Markets look set to start the day in Green

20 Jul 2022 , 08:13 AM

Indian markets may begin the day in Green today. US markets ended the day yesterday on a high note. Asian markets have also begun the day today in Green. SGX Nifty is up by 1.33% since morning. Oil prices posted some mild increases yesterday. FIIs were net buyers yesterday in the Indian markets. Government has reduced export taxes that it levied on export of petroleum products, three months ago. So stocks of index heavy weights such as Reliance Industries may see some gains today.

US markets saw another big day yesterday. Dow Jones gained over 750 points. Nasdaq climbed over 350 points or 3.5% to record its best month since October .US bond yields also saw uptick, closing near 3.02%. Oil prices saw mild gains, closing near US $100.

 Asian markets have opened in the green today led by the Japanese “Nikkei’. Nikkei has risen by over 550 points in early trade. ASX & South Korean markets are also on the rise. Depreciation in US$ bodes well for Asian stocks with Chinese equities also poised for a strong rebound.

Nifty saw another day of superb gains as the index closed near 2 month highs, crossing 16300 with ease.Banks, auto & metals led the gainers. Axis bank, M&M, Indusind & Tata Steel were the stocks that led the gainers. Profit booking was seen in energy & consumer stocks.Mid caps also saw gains. Nifty small cap 100 index closed with gains of 1.02%. 

Technical View: Nifty likely to find support at around 16100. 16550 is likely to act as resistance on the upside.Bank Nifty likely to find support at around 35000. 36200 is likely to act as resistance.

TRADING call (1-2 days) BUY ICICI Bank July futures at 780-783. Stop loss: 765. Target :800 

Derivative call- time period:(1 month) BUY Aarti Ind July future at 736-740. Stop loss :723. Target: 755