Indian Markets Will Open Lower after Historic Cut in Oil Production- How To trade this Morning?

OPEC daily basket price drops to 61.85 per barrel

SGX Nifty is starting in red territory on the back of global clues. This morning most of the Asian Markets are trading in Red on the back of corona virus impact and due to lower US market future.

In this article, we will share with you how Global markets are performing at present. You will also understand today’s Market strategy for trading in Nifty future.

IndicesCurrent ValuePrev. Close% Change
Nasdaq8153.588090.90.77%
FTSE5842.665677.732.90%
CAC4506.854442.751.44%
DAX10564.7410322.892.34%
Nikkei 19344.4519498.5-0.79%
Straits Times2565.352571.32-0.23%
Taiwan Weighted1014010157.61-0.17%
Kospi1850.741860.7-0.54%
Jakarta Composite4632.634649.08-0.35%
Shanghai Composite2779.472796.63-0.61%
SGX Nifty90609106.5-0.51%
Data: moneycontrol website Time 07.58 AM

Weekly Performance Sheet of Nifty Indices

Indian markets have posted one of the best performance in last week. All the indices have seen a big upside previous week. Nifty has shown an upside of 7.98% on the back of global market rally. US markets have seen one of the best weekly gain. All the major markets in US has grown by more than 10% last week. Have a look on Nifty Indices

IndicesOpening Price
07.04.2020
Closing Price
09.04.2020
Return
(%)
Nifty8446.39119.97.98%
Nifty Midcap503144.13420.958.81%
Nifty Smallcap 2503243.93412.75.20%
Nifty Bank18454.5519913.67.91%
Nifty Auto4665.15568.4519.36%
Nifty FMCG27491.628953.25.32%
Nifty IT1214712728.554.79%
Nifty Media1024.251105.457.93%
Nifty Metal1579.71705.457.96%
Nifty Pharma7729.258800.4513.86%
Nifty Reality178.05185.754.32%
Data from: nseindia.com website

Nifty Broken Double Bottom

In previous week, Nifty has also broken a double bottom technical pattern. This is a bullish pattern and chances of moving to 9500 level is not ruled out in near future. All credit goes to monster rally last week.

Clues for the Day

  • SGX Nifty is suggesting a weak start due to fall in Global Markets on the back of corona virus issues.
  • Yesterday there was an historic oil production cut by Opec countries. They decided to cut the oil production by 9.7 million barrels per day. This has ended a fight between Russia and Opec Countries. This has pushed the prices of both Brent and NYMEX. Both surged by more than 5% today.
  • Also Global markets are rallying on the back of reduction in corona virus cases.
CountriesTotal casesNew casesTotal deathsNew deathsTotal Recovered
World
12.04.202018,52,25772,5141,14,1945,4154,23,311
9.04.202015,17,09583,45788,4416,3983,29,955
% Change22.09%-13.11%29.12%-15.36%28.29%
USA
12.04.20205,60,30027,42122,1051,52832,634
9.04.20204,34,06231,07014,7741,92622,580
% Change29.08%-11.74%49.62%-20.66%44.53%
Spain
12.04.20201,66,8313,80417,20960362,391
9.04.20201,48,2206,27814,79274748,021
% Change12.56%-39.41%16.34%-19.28%29.92%
Italy
12.04.20201,56,3634,09219,89943134,211
9.04.20201,39,4223,83617,66954226,491
% Change12.15%6.67%12.62%-20.48%29.14%
Germany
12.04.20201,27,8542,4023,02215160,300
9.04.20201,13,2965,6332,34933346,300
% Change12.85%-57.36%28.65%-54.65%30.24%
France
12.04.20201,32,5912,93714,39356127,186
9.04.20201,12,9503,88110,86954121,254
% Change17.39%-24.32%32.42%3.70%27.91%
China
12.04.202082,052993,339077,575
9.04.202081,80203,333077,279
% Change0.31%#DIV/0!0.18%#DIV/0!0.38%
Iran
12.04.202071,6861,6574,47411743,894
9.04.202064,5861,9973,99312129,812
% Change10.99%-17.03%12.05%-3.31%47.24%
UK
12.04.202084,2795,28810,612737344
9.04.202060,7335,4917,097938135
% Change38.77%-3.70%49.53%-21.43%154.81%
Switzerland
12.04.202025,4153081,1067012,700
9.04.202023,2801,027895749,800
% Change9.17%-70.01%23.58%-5.41%29.59%
India
12.04.20209,205759331431,080
9.04.20205,91656517818506
% Change
worldometers

How to trade today?

Today the strategy should be to go long in Nifty future from the lower level. As SGX Nifty is giving an opportunity to enter at lower level. The target of the day on Nifty 50 future is 9150 level and stop loss 8900 level

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