Markets may start the day in red

21 Nov 2022 , 08:44 AM

Indian equity markets may start the day today in red. A flat day may be in store for the markets. The behavior of foreign investors today will have an impact on the market’s course. On Friday they were net sellers.

US markets ended Friday in Green. Dow Jones closed, up by 0.59%. Nasdaq closed, up by .009%. NYSE Index closed, up by 0.56%. S&P 500 closed, up by 0.48%.
 
Asian markets have opened in Red today. Japanese Nikkei is down by 0.16%. South Korean KOSPI is down by 1.33%. Taiwan Index is down by 0.22%. Shanghai Index is down by 0.77%. ASX Index is down by 0.11%.
 
 Nifty saw a day of consolidation, with the index trading lower for the whole day. Last hour buying in Reliance saw the loss cut down to 38 points from over 130 points. Mid-caps have been seeing profit booking for last 4 days. Nearness to derivatives expiry date will see this week more volatility this week. PSU banks, large cap private banks continued to lead the gainers. Metals & auto stocks saw profit booking. 

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 Jindal Steel November future at 515-519. Stop loss: 506.5. Target: 527
 
Derivative call- time period:(1 month): Buy SAIL November future at 80-81.5. Stop loss: 79.35. Target: 83.