SGX Nifty rising marginally in early trade

20 May 2022 , 08:48 AM

SGX Nifty was at 9.86 SGD at around 8:50 a.m. Indian time. This is above its closing price yesterday of 9.68 SGD.

US markets saw another day of volatile trade with indices ending in the red but above the lows touched during the day. Dow Jones closed lower by 230 points while Nasdaq closed down by 29 points. Bond yields closed near 2-month low at 2.82%, while crude oil also saw minor fall, to trade near US$108.
 
 
 Asian indices opened mixed with the Japanese ‘Nikkei’ trading higher by 170 points in early trade while the South Korean & Australian markets trading higher by over 1.3%. Chinese stocks will see reaction to weak economic data, as was expected after the severe lockdown of last month, which has hit exports & manufacturing.
 
Nifty saw another big sell off as foreign investors sold aggressively near to Rs. 4900 crore which saw the index record its biggest fall in over 2 years. IT stocks fell like ninepins as the index plummeted over 5.7%. Blue chips like TCS, INFY & HCL tech & Wipro lead the losers. ITC, Dr Reddy & Powergrid were the only gainers on the index. Mid-caps recorded big falls as collateral damage. In the derivative segment, Nifty midcap 100 lost 3%.  
 
 
Technical View: Nifty is likely to find support at around 15700 while 16300 is likely to act as resistance level. Bank Nifty likely to find support at around 33000 while 34000 is likely to act as resistance on the upside.
 
 
TRADING call (1-2 days) :  BUY DLF May future at 318-322; stop loss 313.60 & target 327
 
 
Derivative call- time period:(1 month) : BUY Bajaj Finance May future at 5675-5725; stop loss 5586 & target 5820