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Nifty may open flat, but eyes clear route to 8,400

Indian shares may open without firm direction Tuesday, following a mildly positive close on Wall Street overnight and amid mixed trading in Asia.

Nifty may open flat, but eyes clear route to 8,400

TheNewsInternational Team

Indian shares may open without firm direction Tuesday, following a mildly positive close on Wall Street overnight and amid mixed trading in Asia.

At the time of writing, the SGX Nifty was trading unchanged at 8,271.

Sentiment is mixed for equities at this point with China’s 6.9 percent quarterly growth coming ahead of estimates yesterday but a fall in crude prices and mining stocks indicates worries over the health of the global economy persist.

Closer home, internals of the market have been strong, after it gained for the third day yesterday, closing at a two-month high.

The Nifty has now crossed 10 percent from the September lows of 7,540, and traders say that after crossing the key 8,210-8,250 range, it may now meet resistance only at 8,400-8,450.

A slew of companies will report quarterly earnings today, including Here MotoCorp, ACC, Bajaj Finance, Biocon, Federal Bank, Kajaria Ceramics and Zensar.

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