Top 4 things to look out for in the market today

The Nifty is likely to remain weak-to-range bound in trade on Thursday as negative cues from Wall Street and a bearish opening on other Asian markets keeps sentiment capped on Dalal Street. However, some buying on beaten down indices may emerge during the day.

A strong support level is seen in the 8,325-8,275 range for the Nifty, which ended at 8,363, down 148 points, or 1.7 percent lower on Wednesday. Traders should wait for the first 15 minutes of the market to stabilise before attempting positions on either side.

A 5 percent crash on Chinese stocks on Wednesday sent shockwaves across the investing world. On Wall Street, major indices closed between 1.5-1.8 percent lower. The Dow Index fell to a 3-month low. Stocks in the tech space were the worst hit.

Within Asian markets, Japan's Nikkei hit a 3-month low in Thursday deals, although it has recovered substantially from its day's trough. Stocks in Korea and China have opened in negative territory.

In India, foreign institutional investors were net sellers on equity to the tune of 354 crore rupees in the cash market. They remained sellers for the fourth day in a row. In the derivatives space, the FIIs sold 271 crore rupees worth of Index Futures and 899 crore rupees worth of stock futures. These numbers point to further weakness on Dalal Street.

In the commodity space, Copper and Crude oil futures showed some upside, however, that is seen limited.

STOCKS TO WATCH:

ONGC: Achieves 100.3 percent of crude oil production target in April-June quarter.

MAX INDIA: Insurance companies are likely to enjoy the bounce after the Finance Ministry clarified that foreign shareholding in parent companies of Insurance JVs would not be counted as overseas ownership for computation of FDI in these ventures.

INFOSYS: Signed a multi-million euro deal with customer Deustche Bank to offer software services.

RICE EXPORTERS: India is likely to export 10 percent more basmati rice, based on initial estimates of sowing data by APEDA

(Image credit: Indiatimes)