Markets brace for a positive day

Indian benchmark indices are placed to start the day on a positive note and may continue the same momentum throughout the day. Yesterday, markets closed on a flat note ahead of RBI’s meeting.

Globally, US markets finished higher. Dow Jones closed 10 points higher. Nasdaq ended 47 points higher. S&P 500 ended the day with a gain of 0.24%.

Asian equity markets experienced a positive trend as investor sentiment was buoyed by the anticipation of economic stimulus measures from China and the previous day’s rally on Wall Street. Chinese Shanghai Composite is trading 0.25% higher. Hong Kong’s Hang Seng is trading 1.08% higher. Japan’s Nikkei 225 closed 1.44% lower. Taiwan index is up by 0.68%. South Korean ‘Kospi’ is trading higher by 0.39%.

Yesterday, Nifty 50 closed 5 points higher at 18,599. Nifty Bank finished 63 points higher. Nifty Midcap 50 index closed 0.10% lower. 

Ultratech Cement, Divis Lab, Kotak Bank, Tata Motors, and Grasim emerged as the top gainers in yesterday’s trade. Tech Mahindra, Infosys, TCS, Wipro, and ONGC led the losers’ chart.

Oil prices in today’s trade are stable as limited supply concerns offset demand woes. 

Technical View: Nifty finds support around 18450 while 18700 will act as resistance. Bank Nifty finds support around 44000 while 44600 will act as resistance on the upside.

Trading call:(1-14 days) BUY Guj Gas June future @ 478-480, stop loss 469.5 & target 489

Derivative call-time period: (1 month) BUY Chola Finance June future @ 1055-1060, stop loss 1036.8 & target 1080