Nifty 50 Index is Surging on the back of Global Clues

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Key Reasons For Green Opening Of Nifty

  • US Stocks closed in Green territory, as many states in U.S. are re-opening their economies.
  • Asian Markets are also green on the US news and Japan economical stimulus
  • Indian Prime Minister Narendra Modi Planning to relax some restrictions on economical activities on May 3.
  • SGX Nifty is indicating a positive start.

Nifty

Stocks in U.S. have moved up , as many of the states there have reopened their economies. They are of the opinion that US has seen its worst days due to virus pandemic. Now the infection curve is peaking out, as death rate and hospitalization admit rate have decreased. Ignoring warning given by many medical practitioners that it is too early to open economies. As still more and more testing is to be done on the citizens for timely cure.

Also Japan has come out with economical package to purchase unlimited amount of bonds to enhance liquidity position in the country due pandemic.

Strong U.S. Market Closing On Friday will lift Nifty

  • Dow Jones Industrial Average advanced by 358.51 points, or 1.51%, close at 24,133.78.
  • The S&P 500 seen upside of 41.74 points, or 1.47%, ends at 2,878.48.
  • Nasdaq Composite Index gained by 95.64 points, or 1.11%, close at 8,730.16.

Asian Markets In Morning

IndicesCurrent ValuePrev. Close% Change
Nikkei19659.2519783.22-0.63%
Straits Times 2534.442549.4-0.59%
Hang Seng  24261.4524280.14-0.08%
Kospi 1915.981922.77-0.35%
Jakarta Composite 4502.264513.14-0.24%
Shanghai Composite 2759.862815.49-1.98%
SGX Nifty (Apr 21)9325.59266.50.64%
Data: Money Control

Nifty outlook for the day.

Yesterday we have strong closing of Indian Markets. All credit goes to strong global clues and RBI’s announcement of Rs 50000 crore to enhance liquidity in Mutual Fund Industry.

This morning Asian markets are trading weak. Today the strategy is “Buy on Dip’. Go long on Nifty future at around 9300 level and look for target of Rs 9370 level. Maintain stop loss at 9250 level.

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