Markets may be in green today

2 Jun 2023 , 09:05 AM

Indian equity markets may have a positive day today. In yesterday’s trade, markets neared their 5-month highs before closing on the downside.

 On the global front, US markets closed higher as the debt-limit bill progress lifted the sentiment. US Senator will soon pass a bill to lift the government’s debt ceiling. Dow Jones closed 153 points higher. Nasdaq ended 166 points higher. S&P 500 closed higher by 41 points.

Asian equities are on the rise today as increasing hopes on the Fed rate pause and the progress in the US debt ceiling cheered the investors. Chinese Shanghai Composite is trading with a 0.72% gain. Hong Kong’s Hang Seng is up by 3.38%. Japan’s Nikkei 225 closed 0.76% higher. Taiwan index is trading 1.15% higher. South Korean index ‘Kospi’ is trading higher by 0.84%.

Indian benchmark index Nifty 50 closed 47 points lower yesterday. Nifty Bank closed 0.77% lower. Apollo Hospitals, Divis Lab, Bajaj Auto, Tata Motors, and Hero MotoCorp topped the gainers’ chart yesterday. Coal India, Kotak Bank, Bharti Airtel, SBI Life, and HDFC Life emerged as the top losers.

Further, in Friday’s session, Oil prices rose as markets seek OPEC+ cuts. Indian Rupee edged up to its best one-day gain in 2 months against the greenback.

Technical View: Nifty finds support around 18450 while 18700 will act as resistance. Bank Nifty finds support around 43700 while 44600 will act as resistance on the upside.

Trading call:(1-14 days) BUY Biocon June future @ 247-249, stop loss 243 & target 253

Derivative call-time period: (1 months) BUY SBI LIFE June future @ 1215-1220, stop loss 1192.65 & target 1245