Indian equity markets may start the day in Green today. The positive momentum of yesterday may continue today too.
US markets saw weakness, after reopening, on Tuesday. Weak earnings from Goldman Sachs disappointed the streets. Dow Jones closed lower by 390 points. Nasdaq closed in the green despite the volatility. Buying interest was seen in technology stocks because of their lower valuations currently. Bond yields remained near 3.52%. US dollar index closes unchanged, near 102.
Asian markets have opened in the green today. Japanese 'Nikkei' is trading higher by 180 points, after the superb 350 points gain yesterday. The left out feeling in Asian equities is seeing strong momentum. Stronger than expected Chinese consumer numbers is adding to the China reopening story.
Nifty saw another volatile day end in the green, yesterday. The index snapped the losing trend of the last 4 days. It saw a superb 160 points rally. This took it past the important resistance level of 18050. L&T, HDFC, HDFC Bank and Reliance led the gainers. Profit booking was seen in SBI, IndusInd & Bajaj Finserv. Bank Nifty was the weak spot as large cap banks saw profit booking. Nifty Next 50 index also closed higher by 0.79%.
Technical View: Nifty is likely to find support at around 17850. 18300 is likely to act as resistance. Bank Nifty is likely to find support at around 41800. 42850 is likely to act as resistance on the upside.
Trading call:(1-14 days) BUY Ashok Leyland January future @ 147-147.5. Stop loss: 144.30. Target: 150.5.
Derivative call-time period: (1 months): BUY ICICI PRU January future @ 483-487. Stop loss: 476. Target: 495.
