Markets may be in red today

1 Jun 2023 , 09:02 AM

Indian equity markets may have a negative day today. Yesterday, markets remained in a bearish tone throughout the day before closing in the red territory, owing to dismaying China data. 

Globally, US markets ended lower in yesterday’s trade due to heightened concerns over rate hikes following the release of strong labor data. Dow Jones closed 134.51 points lower. Nasdaq ended the day with 82 points decline. S&P 500 ended 26 points lower.

Asian markets are trading mixed today. Chinese Shanghai Composite is trading with a 0.61% gain. Hong Kong’s Hang Sang is up by 1.04%. Japan’s Nikkei 225 ended 0.29% higher. Taiwan index is trading with a marginal downside of 0.37%. South Korean ‘Kospi’ is trading 0.33% lower.

The nifty index closed 99 points lower yesterday. Nifty Bank closed with a decline of 0.69%. Yesterday, Tech Mahindra, Bharti Airtel, and Kotak Bank led the gainers. ONGC, NTPC, and Axis Bank were the top losers on NSE. Nifty Mid-cap 50 index closed higher by 0.35%.

Further, in the early trade on Thursday, Oil prices dipped for the third straight session. Indian Rupee also declined by 8 paise to 82.75 versus the US dollar in Wednesday’s trading session.

Technical View: Nifty finds support around 18450 while 18700 will act as resistance. Bank Nifty finds support around 43800 while 44600 will act as resistance on the upside.

Trading call:(1-14 days) BUY Reliance June future @ 2480-2490, stop loss 2435.3 & target 2537

Derivative call-time period: (1 months) Sell Coal India June future @ 238-241, stop loss 245 & target 235