The market is expected to open in the red as trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 24 points.The BSE Sensex fell more than 350 points to 55,566 after rising more than 2,100 points in previous three straight sessions, while the Nifty50 declined 77 points to 16,584.5 and formed Inside Bar or Doji kind of pattern on the daily charts.As per the pivot charts, the key support level for the Nifty is placed at 16,507, followed by 16,430. If the index moves up, the key resistance levels to watch out for are 16,676 and 16,768.US MarketsThe Dow Jones Industrial Average fell 222.84 points, or 0.67 percent, to 32,990.12, the S&P 500 lost 26.09 points, or 0.63 percent, to 4,132.15 and the Nasdaq Composite dropped 49.74 points, or 0.41 percent, to 12,081.39.Asian MarketsShares in Asia-Pacific largely rose in Wednesday morning trade, with investors watching for market reaction to the release of a private survey on Chinese factory activity for May. Mainland Chinese stocks edged higher, with the Shanghai Composite rising 0.1 percent, while the Shenzhen Component was up fractionally. Hong Kong's Hang Seng index slipped 0.12 percent.The Nikkei 225 in Japan gained 0.62 percent, while the Topix index advanced 1.16 percent. In Australia, the S&P/ASX 200 climbed 0.23 percent.
The market is expected to open in the red as trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 24 points.The BSE Sensex fell more than 350 points to 55,566 after rising more than 2,100 points in previous three straight sessions, while the Nifty50 declined 77 points to 16,584.5 and formed Inside Bar or Doji kind of pattern on the daily charts.As per the pivot charts, the key support level for the Nifty is placed at 16,507, followed by 16,430. If the index moves up, the key resistance levels to watch out for are 16,676 and 16,768.US MarketsThe Dow Jones Industrial Average fell 222.84 points, or 0.67 percent, to 32,990.12, the S&P 500 lost 26.09 points, or 0.63 percent, to 4,132.15 and the Nasdaq Composite dropped 49.74 points, or 0.41 percent, to 12,081.39.Asian MarketsShares in Asia-Pacific largely rose in Wednesday morning trade, with investors watching for market reaction to the release of a private survey on Chinese factory activity for May. Mainland Chinese stocks edged higher, with the Shanghai Composite rising 0.1 percent, while the Shenzhen Component was up fractionally. Hong Kong's Hang Seng index slipped 0.12 percent.The Nikkei 225 in Japan gained 0.62 percent, while the Topix index advanced 1.16 percent. In Australia, the S&P/ASX 200 climbed 0.23 percent.