US markets saw another day of gains yesterday. Intra day volatility saw Dow Jones gyrate over 500 points before closing higher by 162 points .Nasdaq closed higher for 5th straight day with intra day swings of over 250 points before closing higher by 161.9 points. Oil prices trade lower near US$97. Bond yields declined to 2.90%.
Asian markets have opened mixed with the Japanese ‘Nikkei’ trading almost flat in early trade. ASX index is also trading in the red. Most Asian markets have seen a superb week with the indices trading near 1 month highs. All eyes are now on next week Federal Reserve meet. This will cause volatility to get higher as we near the date. Chinese stocks have seen smart ETF flows and could be gainers once the event gets discounted.
Nifty saw another day of gains as the markets recovered from morning lows to climb higher on the weekly contracts expiry day with bears getting trapped. Nifty rose to close above 16600, gaining over 84 points. Bank Nifty gained over 226 points. Mid caps were the real winners as sentiment got boosted with foreign investors buying for 4th day running. This caused Nifty next 50 index to gain nearly 1.5%.
Technical View: Nifty likely to find support at around 16200 while 16750 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 35800 while 36600 is likely to act as resistance.
TRADING call (1-2 days): BUY Pidilite July future at 2350-2360. Stop loss: 2308. Target: 2405
Derivative call- time period:(1 month): BUY India Bulls Housing July future at 101.5-102.5. Stop loss: 99.2. Target: 105
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