MarketOutlook AAA20190624

US indices close with minor losses even as S&P 500 hits fresh new all time highs.Dow Jones climbs over 26900 before last hour correction brings down index.Iran tension sees oil rise even as diplomatic rhetoric tries to calm things down between US & Iran.Dovish stance on rates globally seeing spreading to Australia as central bank considering QE package.

Asian indices opened mixed with the Japanese 'Nikkei' trading flat to marginally negative even as the week starts of on a neutral note. Markets will trade cautiously ahead of the G-20 meet next weekend & the crucial President Trump Chinese Premier XI meeting. For today expect Chinese stocks to lead the way as the Shanghai index sees strength ahead of the trade tariff talks.

Nifty saw a sharp reversal after Thursday's strong rally as foreign investors sold heavyweight stocks with Nifty ending down over 100 points. Hdfc, Hind Unilever & Reliance contributed to the fall while the mid cap 150 index closed with gains indicating the market sect oral rotation as smart money now fancies mid caps against large caps.For today we should see more volatility creep in as we head into derivative expiry of contracts on Thursday.

Technical view: Nifty finds support around 11670 while 11827 will act as resistance on the upside.Bank Nifty finds support around 30400 while 30800 will act as resistance.