SGX Nifty up 14 points: Asian markets, crude oil prices, dollar movement, Nifty outlook & more

Domestic stock markets are to open on a flat note on Wednesday amid muted global cues. Asian stocks opened lower today, tracking an overnight fall in US stocks as they resumed trade after an extended holiday. Traders will be keenly looking at the US Fed chair Jerome Powell's remark later in the day. Here's what you should know before the Opening Bell:

Nifty outlook
The trend appears positive, as the Nifty closed above the 18,800 level.  The momentum indicator, Relative Strength Index (RSI), indicated a bullish crossover, hinting at increased buying pressure, , said Rupak De, Senior Technical at LKP Securities. “Looking ahead, resistance is expected in the 18,850-18,900 range. The Nifty support is placed at 18,700," he said.

SGX Nifty signals a negative start
Nifty futures on the Singapore Exchange traded 14 points, or 0.07 per cent, lower at 18,867, hinting at a flat start for the domestic market on Wednesday.

Asian stocks fall in early trade
Asian shares dropped in the early trade on Wednesday as investors gave a lukewarm reaction to China's interest rate cut and await key remarks from Federal Reserve Chair Jerome Powell later in the day. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.76 per cent. Japan's Nikkei shed 0.02 per cent; China's Shanghai Composite dropped 0.45 per cent, South Korea's Kospi fell 0.58 per cent while Hong Kong's Hang Seng tanked 1.54 per cent.

Oil prices fall for 3^rd day
Oil prices weakened on Wednesday, extending falls to a third straight day, as the dollar strengthened on a US housing market recovery while fears persisted that monetary stimulus may not be enough to revive growth in China. Brent futures fell 21 cents, or 0.3 per cent, to $75.69 a barrel and US West Texas Intermediate (WTI) crude futures were down 14 cents, or 0.2 per cent, at $71.06 at 0043 GMT.

Dollar firm on strong housing data
The US dollar was firm in Asia trade on Wednesday following surprisingly strong US housing data, while the yuan and Aussie dollar nursed losses and focus turned to Federal Reserve Chair Jerome Powell's appearance before Congress later in the day. The US dollar index was steady at 102.55. The greenback was marginally stronger at $1.0916 per euro overnight and steady early in the Asia session. The yen was also firm at 140.50 per dollar.
 

Wall Street stocks end lower
US stocks softened on Tuesday, closing in negative territory as investors took profits off the table. Federal Reserve Chairman Jerome Powell's congressional testimony on Wednesday could be a potential market mover. The Dow Jones Industrial Average fell 245.25 points, or 0.72 per cent, to 34,053.87; the S&P500 index lost 20.88 points, or 0.47 per cent, to 4,388.71 and the Nasdaq Composite index dropped 22.28 points, or 0.16 per cent, to 13,667.29.

Stocks in F&O ban
Seven stocks- Hindustan Aeronautics (HAL), Hindustan Copper, Bharat Heavy Electricals (BHEL), L&T Finance Holdings, Indiabulls Housing Finance, Delta Corp and India Cements - has been put under the ban by National Stock Exchange (NSE) for Tuesday, June 20. Derivative contracts in a security are banned when they cross 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 1,943 cr
Provisional data available with NSE suggest that FPIs turned net sellers of domestic stocks to the tune of Rs 1,942.62 crore on Tuesday. However, domestic institutional investors (DIIs) turned net buyers of Indian equities to the tune of Rs 1,972.51 crore.

Rupee falls 15 paise against dollar
The rupee depreciated 15 paise to close at 82.09 against the US dollar on Tuesday amid fresh foreign capital outflows and rising crude prices in the international market. At the interbank foreign exchange, the domestic unit opened weak at 82.03 and touched the intra-day low of 82.17.


Note: With inputs from PTI, Reuters and other agencies