Sensex, Nifty open on a lower note

Speculations on OPEC meet outcome bear upon the market

The benchmark BSE Sensex opened at 35,398 points and the NSE Nifty opened at 10,728 points on Friday, taking a negative turn ahead of the OPEC meet outcome, following global cues.

The two-day OPEC meet will take place today and tomorrow, discussing the OPEC production and supply to countries. M&M, GAIL, ICICI Bank, BPCL and HCL Tech are the top Nifty gainers while UPL, Grasim, Coal India, Adani Ports and Bharti Infratel are the top Nifty losers.

Asian shares are trading mixed amid trade and economic concerns.

The scenario may turn challenging if the Nifty breaks below its crucial 10,650 level. This is the rising trend line support zone of the enter Symmetrical Triangle pattern within which the Nifty is currently trading in.
For the Nifty to resume its northbound journey, it has to break above 10,930 levels.

The Bank Nifty is on the verge of a breakdown too. Crucial support for the Bank Nifty index is now seen around its 21-day Double Exponential Moving Average which is placed at 26,350. If the Bank Nifty fails to hold above the same then further weakness cannot be ruled out in the near term.

The rupee firmed up by 15 paise to 67.83 against the dollar today after increased selling of the US currency by exporters and banks. The dollar slipping from an 11-month peak against other currencies overseas as investors took profits also helped the rupee.

Further, fresh foreign capital inflows took the local currency higher but a lower opening of the domestic equity markets capped the rise, dealers said.

Yesterday, the rupee had appreciated by 10 paise to close at 67.98 against the greenback on sustained selling of the American currency by exporters and local banks.

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