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
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