US markets saw another volatile day on Friday. Markets prepared for Federal Reserve policy action on 21st September with 75 basis points hike priced in. Dow Jones closed lower by 139 points after being down by over 410 points in intra-day trade. Nasdaq closed lower by 100 points after being down by over 236 in intra-day trade. Bond yields closed near 3.45%. Oil slipped to US$ 85.
Asian markets have opened muted today. There is likely to be some rebound from last week’s weakness. Most investors await Federal Reserve action and commentary on rates. US index dollar is trading near 109.5 . Japanese “Yen” has hit 143/$. This will also see the Japanese central bank react as they also are expected to leave rates unchanged this week. Chinese stocks will see reaction to the weakness of Internet stocks listed in US. IT stocks world-wide are seeing selling pressure.
Nifty saw another volatile day on Friday. The index saw its biggest fall in over 2 months as foreign selling saw the index lose over 345 points. Local mutual funds also played a muted role. IT, metals, media & banks led the fall. Mid cap stocks also saw collateral selling. Nifty midcap 50 index closed lower by nearly 3% .Tata Consumer, UPL, Tech M & Ultratech led the losers. IndusInd and Cipla closed in the green.
Technical View: Nifty likely to find support at around 17450. 17800 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 40200. 41200 is likely to act as resistance.
TRADING call (1-2 days) BUY PNB September future @ 39.25-39.75. Stop loss : 38.7. Target : 40.5
Derivative call- time period:(1 month) :BUY JSW Steel @ 680-685. Stop loss: 668.2. Target : 698
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