US markets ended in the red as inflation beat estimates to hit a red hot reading of 9.1%.Markets reacted negatively to this. Dow Jones saw intra day fall of over 465 points before recovering all the losses till profit booking in the last hour saw it close, down by 200 points.Nasdaq traded lower by over 250 points before closing almost flat, down by 17 point .Bond yields hit 3.05% in intra day before closing lower at 2.90%.
Asian markets have opened mixed today. Japanese 'Nikkei' is trading lower by 50 points in early trade while the ASX & New Zealand markets trade in the green. Asian markets will react to strength in the US$ which hit parity against the Euro and which could see impact on Asian currencies. Chinese stocks will react to earnings as lockdown effect could see numbers miss estimates.
Nifty saw another day of weakness as foreign selling before the inflation data coupled with new lows of the rupee saw the index give way after a solid start, to close lower by 90 points.Bank Nifty also saw cuts of over 300 points with HDFC and Indusind bank leading the losers.Mid cap saw buying interest with the Nifty Midcap 50 seeing gains of over 0.46%, to buck the trend.
Technical View: Nifty is likely to find support at around 15800 while 16400 is likely to act as resistance on the upside. Bank Nifty is likely to find support at around 34500 while 35500 is likely to act as resistance.
TRADING call (1-2 days) BUY IPCA LAB July future at 967-970. Stop loss: 949.15. Target: 988
Derivative call- time period:(1 month) BUY Persistent System July future at 3320-3330. Stop loss: 3258.5. Target 3392
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