Markets may open in the green today

16 Jun 2022 , 08:20 AM

Indian markets are likely to open in the green today. SGX Nifty is also trading in the green today. It has gained .77% since morning. US Federal Reserve has increased interest rate by 75 basis points. This is as per market expectations. 

US markets saw another volatile day but on the upside as Dow Jones gained over 600 points in intra-day before closing higher by 300 points.This as the Federal Reserve did ,as per markets expectations, a 75 basis rate hike. This is the highest hike since 1994 to control inflation.Nasdaq closed higher by over 2% with bond yields closing near 3.4%.
 
 Asian indices have opened in the green with strong US cues and a rather ‘dovish’ US central bank which stated that inflation could be close to peaking.The Japanese ‘Nikkei’ was trading higher by over 450 points in early trade while the South Korean ‘Kospi’ was up nearly 2% as oversold Asian markets seem to bounce back.
 
Nifty saw another close in the red with nervousness before the Federal Reserve rate meet which saw foreign selling late in the day turn the index from green to red to close lower by 40 points. Bank Nifty closed with small gains of 27 points even as high volatility saw intra day swings of over 350 points.
 
 
Technical View: Nifty is likely to support at around 15550 while 15900 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 33000 while 34500 is likely to act as resistance on the upside.
 
TRADING call (1-2 days) BUY SUN TV June future at 411-413, stop loss 403.80 & target 422.

Derivative call- time period:(1 month) BUY ZEE June future at 221-223, stop loss 217.60 & target 227.