Markets may start the day on a positive note

23 Nov 2022 , 08:49 AM

Indian equity markets may start the day in green. The opening may be followed by profit booking, after the rise in the last half hour yesterday. Asian markets have opened in green  today. US markets closed in green yesterday. So opening cues from foreign equity markets look positive.

US markets saw a big day after 3 days of losses. Dow Jones ended, up by 400 points. Nasdaq jumped over 149 points as bulls came roaring back. In a holiday shortened week, the US indices saw buying support. Lower bond yields, at 3.75%, and weakness in US dollar prompted buying in equities.
 
Asian markets have opened in the green today, led by the Taiwan & South Korean markets. Japanese ‘Nikkei’ is closed for a holiday today. Chinese stocks can also see buying interest even though Covid cases act as a dampener.

Nifty saw a day of strength yesterday, after 3 days of losses. The index bounced back with banks leading the recovery. IndusInd, JSW Steel and NTPC led the gainers. BPCL, Bharti and Nestle saw profit booking. Mid-caps also saw strength. Nifty midcap 50 index moved higher by 0.55%. 

Technical View: Nifty is likely to find support at around 18150. 18550 is likely to act as resistance. Bank Nifty is likely to find support at around 42000. 42800 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days): BUY DLF November future at 391-394. Stop loss: 384.65.  Target: 401

Derivative call- time period:(1 month): Buy Zee November future at 251-253. Stop loss :246.90. Target : 258.