US markets ended Friday on a mixed note. Federal Reserve meeeting minutes indicate to 75 basis rate hike later this month. This led to bond yields rising to close near 3.09%. Dow Jones closed lower by 45 points. Nasdaq gained 14 points to see its best week since early May.
Asian markets have opened mixed with the Japanese ‘Nikkei’ trading higher by almost 450 points as the party of recently assassinated ex Prime Minister Shinzo Abe won the elections by a huge majority. Japanese stocks are reacting positively to this victory. Other markets in Asia however are trading lower as profit booking is being seen in most indices.
Nifty saw another day of gains on Friday with the index seeing its best week in over 2 months as it closed with gains of 87 points. Bank Nifty also closed above 35000, gaining 200 points. Mid caps saw profit booking but managed to close higher with the Nifty 100 closing higher by 0.52%. L&T, NTPC and SBI LIFE led the gainers. Metal stocks saw profit booking.
Technical View: Nifty likely to find support at around 16000. 16400 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 34500. 35500 is likely to act as resistance.
TRADING call (1-2 days): SELL Hindustan Petroleum July future @ 241-243. Stop loss: 246.85. Target: 237
Derivative call- time period:(1 month) SELL Glenmark July future at 387-391. Stop loss: 396.70. Target: 380
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