Markets may open in the green

SGX Nifty opens the day in the green

May 23, 2022 9:01 IST | India Infoline News Service
SGX Nifty has opened the day in the green. At 9:05 a.m. Indian time it was at 9.88 SGD.

US markets saw another day of very volatile trade on Friday as expiry of derivative contracts saw Dow Jones recover from a 650-point decline during the day to close in the green. Nasdaq also recovered from an intra-day decline of 350 points to close just 30 points down from the previous day’s closing. This happened amidst S&P 50 index touching bear market territory, as it is now down by 20% from its January highs. US bond yields closed near 2.78%, the lowest yield level in over 2 months. Oil prices remain near US$ 108.
Asian indices opened in the green in line with strong US futures, which saw the Japanese 'Nikkei' trade higher by over 200 points in early trade. ASX & Taiwan also continued their gains from Friday with most Asian indices opening in the green. Chinese stocks see upgrade from analysts as technology stocks become very attractive after the sharp sell off.
Nifty saw another big day after the rather brutal sell off on Thursday, with the index logging its biggest gains in over 6 months, as the Sensex closed higher by 1500 points. The recent volatility has been rather unsettling as we have seen last week with over 500 points swings almost every day. Auto stocks, Reliance & Dr Reddy led the gainers while there were hardly any losers as the mid-caps also joined the huge move up, with Nifty 100 gaining over 2.89%.
Technical View: Nifty likely to find support at around 15900 while 16500 is likely to act as the resistance level. Bank Nifty likely to find support at around 33800 while 34800 is likely act as resistance on the upside.
TRADING call (1-2 days) : Sell JSW Steel May future at 625-630; stop loss: 639.45;  and target 614
Derivative call- time period:(1 month): BUY M&M May future at 905-915; stop loss : 891.65; and target 929

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