US markets saw profit booking before latest inflation data is released on Wednesday. Expectations of higher inflation saw profit booking in technology stocks. This dragged the Nasdaq down by over 2.2%. Dow Jones closed lower by 160 points. Nasdaq lost 260 points. Bond yields closed lower at 2.97%. Crude oil prices fell closer to US$ 102.
Asian markets have opened in the red driven by the bout of profit booking in the US markets as investors lighten up before the key inflation data due on Wednesday.The Japanese 'Nikkei' which was a key gainer yesterday was trading lower by over 450 points in early trade.Most other Asian indices traded lower with the Hang Seng seeing pronounced weakness 3rd day running as closures of Macau Casinos sees listed plays on Hang Seng get hit. Alibaba stock on Nasdaq fell over 8%.
Technical View: Nifty likely to find support at around 16000 while 16400 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 34700 while 35500 is likely to act as resistance.
TRADING call (1-2 days): SELL Tata Motors July future at 437-441. Stop loss: 447.65. Target: 430
Derivative call- time period (1 month): BUY Escorts July future at 1565-1580. Stop loss: 1541. Target: 1605
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