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Indian markets could open flat to mildly higher, in line with largely positive Asian markets today and despite mixed US markets on Wednesday -  HDFC Securities

U.S. stocks ended mostly higher Wednesday, despite an August private-sector employment report coming in below forecasts, which puts Friday’s monthly government jobs report and the timing for tapering of the Federal Reserve’s bond purchases in focus.

The Automatic Data Processing report showed a second straight month of weak jobs creation, with August adding 374,000 private-sector jobs, far below the 600,000 forecast by economists surveyed by The Wall Street Journal. The Labor Department’s more closely followed nonfarm payrolls comes out Friday.

In other U.S. economic data, the IHS Markit manufacturing purchasing managers index posted 61.1 in August, down from 63.4 in July. The Institute for Supply Management’s manufacturing index also showed a rise to 59.9 in August from 59.5 in the prior month.

Indian Railways freight loading during August 2021 was 110.55 million tonnes which is 16.87 percent higher when compared to August 2020. The railways earned Rs. 10,866.20 crore from freight loading during August which is 20.2 percent higher when compared to last year. August marks the twelfth consecutive month when the Indian Railways had surpassed its highest freight loading volumes.

Unemployment in August rose to 8.32% from a four-month low of 6.95% in July, data from private research firm Centre for Monitoring Indian Economy Pvt. showed Wednesday. Asian stocks were steady Thursday after U.S. technology shares climbed in a defensive tilt to the Wall Street rally, and as traders await employment data to assess when the Federal Reserve may pare stimulus.

Nifty ended a 3 day winning streak on Sept 01 and ended on a negative note after hitting record levels in the early trade. At close, the Nifty was down 55.90 points or 0.33% at 17076.30. Nifty ended the day on Sept 01 with a bearish formation – Dark Cloud Cover. Advance decline ratio too went marginally in the negative. The shift to largecaps seems to have played out for the time being. 17153-17226 could be the resistance band for the Nifty in the near term, 16951 could be a support.

Daily Technical View on Nifty

Nifty : Bullish Trend Continues

* Nifty hit an all time high of 17225 in yesterday’s session

* From the day’s high, Nifty witnessed profit booking of almost 150 points, to settle at 17076

* Bullish Trend of the Nifty is well intact

* Nifty is placed above all important moving averages

* Nifty has been forming higher tops and higher bottoms

* BankNifty ended the session with long legged Doji candle on the daily charts after sharp upside.

* Doji Indicates the sign of indecision in the trend and therefore, yesterday’s high of 36997 would act as a short term resistance in BankNifty.

* There is a strong support at 36200-36300 range in BankNifty, which can be utilized to create fresh longs

* For Nifty 17012 ,16948 and 16841 are the intraday support levels to watch out for

* Intraday resistances for Nifty are placed at 17182 and 17290.

Nifty – Daily Timeframe chart

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