US indices end with losses as energy stocks lead the fall while technology stocks see buying. WTI crude fell to lows last seen in 1946 as futures trade with huge backwardation @ -$37 as huge supply created closure of oil fields in Texas. Bond yields trade close to 0.62% even as Italian bond yields spurt to 1.94% their highest surge in over 1 year.
Asian indices opened in the red led lower by the Japanese Nikkei, which traded lower by 175 points as energy stocks took a beating in the oil meltdown. Chinese stocks continue to see buying as ETF flows remain strong as businesses reopen with supply chain resumption in most industries.
The Nifty closed with minor losses as global cues were turning negative during our closing time and banks again saw selling emanate. Auto, banks metals saw selling as the Nifty failed to close above 9300, while Reliance, IT stocks and PSU banks led the gainers. For today, expect some more consolidation as markets see sector specific churn with mid caps seeing outperformance.
Technical view:Nifty will find support around 9100, while 9500 will act as resistance on the upside. Bank Nifty finds support around 20200, while 21200 will act as resistance.
Trading Ideas (Time period: 1-7 days)
MARUTI Apr Fut (Sell at Rs.5310-5340 Target Rs5100 Stop Loss Rs5410): The stock future has made a lower high on the hourly chart. hourly RSI is in a bearish crossover and falling. Hold short positions with mentioned stop loss.
Derivative Strategies (Time period: Hold till expiry)
Buy IOC April future at Rs88-88.5, Stop Loss Rs86.45 and Target Rs90.
Derivative Snippets
Nifty/Bank Nifty Weekly expiry update: On the options front (April 23, 2020 expiry), Nifty OTM call option strikes saw short selling.
Nifty and Bank Nifty futures saw long buildup.
Nifty PCR stood at 1.37x vs 1.38x.
FIIs were net sellers in the cash market segment to the tune of Rs266 cr.
Corporate and Economy Snippets:
Morepen Laboratories got license to manufacture Hydroxychloroquine from the State Drug Controller last week for its Baddi plant.
TCS enters into a strategic partnership with Amway to transform Amway’s global technology operations.
Stricter surveillance measures to tackle market volatility to continue: SEBI
Finance Ministry sanctions Rs 46,038 cr as states share in taxes for April.
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