Developed markets had zoomed ahead.
USD, JPY & Gold were all down .
Emerging market ETFs were positive
Asian markets have opened in positive territory this morning
SGX Nifty seems to be less enthusiastic but trades in positive territory
Continuing border standoff with China
US protests are spreading worldwide.
Global Markets: - Leaping ahead
Developed markets European, US and Japanese markets zoomed ahead with more than 3% gains on Friday. Emerging market ETFs/assets traded in US went further up as well. All risk assets crude oil, emerging market assets, high yield bonds, EM currencies were up. All-around risk on mood in the global markets is visible. Safe haven assets USD, JPY and Gold are were lower.
ASIAN Markets this morning: - Positive
Asian markets opened this morning in positive territory but they are less enthusiastic than the US and European markets. SGX Nifty is trading above the Fridays Nifty close however it’s not displaying strong momentum. IT is trading about 100 points above Nifty's Fridays close.
There are no significant calendar events scheduled today
India: Will developed markets enthusiasm help Nifty?
Nifty closed in positive territory on Friday. Net buy from both FII & DII were small. While advance decline ratio for NSE rose to very high levels of 6.7. This shows that there is all around buying interest from investors in the market. Globally, overall emerging market assets are performing well.
How will Nifty likely react today?
Nifty is expected to open gap up on account of risk on mood in the global market. There are no triggers for Nifty to go down while institutions may book profit at higher levels. This could be absorbed by enthusiastic buyers. Therefore, I expect markets to slowly trend upwards.
Titan will declare its results today.
NIFTY -Technical Bias:
Price Action & Pattern:
Global risk on sentiment will help Nifty open in positive territory, the gap resistance for Nifty is at 10350. If Nifty breaks above this level, it could zoom ahead while profit booking may not push Nifty below 10180 today.
Bullish spreads are appropriate in today’s market