Good probability that markets may see a day in green today

24 Nov 2022 , 08:45 AM

There is a good probaility that Indian equity markets may have a day in Green today. Minutes of the most recent Federal Reserve meeting indicate that the US central bank may become less hawkish regarding inflation. Oil prices came down yesterday. Foreign investors were again net sellers in Indian equity markets, yesterday.

US markets saw another day of gains yesterday. Minutes of the most recent Federal Reserve meeting indicate to easing of rate hike trajectory, with a likely December rate hike of 50 basis points. Dow Jones closed higher by 100 points. Nasdaq rose 110 points. Bond yields softened to 3.68%. US dollar index touched 105.83, a six-month low. Crude oil also saw decline, with WTI trading near 77.5.
 
Asian markets have opened in the green today. Japanese “Nikkei’ is trading higher by over 370 points in early trade, as it reopened after a holiday yesterday. Most other Asian indices are trading in the green, with the South Korean ‘Kospi’ leading the gainers.

Nifty saw a day of volatile trade yesterday, after a strong opening. Profit booking and expiry-related roll-overs saw the index gyrate over 80 points, before closing higher by 23 points.  Bank Nifty, which has been the star for the month, hit fresh new all-time highs, closing up 277 points. PNB, Federal Bank and SBI led the gainers among banking stocks. Apollo Hospital, HDFC Life and JSW Steel were top gainers. Profit booking was seen in Adani Enterprises, Adani Ports and Hero Motors.

Technical View: Nifty is likely to find support at around 18250. 18550 is likely to act as resistance. Bank Nifty is likely to find support at around 42300. 43200 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days) BUY Canfin December future at 528-532. Stop loss: 519.40. Target:542

Derivative call- time period:(1 month): Buy Tata Steel December future at 106-107. Stop loss :104.15.  Target: 109