Epic Update : Nifty seen opening higher

The 50-share Nifty index is expected to open higher on Wednesday tracking positive Asian markets, while investors will keep a close eye on banking stocks.

Banking stocks will be in focus after the Banking Amendment Bill got approval by the Lok Sabha. The approval came after the government dropped the controversial provisions relating to allowing banks to trade in futures and keeping the sector outside the purview of Competition Commission.

At 07:30 a.m., Nifty India stock futures in Singapore were up 18 point at 5,950.50, indicating a positive opening on the domestic market.

The Nifty index closed marginally below its psychological level of 5900 on Tuesday as sentiment turned bullish on expectations of rate cut by the Reserve Bank of India at its policy meet next month.

Technically, Nifty breached the support of 5850 marginally for a while but respected it on closing basis. "As long as Nifty sustain above the 5850 levels on closing basis it may scale higher till 5950/6030 levels in coming 2 to 3 weeks. Nifty has been continuing uptrend by making higher top- higher bottom formation on both daily and weekly chart" LKP said in a report.
 
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