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Indian equity markets likely to begin the week in Green

27 Jun 2022 , 08:06 AM

Indian equity markets are likely to start Monday in the Green. Global cues are all positive today. US markets ended on a high positive note on Friday. Asian markets have opened in the Green today. SGX Nifty is up by 1.13% since morning. Oil prices have slipped further but are still in the high zone.
US markets saw a superb comeback on Friday with the best in week rally in over 2 months. Dow Jones closed higher by over 800 points. Nasdaq gained nearly 400 points. Bond yields closed lower at 3.10%. Oil prices saw weakness as supply/demand equilibrium got momentum with Iran supply getting ready to hit the market by next month.

Asian markets have opened in the green across the board with all indices trading in the green led by the ASX index which is up by over 1.5%. The Japanese ‘Nikkei’ & Taiwan index also are gainers with both indices up by over 1.25%. Chinese stocks could see more ETF flows as the index could 4 weeks of gains heading into a holiday shortened week.

Nifty saw a smart end to the week on Friday with the index closing with gains of over 140 points as it closed at near 15700 points. Media, metals & PSU banks led the gainers. IT stocks saw profit booking.Mid caps also joined the rally. Nifty small cap 100 index closed with gains of 1.76%. Expect a volatile week as we head into expiry of derivative contracts this Thursday.

Technical View: Nifty likely to find support at around 15450 while 16000 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 33300 while 34300 is likely to act as resistance.

 TRADING call (1-2 days):  BUY SBI June future at 455-458. Stop loss: 446.85. Target: 466 

 Derivative call- time period:(1 month): BUY Bharat Forge June future at 644-647. Stop loss: 633.  Target: 660.

 

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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