MARKET VIEW
GLOBAL MARKETS
US stocks saw a big day yesterday. Dow Jones climbed over 520 points, closed at 33376.
Nasdaq rose 162 points, closed at 10709.
S&P Gained 56 points closed at 3878
Bond yields fell along with US dollar.
Asian markets have opened in the green today. Japanese ‘Nikkei’ is trading in the green after the drubbing of the last 2 days. This, as Yen gets further strengthened. Bond yields rose on 10 year Japanese bonds. Chinese reopening could see further momentum even as rise in Covid cases is seeing most other Asian countries tread with caution on Chinese exposure.
INDIAN MARKETS
Nifty saw big intra-day volatility with morning gains giving way to panic like selling as rumors on rising new variant, which was nothing but a curative call by health Ministry, saw bears drive home the fear with the index falling over 186 points after being up by over 125 points in early trade. Bank Nifty fell over 741 points with intra-day swings of over 1300 points.
The sectors which outperformed were Pharma & IT and the sectors which underperformed were Media, PSUBanks, Metals.
Foreign institutional investors (FIIs) sold shares worth Rs 1,119.11 crore, while domestic institutional investors (DIIs) purchased shares worth Rs 1,757.37 crore.
TODAY’S VIEW
The market is expected to open in the green as trends in the SGX Nifty indicate a gap-up opening for the broader index in India with a gain of 96 points.
As per the pivot charts, the key support level for the Nifty is placed at 18,160, followed by 18,086 and 17,968. If the index moves up, the key resistance levels to watch out for are 18,397 followed by 18,470 and 18,589.