Indian markets likely to open in the Green today

21 Jun 2022 , 07:57 AM

Indian equity markets are likely to open in the Green today. Most other Asian markets have opened today in the Green. SGX Nifty has also opened in the Green. It is up by .23% since morning.

US markets were closed yesterday for Juneteenth holiday. They will reopen today while futures closed at the highs for the day. Bond yields traded near 1 month lows at 3.23% while crude prices remained lower as consumption dropped because of Chinese lockdown and global slowdown.
 
 Asian indices have opened with strong gains led by the Japanese ‘Nikkei’ as oversold markets saw strong rebound. The Japanese index was trading higher by over 400 points in early morning trade. This was followed by gains in Taiwan & ASX 200 which saw strong rebound after the last 2 weeks of pain. Chinese stocks will also see gains as markets factor in strong consumption demand returning as reopening sees travel and tourism restrictions end.
 
Nifty saw another volatile day with the index closing in the green after 6 days as consumption, IT & HDFC stocks led the gainers while metals, mid cap banks & energy stocks saw profit booking. The Nifty small-cap 100 index saw near term capitulation as it fell over 3% even as the Nifty closed in the green up by 56 points. This on the back that foreign selling yesterday was the lowest this month which indicates sell off from retail leveraged players.
 
 
Technical View: Nifty likely to find support at around 15150 while 15650 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 32200 while 33500 is likely to act as resistance.
 
TRADING call (1-2 days): BUY Tata Consumer June future at 715-719. Stop loss: 702.65. Target: 732
 
 
Derivative call- (time period 1 month): BUY PEL June future at 1590-1600. Stop loss: 1563.  Target: 1627