Markets likely to open in the Green today

8 Jun 2022 , 09:08 AM

Due to positive cues from foreign equity markets, Indian markets are likely to open in the green today. SGX Nifty is

also in the green today. It has risen by .34% since morning. During the day the course of the market will also be

decided by RBI’s announcement regarding interest rate hike.

US markets surprised with superb rally yesterday. Dow Jones rose from down by 200 points to close at the high of

the day, up by 260 points. Nasdaq also saw Apple lead the gains with the index closing higher by 114 points after

being down almost 200 points in opening trade. Bond yields hit 3.05% before closing at 2.98% as oil prices crossed

US $120 per barrel.

 Asian indices have opened with gains today as the US cues turned positive with Dow Jones gaining over 260 points

yesterday.The Japanese ‘Nikkei’ was trading higher by over 225 points in early trade. Taiwan and Hang Seng were

trading higher by over 1% in early morning trade.Chinese stocks may again start to outperform as reopening and

business normalization could see more ETF flows into Chinese stocks.

Nifty saw another weak day as foreign selling and weak US futures saw the index falling by over 200 points in intra

day trade before closing lower by 153 points. Bank Nifty also fell by over 314 points ahead of the RBI meet today.

HDFC and ICICI bank led the losers .ONGC, Coal India and NTPC led the gainers. Other index losers were Titan,

UPL and Dr. Reddy. Mid-cap stocks also buckled under selling pressure, with Nifty 100 closing lower by 0.90%. 

Technical View: Nifty likely to find support at around 16350 while 16850 is likely to act as resistance level.Bank

Nifty likely to find support at around 34800 while 36000 is likely to act as resistance.

TRADING call (1-2 days): BUY Lal Path Labs June future at 2045-2055. Stop loss: 2009. Target: 2095

Derivative call- (time period 1 month): BUY RBL Bank June future at 109.5-111. Stop loss: 107.85. Target 113.