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Indian markets could open mildly higher, in line with positive Asian markets today and higher US markets on Tuesday..…HDFC Securities

U.S. stocks finished higher Tuesday, building on Monday’s sharp rebound from last week’s losses, as Federal Reserve Chair Jerome Powell reiterated his view that higher inflation will be transitory as the economy slowly works its way out of the pandemic this year. The S&P 500 index ended Tuesday near a new closing record, while the Nasdaq Composite reached a new all-time high, led by technology stocks. Amazon had over $5.6 billion in total online sales in the United States on the first day of its Prime promotional event, according to Adobe Digital Economy Index.

In prepared testimony released by the subcommittee late Monday, Powell said, “the Fed will do everything we can to support the economy for as long as it takes to complete the recovery.” Testifying before Congress, Powell vowed that the Fed will not raise rates out of fear of potential rising inflation, and instead will prioritize a "broad and inclusive" recovery of the job market.

Bitcoin broke below the $30,000 threshold for the first time since January on Tuesday, adding to a price drop that has wiped out more than $1.3 trillion in market value for the broader crypto complex since a peak in May. Bitcoin was trading around $32,400 late afternoon Tuesday.

Brazil's real hit a one-year high of 4.97 as minutes of the central bank's recent meeting suggested a more hawkish stance than previously thought.

Asian stocks were steady early Wednesday after reassuring comments on inflation and monetary policy from Federal Reserve officials.

Minutes from the Bank of Japan’s April monetary policy meeting released Wednesday showed members agreed that stimulus measures, particularly those in advanced economies, could result in a “faster than expected” pace of recovery for Japan and other countries. Japan’s factory activity expanded at the slowest pace in four months in June, in a sign momentum in the world’s thirdlargest economy was levelling out before Tokyo is set to host the Olympic Games next month. The au Jibun Bank Flash Japan Manufacturing Purchasing Managers’ Index (PMI) fell to a seasonally adjusted 51.5 in June from a final 53.0 in the previous month, largely due to a sharp decline in output

Indian benchmark equity indices erased intraday gain and ended on flat note after a volatile session on June 22. At close, the Nifty was up 26.30 points or 0.17% at 15772.80.

Nifty after recovering from the lows over the past two trading sessions, reversed course and lost the intra day gains on June 22. After opening gap up, the Nifty ran into resistance at around the 15900 level once again and later filled the morning upgap. 15690-15895 could be the band for the Nifty over the next few sessions even as stock specific moves (amongst lesser number of stocks) continue.

Daily Technical View on Nifty

Nifty : Profit Booking Near All Time High

Yesterday, Sensex hit an fresh all time high at 53057, but Nifty failed to register new all time high above 15901.60 Nifty hit an high of 15895 and saw a gradual profit booking throughout the day Close was higher than the previous day but it remained lower than the day’s open, which resulted in the bullish bar and bearish candle on daily chart of Nifty Though the fall from the day’s high does not change the trend of the market, which turned bullish on Monday Yesterday’s session remained very lacklustre and subdued with very less participation from the stocks Nifty has hot strong support in the area of 15700-15750 Resistance for the Nifty would remain at the all time high of 15901.60 For the BankNifty support is placed at 34300 odd levels From the Sectors IT, Pharma and FMCG looks the strongest

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