US stock markets saw a fall yesterday. Federal Reserve raised rates by 50 basis points, much in line with expectations. However, Federal Reserve Chairman said that he expects another 50-basis point hike in next meeting, with inflation trajectory to be the guiding force. Yields fell to 3.49%. US dollar index hit fresh new low of 103.65, the lowest in over 4 months.
Asian markets have opened mildly lower. Fall in bond yields and US dollar are acting as favorable factors today. Japanese 'Nikkei' is trading lower by 20 points in early trade. New Zealand index is in the Green. Chinese stocks will see action as fall in US dollar bodes well for commodities.
Nifty saw a smart rally before last hour profit booking saw the gains get reduced to 52 points. Bank Nifty scaled 44000 level. IDFC First, SBI and IndusInd Bank led the gainers. Profit booking was seen in ICICI, PNB and Bank of Baroda. Mid-caps also saw traction with positive market breadth. Nifty Midcap 50 index closed with gains of 0.82%.
Technical View: Nifty is likely to find support at around 18600. 18900 is likely to act as resistance. Bank Nifty is likely to find support at around 43300. 44250 is likely to act as resistance on the upside.
Trading call:(1-14 days) : BUY Hindustan Petroleum December future at 244-244.5. Stop loss: 239.35 . Target: 250.
Derivative call-time period: (1 months): Buy Godrej Properties December future at 1330-1340. Stop loss: 1308.20. Target: 1362.
Related Tags
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Securities Support WhatsApp Number
+91 9892691696
www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.