction up to the level of 10500, followed by 10450. On the upside, the 200-day moving average is likely to act as immediate hurdle which is currently placed around the level of 10767. Stocks in news: GODREJ INDUSTRIES, SHREE CEMENT, MANALI PETRO, CEAT Ltd, RANE ENGINEERS, HESTER BIO, NAGARJUNA FERTILISERS

Indian stocks are likely to witness a gap-down opening following weakness seen across Asian markets and as the US equity futures pointed to substantial fall on the Wall street. The US political uncertainty added to heightened concerns over the slowing global economy. The SGX Nifty Index Future has declined 62 points from Monday’s close, indicating Nifty may open around the 10620 level. 

The stock Mukta Arts Limited is currently trading at Rs. 46.05 per share. After a huge gap-up opening on Monday, stock has managed to extend their northward movement and end-up with 17.32 per cent gain.

On the daily time frame, currently the stock is placed right at the edge of a multi touch point downward sloping trendline resistance formed by joining the swing highs from early May 2018 and it coincides by its long-term moving average, i.e. 200-day SMA.