US markets saw a volatile day yesterday. Dow Jones swung over 660 points before closing near the lows of the session, down by 200 points. Nasdaq also saw intra day moves of over 300 points before closing lower by 100 points. Bond yields remained near 2.98%. Crude prices closed near US $99 per barrel.
Asian markets have opened mixed with the Japanese ‘Nikkei’ trading higher after being closed yesterday for a holiday. Other Asian markets follow US cues and are trading lower in early trade. Chinese stocks will respond to Covid lockdown reopening. Metals destocking could see more ETF flows in metal stocks. Hong Kong monetary authority is defending the Hong Kong $ against the US$ through monetary intervention.
Nifty saw another day of superb gains as short covering coupled with value buying saw both foreign and local mutual funds turning into buyers in select large cap stocks. This drove the index higher by 200 points.Bank Nifty also joined the rally, gaining over 676 points as mid cap banks saw buying interest.Metal and IT stocks led the gainers with Infosys,Tech Mahindra and Wipro leading the gainers along with Tata Steel and Hindalco.
Technical View: Nifty is likely to find support at around 16000 while 16400 is likely to act as resistance on the upside.Bank Nifty is likely to find support at around 34700 while 35500 is likely to act as resistance.
TRADING call (1-2 days) : SELL Hindalco July future at 366-369. Stop loss: 374.85. Target: 360
Derivative call- time period (1 month): SELL Indusind Bank July future at 847-851. Stop loss: 865.95. Target: 832
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