Indian equity markets may again start the day in Green

24 Jun 2022 , 08:17 AM

Indian markets may start the day today in Green. Global cues today are slightly positive for opening hours trade. US markets ended on a positive note yesterday. Asian markets too have opened in the Green today. SGX Nifty is up by .39% since morning. Oil prices are on a bit of a decline.

US markets saw a positive session for all indices with Dow Jones closing higher by 194 points. Nasdaq jumped over 179 points as technology stocks lead the gainers. Bond yields closed near 3.10%, the lowest in the last 2 months. Crude prices remained weak, closing the session near US$105.
 
 Asian  indices have opened in the green today led by the South Korean ‘Kospi’ which has been underperforming the region since last month. Most other Asian indices are trading in the green as markets stay light ahead of the weekend, with the undertone slowly turning from  bearish to bullish. Chinese stocks could see more gains as ETF flows buy into the underlying listed stocks in Hong Kong.
 
Nifty saw a very volatile session but managed to close with strong gains, up by 143 points.The intra day swings were 267 points with all the morning gains lost in the afternoon before last hour recovery.Bank Nifty also closed with gains of over 289 points. Mid Caps also had a positive session. The stars for the day were auto stocks with all 5 top gainers on the Nifty being auto stocks.Reliance, Powergrid and NTPC led the losers as energy stocks saw profit booking.
 
 
Technical View: Nifty likely to find support at around 15350 while 15850 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 32600 while 34000 is likely act as resistance.
 
TRADING call (1-2 days):  BUY Ultratech Cement June future at 5420-5440. Stop loss: 5321.  Target: 5540
 
 
Derivative call- time period:(1 month) : BUY Dalmia Bharat June future at 1250-1260. Stop loss: 1229.  Target: 1285.