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.
- 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.
- 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
|Indices||Current Value||Prev. Close||% Change|
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.