Home / Markets / Stock Markets /  Nifty could test key support of 17,166 at open

MUMBAI: The Nifty could test its support of 17,166 at the opening, derivatives trade on SGX Nifty indicates Monday morning.

The SGX Nifty, which derives its value from the Nifty, traded down 17,179 points Monday morning, while the Nifty closed at 17,327 on Friday. The price data signals a gap down of around a per cent from the weekend close.

The 17,166 level is the August 29 low from where the Nifty rose through a high of 18,096 on September 15. From that level, it has fallen 4% through 17,327.

India still remains an outperformer to the Dow which made a fresh 52-week low on Friday amid sharply rising bond yields, which signal a risk-off investor appetite.

The Nifty as of Friday close was just 7% away from its record high of 18,604 and 18% away from its 52-week low of 15,183 hit on June 17.

“The Nifty could find support around 17,166-17,000 levels," said Manoj Murlidharan, VP (derivatives), Religare Broking. “Once that’s tested, we could see a bounce all the way to 18,000."

 

 

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