Markets may start the day today in red

Decline in rupee against the dollar may trigger further sell-off by FPIs

July 04, 2022 8:21 IST | India Infoline News Service
Indian markets are likely to begin the day in Red. Many are now expecting the rupee to breach the Rs 80/ $ mark. Further decline in rupee may trigger further sell-off by Foreign Portfolio Investors. SGX Nifty too is in the red today. It is down by 0.19% since morning. Reliance and ONGC stocks may see some buying today after the declines that they saw on Friday. This may push up the prices of these stocks.

US markets ended the Friday session at day's highs with Dow Jones gaining over 320 points. Nasdaq gained 100 points.This as bond yields hit 2.87%, the lowest in over 2 months with the market pricing in Federal Reserve action on rates later this month.Crude oil prices eased further to US$107 as demand concerns ease.
 Asian markets have opened in the green, led by the Japanese 'Nikkei' and the ASX which were up nearly 1-1.5% in early trade after the US markets closed higher on Friday.This also as today being US Independence Day, the US markets will remain closed.Chinese stocks will see action as markets react to growth numbers which matched expectations.
Nifty saw a volatile day as higher tax imposed on oil refiners saw Reliance and ONGC recording their biggest fall since Covid outbreak. Yet, the index recovered all the morning losses by the end of the day.Nifty was down 280 points before closing lower by 28 points by the end of the day. Bank Nifty led the gainers with the index closing higher by 114 points. Indusind, AXIS and Kotak led the gainers, among banking stocks. ITC hit fresh 3 year highs to emerge as the leader among gainers, followed by Bajaj Finance and Bajaj Finserv.ONGC fell over 13% while Reliance was down 8%. Mid caps saw gains with the Nifty next 50 closing higher by 1.04%.
Technical View: Nifty likely to find support at around 15500. 16000 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 33200 while 34000 is likely to act as resistance.
TRADING call (1-2 days): BUY HAL July future at 1725-1735. Stop loss: 1695.40. Target: 1765
Derivative call- time period:(1 month): BUY BEL July future at 228-230. Stop loss: 224.45. Target: 234

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