Indian market gave up early gains on Friday after gap-up opening and facing resistance on Nifty around 16752 – 16800 level, going into important US Jobs data.
US Jobs data on Friday: Non-Farm Employment change came actual at 390k Vs estimate of 325k – was ahead of expectation, strong data lead to growth stocks correcting.
SGX Nifty @ 16518 down 71 points at 8:10 AM.
Technical Highlight: Nifty correction from 17377 to 15740 – retracement @ 61.8% comes at 16752 – Nifty corrected from this level.
Defense sector will continue to provide hiding opportunity or momentum play, Banking stocks will be in focus and we expect some positive build up going into event. Today’s weak opening is on back of global news, but remain positive going into Monday’s trade.
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Daily Report 6-Jun-22
Indian market gave up early gains on Friday after gap-up opening and facing resistance on Nifty around 16752 – 16800 level, going into important US Jobs data.
SGX Nifty @ 16518 down 71 points at 8:10 AM.
Click on the attachment to read the full report: