Indian markets may open marginally in the green today

15 Jun 2022 , 08:04 AM

Indian markets may open marginally in the green today because of mixed global cues. Rate hike by US Federal Reserve seems to have been factored in the declines that Indian markets have seen in the past few days. SGX Nifty is however trading in the red today, down by 0.16% since morning.

US markets saw another volatile day with Dow Jones falling 150 points after being up by over 150 points in early trade.Nasdaq closed marginally in the green with technology stocks looking attractive. Bond yields hit 4 year highs at 3.47%, pricing in 75 basis point hike by Federal Reserve today. Gas prices saw sharpest decline in over 3 months as supply chain saw supply now in sync with demand.
 
 Asian indices have opened mixed with the Japanese ‘Nikkei’ still trading in the red in early trade, down 140 points. Taiwan and Hong Kong markets are trading in the green.The ASX index was under pressure yesterday and could see a bounce from oversold territory today as markets await the Federal Reserve decision on rates.  
 
Nifty saw another close in the red after seeing volatile moves through the session with the index swinging over 200 points before cloning lower by 42 points. Bank Nifty also swung over 500 points before closing lower by 94 points. NTPC, Bharti and M&M led the gainers . Bajaj Auto,Indusind and ONGC led the losers as foreign selling saw all rallies getting sold into. Mid cap Next 50 index closed in the green, up 0.31%, indicating the broader markets maybe close to bottoming out in the recent carnage.
 
 
Technical View: Nifty likely to find support at around 15550 while 15900 is likely to act as resistance on the upside.Bank Nifty likely to find at  support around 33000 while 34500 is likely to act as resistance.
 
TRADING call (1-2 days): BUY Indian Hotel June future @ 216-217, stop loss 212.15; and target 221
 
 
Derivative call- time period:(1 month) :BUY Bharat Forge June future at 645-649, Stop loss 634.10 and target 660