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.
|Indices||Current Value||Prev. Close||% Change|
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
|Nifty Smallcap 250||3243.9||3412.7||5.20%|
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.
|Countries||Total cases||New cases||Total deaths||New deaths||Total Recovered|
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