Indian markets are likely to remain the Red territory today. Foreign Portfolio Investors are likely to remain net sellers today. This is because of some anxiety coming out from Federal Reserve’s decision on interest rate hike that will come later in the evening today. Stocks of companies such as Maruti Suzuki will see movement. Their June quarter results will come today.
US markets saw pullback yesterday ahead of big earnings and Federal Reserve meet today. Dow Jones lost 220 points. Nasdaq closed lower for 3rd straight day, losing over 216 points. Bond yields closed near 2.75%, the lowest in over 2 months. Oil prices saw mild uptick.
Asian markets have opened muted. With the Federal Reserve meet tonight, all investors will await the direction of its action & talk to chart the course going ahead. The Japanese ‘Nikkei’ is trading down 50 points with most other Asian indices trading flat to slightly negative even though US futures were higher after good results from Amazon, Texas Instruments and Microsoft.
The Nifty saw a day of losses for the 2nd day running as profit booking was seen across the board, led mainly by IT & banking stocks. This happened ahead of the monthly expiry of derivative contracts on Thursday and the Federal Reserve meet this evening. Nifty lost over 145 points. Bank Nifty was down 317 points. Mid caps also saw losing trend. Nifty Small cap index lost over 1.45%.
Technical View: Nifty likely to find support at around 16200 while 16850 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 36000 while 37000 is likely to act as resistance.
TRADING call (1-2 days): BUY Mphasis August futures at 2180-2190. Stop loss: 2139. Target :2230
Derivative call- time period(1 month) : BUY Bharat Electronics August future at 266.5-267.5. Stop loss: 261.55. Target: 272.5
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.