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Markets may open in red

3 Jun 2022 , 08:51 AM

Indian markets may open in red in spite of overnight positive cues from US markets. Early morning cues

from Asian markets is also positive.

SGX Nifty is up by .81% at around 9 a.m. Indian time. Profit booking may dominate early trading minutes.

This may cause the Indian markets to open in red.

US markets ended the day, yesterday, with a strong rally. Dow Jones rallied over 435 points as bulls

dominated the session. Nasdaq was in full form, gaining over 335 points as technology stocks saw huge

buying interest. Bond yields closed near 2.92% as oil prices see rise in tandem with China reopening

expected to cause growth in demand for oil.

Asian indices opened in the green led by the Japanese ‘Nikkei’. Nikkei is up by over 250 points in early

trade. Most Asian markets are in the green even as we head into the weekend as overnight US cues were

very positive. Chinese reopening will add to growth in the region as demand supply disruptions will get

sorted out.

Nifty saw another volatile day with the index seeing buying in the latter half of the day to close at the high

of the day. Nifty ended the day up by over 105 points. It recovered 203 points from the morning low. Bank

Nifty however failed to recover and closed unchanged with large cap banks under selling pressure.

Reliance led the gainers, up over 3% followed by Bajaj Finserv, TCS and HCL Tech. Apollo Hospital,

HDFC and Auto stocks saw profit booking. Mid-caps were in fine shape with the Nifty midcap 100 gaining

nearly 0.70%.

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

Bank Nifty likely to support at around 35200 while 36200 is likely to act as resistance.

TRADING call (1-2 days): BUY Balkrishna June future at 2320-2330. Stop loss: 2278.60. Target :2372
Derivative call- time period:(1 month): BUY Bata India June future at 1840-1850. Stop loss: 1808.10.

Target: 1882

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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