SGX Nifty up 86 points: Asian stocks rise, crude prices jump, Dollar stays firm & more

Domestic stock markets are likely to kick off the week on a higher note on firm global cues. US stocks settled higher on Friday and Asian stocks were all in the black in the early trade.  All eyes would be on the RBI policy review later this week. Here's what you should know before the opening bell:Nifty outlook

Nifty has been consolidating or trading in a narrow range for the past few days. The Relative Strength Index (RSI) has shown a bearish crossover, indicating a potential downturn in prices, said Rupak De, Senior Technical at LKP Securities. "The overall sentiment in the market is expected to remain sideways, indicating a lack of clear direction in the near term. Nifty is likely to find support at the levels of 18,450-18,500. Resistance are seen at 18,650 and 1,8800 levels," he said.SGX Nifty signals a positive start Nifty futures on the Singapore Exchange traded 86 points, or 0.46 per cent, higher at 18,715, hinting at a positive start for the domestic market on Monday.Asian stocks extend gains Asian shares extended a global rally on Monday on optimism the Federal Reserve would pause its rate hikes this month after a mixed US jobs report, while oil jumped as Saudi Arabia pledged big output cuts in July. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.06 per cent. Japan's Nikkei surged 1.68 per cent; China's Shanghai added 0.11 per cent; Hong Kong's Hang Seng gained 0.42 per cent and South Korea's Kospi rose 0.43 per cent.Brent prices up 2%

Oil prices jumped more than $1 a barrel on Monday after the world's top exporter Saudi Arabia pledged to cut production by another 1 million barrels per day from July, counteracting macroeconomic headwinds that have depressed markets. Brent crude futures were at $77.64 a barrel, up $1.51 or 2 per cent. US West Texas Intermediate crude climbed $1.41 or 2 per cent, to $73.15 a barrel, after touching an intraday high of $75.06 a barrel.Dollar index stays elevated Markets are still leaning towards a rate pause from the Fed at the next policy meeting, but have priced out almost any chance of a rate cut by the end of this year. That in turn helped the dollar gain 0.5 per cent on Friday and stay elevated at 104.16 against its peers early on Monday. The greenback jumped 0.8 per cent on Japanese yen to 139.94 while the euro eased 0.5 per cent to $1.0706. The Australian dollar was an outperformer against a strong greenback, up 0.5 per cent to $0.6605.Wall Street stocks settle higher US stocks closed higher on Friday after a labor market report showing moderating wage growth in May indicated the Federal Reserve may skip a rate hike in two weeks, while investors welcomed a Washington deal that avoided a catastrophic debt default. The Dow Jones Industrial Average rose 701.19 points, or 2.12 per cent, to 33,762.76, the S&P 500 gained 61.35 points, or 1.45 per cent, to 4,282.37 and the Nasdaq Composite added 139.78 points, or 1.07 per cent, to 13,240.77.Stocks in F&O ban No stock has been put under the ban by National Stock Exchange (NSE) for Monday, June 5. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.FPIs sell shares worth Rs 659 crore Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 658.88 crore on Thursday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 581.85 crore.  Rupee rises 1 paise against dollar The rupee ended almost flat gaining 1 paisa to 82.39 against the US dollar on Friday amid positive sentiment in domestic equities markets. At the interbank foreign exchange market, the local unit opened on a positive note at 82.31 against the US dollar and touched an intra-day high of 82.27.Note: With inputs from PTI, Reuters and other agencies