US markets saw profit booking as geopolitical tensions rose between Taiwan and China, with acrimony reaching 1996 levels. Dow Jones fell over 400 points. Nasdaq surprisingly held ground to close lower by 20 points. Oil prices fell to US$ 93. Bond yields rose to close near 2.72%.
Asian markets have opened mixed with the Japanese ‘Nikkei’ trading in the green, up 100 points in early trade after the sell off yesterday ahead of the Taiwan/China tensions. Most other markets will trade sideways even as markets await no further escalation caused from the recent visit of US House of Representatives speaker, Nancy Pelosi, to Taiwan.
Nifty saw another volatile day with the index swinging over 175 points before closing flat for the day. Bank Nifty was the star, closing up 120 points and crossing 38000 level in intra-day trade. Mid caps saw profit booking also but managed to outperform. Nifty small cap 100 index closed up 0.71%.
Technical View: Nifty likely to find support at around 17100 while 17450 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 37400 while 38200 is likely to act as resistance.
TRADING call (1-2 days) : Sell Tata Steel August future at 107-108. Stop loss :109.65. Target :105
Derivative call- time period (1 month) :Sell ONGC August future at 133-134. Stop loss: 136.15. Target: 130.75
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