Markets again likely to open in red in early trade

29 Jun 2022 , 07:59 AM

Indian markets may again open in the red today. Markets ended marginally in the green yesterday. This may drive some investors to do early profit booking today through selling. SGX Nifty has been down by 1.04% since morning. 

US markets saw a volatile session yesterday as morning gains got sold into with Dow Jones falling over 490 points after being up by over 400 points in early trade.Nasdaq also saw big fall of nearly 3% as spike in crude prices hit sentiments.China reopening saw crude oil spike while bond yields remained lower at near 3.15%.
 
 Asian markets have opened in the red led by the Japanese ‘Nikkei’ which was down by over 300 points in early trade as US markets saw profit booking across the board. China’s reopening saw demand for crude rise which pushed prices higher along with the G-7 ban on crude from Russia that added to the fire.Chinese stocks have been on an upswing for the last 2 weeks as markets look forward to reopening of the economy after the lockdown.
 
Nifty saw a smart intra day rally after seeing morning dips of over 122 points to close in the green, up by 18 points. Metals, IT and energy stocks led the gainers. Banks,financial services and pharma stocks saw profit booking. Mid cap index closed in the green with the Nifty midcap 150 index closing higher by 0.4%.
 
Technical View: Nifty likely to find support at around 15600 while 16000 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 33200 while 34500 is likely to act as resistance.
 
TRADING call (1-2 days): BUY HDFC AMC July future at 1745-1755. Stop loss: 1715. Target: 1785
 
Derivative call- time period (1 month): SELL DLF June future at 317-320. Stop loss: 325.35. Target: 313