Indian markets very likely to start the day in the green

30 May 2022 , 09:03 AM

Indian markets are more likely to begin the day today in Green than in red. This is because of positive global cues at the end of last week and the beginning of the week today. 

US markets ended Friday on a strong green note. Asian markets have opened today on a positive note. SGX Nifty however started the day in the red. 

In early morning Nikkei is trading higher by over 450 points as weaker US$ and demand for technology stocks are making   the index hit 3 month high. South Korean & Taiwan markets also are reacting positively as demand for semiconductor & manufacturing components are likely to spur growth in these economies. Hang Seng index sees gains for the second day running. Chinese stocks are also back in favor on expectations that reopening will boost demand.

Nifty saw a superb start to the new June series as derivatives on stocks saw open interest expansion with foreign investors net buyers in options & index. This saw the Bank Nifty hit 2 month highs. Large banks led the gainers along with IT and insurance stocks. Mid cap index also staged a smart comeback as the Nifty midcap 50 gained over 1.41%.

Trading ideas (Time period: 1- 2days): BUY Hind Copper June future at 97.5-99.5; stop loss: 96.45;  Target :101
 
Derivative Strategy (Time Period: 1 month) : BUY DLF June future at 323-326; stop loss:318;  Target 332