US markets saw another superb day of comeback yesterday. Dow Jones rallied 670 points, intra-day, before closing higher by 550 points. Nasdaq gained 354 points as bulls came back with vengeance. US dollar index fell over 1.5% to 112. Oil prices retreated. Banks & financial services stocks outperformed.
Asian markets have opened in the green. Japanese 'Nikkei' is up by over 200 points in early trade. ASX index has gained over 1.5%. Most other Asian indices are trading higher. Weaker US$ is causing positive inflows , through ETF flows, into the markets.
Nifty saw another volatile day yesterday. Morning dip was bought into. The index saw buying coupled with huge short-covering. This drove the index higher by 126 points. Bank Nifty led the gains. SBI, Bajaj Finserv and Axis bank led the gainers. Hindalco, L&T and JSW Steel saw selling pressure.
Technical View: Nifty likely to find support at around 17100. 17500 is likely to act as resistance. Bank Nifty likely to find support at around 39200. 40300 is likely to act as resistance on the upside.
TRADING call (1-2 days) :BUY AB Capital October future at 110.5-111.5. Stop loss: 108.65. Target : 114.
Derivative call- time period:(1 month): BUY PNB October future at 37-37.25. Stop loss: 36.30. Target: 38.
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