Markets may begin the day on a positive note

18 Nov 2022 , 08:50 AM

Indian equity markets may start the day on a positive note today. Other Asian markets have opened in green today. Foreign Investors were net buyers in Indian markets yesterday. If this trend continues today, then markets may remain in green for the rest of the day.

US markets saw a day of volatile trade, yesterday. Dow Jones saw swings of over 377 points before closing lower by 7.51 points. Nasdaq saw swings of 200 points before closing lower by 38 points. Oil prices traded near US$ 82 as supply concerns saw selling pressure. US$ index closed near 106.6. 
 
Asian markets have opened in the green today. South Korean & ASX indices are leading the gains. Japanese “Nikkei’ is also trading higher by 100 points. This as global equity outlook turns positive. All negative factors, including December rate hike by Federal Reserve, seem to have been factored in by the markets. Chinese stocks are see buying interest with expectations of reopening gathering momentum in early 2023.

Nifty saw a day of consolidation yesterday. Weak global cues saw last hour selling. Weak Dow Jones futures saw adventurous shorting in this derivative contract.  Nifty 50 closed lower by 65 points. Bank Nifty , which has been a star performer, hit new all-time highs before closing lower by 77 points. Tata Consumer, L&T & Adani Ent led the gainers. HDFC, Bajaj Auto & Bajaj Finserv led the losers.

Technical View: Nifty is likely to find support at around 18250. 18650 is likely to act as resistance. Bank Nifty is likely to find support at around 42200. 42800 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days) BUY Motherson November future at 72.5-73.5. Stop loss: 71.5. Target: 75.

Derivative call- time period:(1 month): Buy Manappuram Finance November future at 114.5-115.5. Stop loss: 112.60. Target: 118.