Nifty 50 had a weak closing on Tuesday- How it will trade today?

RTX4TAP8 768x432 1

Key Reasons that will decide the Nifty 50 Direction for the day.

  • Oil Prices have a 5 day winning streak, as economies are re-opening around the world.
  • Wall Street rallied on the back of easing lock down policies.
  • Asian Markets are trading in positive territory at 7.24 AM.
  • SGX Nifty is showing a positive start
  • Key level to watch on Nifty 50 is 9200 level, any drop below this level will trigger a sell-off.

Nifty
  • Oil prices are gaining from last 5 days. Tuesday price of benchmark crude rose by 20% at $24.49 a barrel. Brent crude, an international benchmark gained 14% at $31 a barrel. This optimism has come from easing lock down policies around the world.
  • Governor Andrew M. Cuomo, laid out a tentative plan to re-open New York’s economy. It is worst affected State in United States. Lifted the positive sentiment on Wall Street.
  • Nasdaq Indices has regained most of its losses in the year 2020. It is now just 2% down from beginning of the year level. A remarkable recovery from its low. Surprised most of the investors.

U.S Markets

  • Dow Jones Industrial Average gained by 133.33 points, or 0.56%, close at 23,883.09.
  • The S&P 500 seen upside of 25.70 points, or 0.90%, ends at 2868.44.
  • Nasdaq Composite Index increased by 8809.12 points, or 1.13%, close at 8,809.12.

Asian Markets In Morning

IndicesCurrent ValuePrev. Close% Change
Straits Times 2599.272572.361.05%
Hang Seng  24008.2623868.660.58%
Taiwan Weighted10810.7410774.610.34%
Jakarta Composite 4632.784630.130.06%
Shanghai composite2845.182860.08-0.52%
SGX Nifty 921591830.35%
Money Control, Time: 7:51 A.M

Nifty 50 outlook for the day.

  • Indian Markets are weak from last two days. The reason may be increasing corona virus cases and implementation of third phase lock down.
  • On Tuesday, India recorded the highest single day jump on corona virus cases, with 3900 new cases. Not a good sign for our country as it will make things worst for reopening of economy.
  • Today Nifty is at crucial level of 9200, any dip below this level will trigger sell off. Till the time Nifty stays above, trader can go long.
  • Today most of the markets are in positive territory, so trade should be on long side keeping in view of risk reward ratio.
  • Buy Nifty future at 9220-9250 level and look for target 9300 level. Stop loss at 9190 level.

image 3
Icharts

1 thought on “Nifty 50 had a weak closing on Tuesday- How it will trade today?”

Leave a Reply

Subscribe to our NewsletterIts absolutely Free!

You will learn important financial concepts that will make you successful investor

%d bloggers like this: