US markets saw more pain yesterday. Dow Jones closed with losses for 4 days running as jobs numbers beat expectations on the upside. Bond yields rose to 3.18% on 10 year bonds. Oil prices fell over 3% to below US$ 89 per barrel for WTI crude. Nasdaq closed lower with technology stocks bearing the brunt of the sell off.
Asian markets have opened in the red led by the Japanese 'Nikkei'. Nikkei is down by over 400 points in sync with weak US cues. Stocks in US seem to be overreacting to the Federal Reserve Chairman’s speech. Rise in yields & strengthening in US$ do not bode well for equities. Most indices, globally, are under pressure. High inflation in most European countries is seeing more pressure on the Euro. Euro is now at its 20-year lows.
Nifty saw its best rally in over 4 months on Tuesday. It surged over 450 points on the back of huge buying by foreign investors. They bought over Rs 4550 crore in a single day. The index was on fire with large caps ruling the roost. Banks led the gainers. Bajaj Finserv, Bajaj Finance, ICICI and IndusInd bank led the gainers. Mid-caps also joined the rally. Nifty next 50 rose 2.60%.
Technical View: Nifty likely to find support at around 17300 while 17850 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 38200 while 39800 is likely to act as resistance.
TRADING call (1-2 days) : Sell Naukri September future@ 4275-4325. Stop loss : 4386. Target: 4220.
Derivative call- time period:(1 month) : Sell LTTS September future @ 3675-3725. Stop loss: 3775. Target: 3625.
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