Key Reasons For Nifty 50 Break Out
- Some of the States in U.S. have reopened their economies and other states are planning too.
- Asian markets are trading in green this morning.
- Asian Development Bank Unveils $1.5 billion economical package for India.
- SGX Nifty above 9400 level in morning trade.
U.S. markets are bouncing from its 23rd March low. The recovery in all the key indices in U.S. are more than 50%. This is on the back of:
- Stimulus packages by both US Government & Federal Reserve.
- U.S. states are slowly opening the economy.
Yesterday was a soft closing with negative bias on the back of profit booking
Today there is an important event, as Federal Reserve will announce the Monetary Policy. Investors are eyeing on the central bank’s view on zero interest rate policy to support the economy from corona virus pandemic.
- Dow Jones Industrial Average declined by 32.23 points, or 0.1%, close at 24,101.55.
- The S&P 500 seen downside of 15.09% points, or 0.52%, ends at 2,863.39.
- Nasdaq Composite Index fallen by 122.43 points, or 1.40%, close at 8,607.73.
Asian Markets In Morning
|Indices||Current Value||Prev. Close||% Change|
|SGX Nifty (Apr 21)||9325.5||9266.5||0.64%|
Nifty 50 outlook for the day.
This Morning SGX Nifty is trading strong and indicating a positive opening of Indian Market. Today Nifty 50 may open above 9400 level. a key resistance point. This means there is high probability of breaking this level.
Today buy Nifty future at around 9400 level and look for target of 9500. Maintain stop loss of 9350 level.
There is another positive news for our Market- Asian Development Bank Unveils $1.5 billion economical package for India.
RBI announcement of Rs 50000 crore as special Liquidity Facility is another positive development few days back.