After taking out 19,990 level, Nifty seems to have struggled to move decisively into new all-time highs over the last few sessions, said an analyst. 
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After taking out 19,990 level, Nifty seems to have struggled to move decisively into new all-time highs over the last few sessions, said an analyst. Domestic equity indices are likely to open higher on Friday on firm global cues. Asian stocks opened higher while US stocks closed with strong gains overnight. However, rising crude oil and a firm dollar may cap gains for the domestic market. The IPO of Yatra will kick off today. The three-day RR Kabel issue will conclude later today. Here's what you should know before the Opening Bell: Nifty outlook Nifty formed a small negative candle on the daily chart, with minor upper and lower shadows. Technically, this market action hints at a formation of Spinning Top-type candle patterns at the new highs. However, having placed this candle pattern within a narrow range of 20,150-19,950 levels, the chances of further consolidation movement is likely in the short term, said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.
“Any decline from here could drag Nifty towards the immediate support of around 19,950 levels. A decisive up move above 20,200 levels is expected to pull Nifty towards another hurdle of 20,450 levels," he said. GIFT Nifty signals a positive start Nifty futures on the NSE International Exchange traded 15 points, or 0.07 per cent, higher at 20,232.50, hinting at a positive start for the domestic market on Friday. Asian stocks log strong gains Asian markets are set to end the week strongly following risk-friendly moves in the US and Europe on Thursday, although a deluge of top-tier economic data from China on Friday could sour the mood at a stroke. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.59 per cent. Japan's Nikkei surged 1.16 per cent; Australia's ASX 200 surged 1.74 per cent; New Zealand's DJ jumped 0.50 per cent; and China's Shanghai gained 0.25 per cent; Hong Kong's Hang Seng rose 0.91 per cent and South Korea's Kospi soared 1.02 per cent. Oil prices rise to 10 month-high Oil prices rose to their highest level in 10 months on Friday, after China cut banks' cash reserve requirements to boost its economic recovery, and on expectations that major global interest rate hike cycles were nearing their end. Brent crude rose 46 cents, or 0.5 per cent, to $94.16 as of 0027 GMT, while the US West Texas Intermediate crude (WTI) was up 0.6 per cent at $90.74. Both the benchmarks were trading at their highest levels since November. Dollar firm ahead of China data The dollar was on the front foot in Asia on Friday, retaining overnight gains against peers after strong US economic data and an ECB rate hike, with traders' attention warily turning to a data deluge from China. The US dollar index last stood at 105.380, while the euro remained near Thursday's multi-month low of $1.0632 against the dollar. The offshore yuan inched further down against the dollar to 7.2918 ahead of the data. US stocks settled sharply higher US stocks ended sharply higher and the greenback jumped on Thursday as robust economic data failed to budge expectations that the Federal Reserve will leave its key interest rate unchanged next week. The rally boosted a broad array of assets. All three major stock indexes ended higher, as did all 11 major sectors of the S&P 500. The Dow Jones Industrial Average rose 331.98 points, or 0.96 per cent, to 34,907.51, the S&P 500 gained 37.73 points, or 0.84 per cent, to 4,505.17 and the Nasdaq Composite added 112.47 points, or 0.81 per cent, to 13,926.05. Yatra Online IPO opens today The primary offering of Yatra Online will open for bidding today, September 15 as the company aims to raise Rs 775 crores, which includes a fresh issue of 602 crores and offer for sale of 1.22 crore shares aggregating to Rs 173.00 crores. The company is offering its shares Rs 135-142 apiece, with a minimum lot size for an application is 105 Shares. The issue closes on Wednesday, September 20. Stocks in F&O ban A dozen stocks have been put under the F&O segment ban by the National Stock Exchange (NSE) for Friday, September 15. New entrants, namely Balrampur Chini Mills, BHEL, and Zee Entertainment Enterprises (ZEEL) will join the retentions including including new entrants like REC, Indian Energy Exchange (IEX), National Aluminium Company (Nalco), Manappuram Finance, Steel Authority of India (SAIL), Delta Corp, Hindustan Copper, Indiabulls Housing Finance and India Cements. FPIs buy shares worth Rs 295 crore Provisional data available with NSE suggest that FPIs turned net buyers of domestic stocks to the tune of Rs 294.69 crore on Thursday. Domestic institutional investors (DIIs) were net buyers of Indian equities to the tune of Rs 50.80 crore. Rupee falls 2 paise against dollar The rupee pared initial gains to settle 2 paise lower at 83.03 against the US dollar on Thursday, weighed down by a surge in crude oil prices and strong American currency overseas. However, a positive trend in domestic markets cushioned the downside for the local unit, forex traders said.
Also Read: Balrampur Chini, Gokaldas Exports, NIIT: Trading strategy for these buzzing stocks Note: With inputs from PTI, Reuters and other agencies
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