Markets may begin the day on a positive note today

30 Jun 2022 , 08:20 AM

Indian equity markets may start the day on a positive note today. Some value buying may take place in early hours, especially in banking stocks. Banking stocks some price declines yesterday. This value buying may push the markets in positive territory in early hours. This value buying may be follwed by profit booking, causing some swing in the markets today. SGX Nifty is up by 0.28% since morning.

US markets saw a range bound session yesterday as Dow Jones climbed over 85 points while Nasdaq closed flat.Bond yields headed lower at 3.08%. Crude oil saw profit booking after an early spike. Profit booking at higher levels saw WTI crude trade at US$ 108.
 
Asian markets have opened mixed today with the Japanese ‘Nikkei’ trading lower while the South Korean and ASX are indices trading nearly 1% higher. This as bond yields soften in the US to 2 month lows while crude alse saw a fall.Chinese stocks could continue to see ETF flows as reopening now sees travel, amusement and entertainment take off after the recent lockdowns.
 
Nifty saw a smart intra day recovery after a weak start with higher volatility as expiry of derivative contracts on Thursday saw both sided swings on the index.Nifty saw intra day swing of over 175 points before closing lower by 50 points.Bank Nifty was the main cause of losses as it closed lower by over 370 points.Auto,Metals and Realty led the gainers while Banks, Financial services and IT saw profit booking.
 
Technical View: Nifty likely to find support at around 15600 while 16000 is likely to act as resistance on the upside.Bank Nifty likely to support at around 33200 while 34000 is likely to act as resistance.
 
TRADING call (1-2 days) BUY HDFC Life July future at 541-544.  Stop loss: 531.65. Target: 553
 
 Derivative call- time period:(1 month) : BUY Ultratech Cement July future at 5570-5600. Stop loss: 5473. Target: 5700