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Indian markets may start the day either way

Asian markets have opened today in the green, led by the Japanese 'Nikkei' and the South Korean markets.

July 05, 2022 8:41 IST | India Infoline News Service
Indian markets may begin the day either way today.  The buying seen in the later half of the day yesterday may give way to profit booking in early hours today.  Oil prices after losing somewhat again increased yesterday because of concerns regarding tight supply. SGX Nifty is in the green today, up by 0.12% since morning.

US markets were closed on Monday due to US Independence Day holiday. Bond yields rose marginally to 2.92%. This adds flavor to the futures as markets are optimistic on equities after the recent sharp correction. Futures on US markets are therefore likely to turn positive.

Asian markets have opened today in the green led by the Japanese 'Nikkei' and the South Korean markets. Rebound in metals and banks sees positive sentiment in most Asian indices. The ASX index traded flat as markets await the policy decision of the Reserve Bank Of Australia due today. Chinese stocks, particularly internet stocks, will be in action as valuations become ripe for a rally.

Nifty saw a volatile day as morning weakness in the index due to oil & gas stocks got bought into with the index seeing cuts of 100 points in early trade but ending at the highs of the session, up 83 points. Bank Nifty led the gains with 400 points rally as mid-cap banks led the gains. FMCG stocks were the star as a sharp fall in palm oil prices saw Hindunilever, Marico, and Godrej Consumer leading the gainers.

Technical View: Nifty likely to find support at around 15,650 while 16,000 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 33,300 while 34,300 is likely to act as resistance.

TRADING call (1-2 days): BUY Tata Motor July future at 407.5-409.5. Stop loss: 400.35. Target: 417

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