Indian benchmark indices were likely to open on a flat note today as SGX Nifty was trading 8 points lower at 16,618 amid mixed global cues.
Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in Singapore Stock Exchange and considered to be the first indication of the Indian markets opening.
On August 25, benchmark indices ended on a flat note after scaling all-time highs in intra day trade. Sensex closed 14 points lower at 55,944 and Nifty rose 10 points to 16,634, a fresh closing high.
During the day, Sensex scaled a record high of 56,198 and Nifty hit fresh peak of 16,712.
"The daily momentum indicator is having negative divergence and is showing weakness. So, the overall structure shows that the index is still in the short term consolidation phase and is likely to witness a dip before further upside. On the downside, 16,550-16,500 is the initial support zone within the short term range of 16,350-16,700," said Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan.
Foreign institutional investors (FIIs) sold shares worth Rs 1,071 crore on August 25 and DIIs offloaded shares worth Rs 151 crore, as per provisional data available on NSE.
The Dow Jones Industrial Average rose 39.24 points, or 0.1%, to 35,405.50. The Nasdaq gained 22.06 points, or 0.2%, to 15,041.86. The S&P 500 added 9.96 points to 4,496.19.
However Asian markets were trading in the red. Nikkei fell 18 points to 27,706 and Shanghai Composite was down 20 points to 3,519. Hang Seng lost 128 points to 25,555.
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