Nasdaq ended the week down by 3.52%. NYSE was down by 2.43%. All eyes are now on the Federal Reserve meeting on Wednesday. A decision of either a 50 basis point hike or 75 basis point hike is likely to be taken.
Asian indices have opened in the red today. Japanese Nikkei is down by 2.87%. Stock indices of South Korea and Taiwan are also in the red. Shanghai’s index is down by .45% in morning trade. Chinese stocks are under pressure as further lockdowns could prompt more inventory losses.
Nifty saw another volatile day as deep cuts were seen with the index closing near 16200 or down by over 270 points. Bank Nifty ended the day down by 600 points even as mid caps bucked the trend, falling less than the large caps. Reliance,Bajaj Finance, HDFC led the losers. Grasim, Apollo Hospital and Asian Paints led the winners. Foreign Portfolio investors selling accentuated with rising collateral risk in US seeing more unwinding.
Technical View: Nifty likely to find support at around 15700. 16300 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 33800. 34900 is likely to act as resistance level.
TRADING call (1-2 days): Sell Asian Paints June future at 2690-2710. Stop loss: 2754. Target: 2645
Derivative call (time period:1 month): Sell Berger Paints June future at 575-580. Stop loss: 589.5. Target: 566
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