Yesterday US markets had a positive closing on the back of two developments.
- On Thursday, President Donald Trump unveiled the guidelines for early opening of U.S. economy. This decision will ultimately be made by state governors. Yet this has provided a hope of early start of U.S. economy than planned after the corona virus issue.
- STAT news in U.S. reported that Chicago hospital treating corona virus patients are recovering fast with the use of Remdesivir medicine. The maker of this drug is “Gilead Sciences”. Still there is no approved treatment for Covid-19 patients. With this development, there is some optimism that has returned in the stock markets.
Thursday U.S. Markets Technical Charts
- Dow Jones Industrial Average
- S&P 500 Index
- Nasdaq Composite
How Asian Markets are performing this Morning?
|Indices||Current Value||Prev. Close||% Change|
|Nikkei (Apr 17)||19782.35||19290.2||2.55%|
|Straits Times (Apr 17)||2658.95||2612.25||1.79%|
|Hang Seng (Apr 17)||24574.9||24006.45||2.37%|
|Kospi (Apr 17)||1918.44||1857.07||3.30%|
|Jakarta Composite (Apr 17)||4610.42||4480.61||2.90%|
|Shanghai Composite (Apr 17)||2844.35||2819.94||0.87%|
|SGX Nifty (Apr 17)||9295||8987.5||3.42%|
How to Trade this Morning?
This morning Indian markets will open around 9250-9300 level and a gain of more than 2%-3%. So trading long at opening is not advisable with such a big gap up opening. Today strategy is “Buy on Dip” and wait for any Intra day dip at around 9200-9230 level. There you can place a buy on Nifty Future with a target of 9320 level. Stop loss at 9100 level.