Markets are expected to open marginally higher following positive global cues, but profit booking may be seen in later half of the day on account of derivatives expiry today. The Nifty futures on the Singapore Exchange edged up three points, at 5,815.
Nifty has risen around 8% in the past week but technical analysts expect resistance at 5850 level as markets look overbought. Additionally, volatility could be seen due to derivatives expiry and the end of financial year. Technical analyst, Prakash Gaba said, "the next logical target is 5826 but I would not rule out profit booking on the last day of the F&O (Futures and Options) expiry."
Across Asia, markets were trading slightly higher on Thursday morning, but investors remained cautious ahead of the US jobs data. US Markets ended higher last night buoyed by rally in energy and small cap stocks. Japan's Nikkei Stock Average was down three points; Yen continued to weaken on expectations of higher interest rates overseas. Hong Kong's Hang Seng climbed 272 points, getting a lift from better than expected earnings posted by Chinese banks. South Korea's Kospi Composite was up 1 point, but Shanghai Composite was trading marginally lower, down 11 points.
Back in India Cairn India and Sesa Goa will closely watched on reports that SEBI has cleared the open offer for Cairn India. ADAG pack and Unitech will eyed on reports the CBI (Central Bureau of Investigation) may prepare chargesheet against the companies.
