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Markets may start the day on a positive note today

Cues from other Asian markets are positive

August 25, 2022 8:35 IST | India Infoline News Service
Indian markets may start the day in green today. Other Asian markets have started the day in green. US markets closed in green yesterday. SGX Nifty has opened in green today, up by 0.43% since morning. Oil prices have started rising up once again. This is a negative development for the Indian equity markets in the near term.

Dow Jones closed up by 0.18% yesterday. Nasdaq closed up by 0.41%. NYSE index closed up by 0.35%. US dollar fell to index level of 108.5. Oil prices saw uptick, crossing US$100. Bond yields remained near 3.11% in anticipation of the outcome of Federal Reserve’s meeting at Jackson Hole.

Asian markets have opened in the green today. Nikkei is up by 0.54%. Shanghai is up by 0.38%. Taiwanese index is up by 0.91%. KOSPI is up by 0.91%.  Investors are awaiting Federal Reserve’s guidance on rates & inflation that will come tonight. Chinese Stocks remain in buy mode as recent rate cut by Central Bank can see revival in realty & banking stocks. 

Nifty saw another day of positive consolidation yesterday, ahead of the August expiry on derivatives. Nifty is on track to record its highest close in 4 months. Banks led the gainers with the banking index closing above 39000. Apollo Hospital, ONGC, IndusInd & ICICI led the gainers. BPCL, Tata Steel & Divis's lab led the losers. Mid-caps again outperformed the indices. Nifty small cap index was up by 0.82%.

Technical View: Nifty likely to find support at around 17500 while 17950 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 38800 while 39700 is likely to act as resistance.

TRADING call (1-2 days) : BUY Wipro September future @ 418-419. Stop loss: 410. Target: 427.

Derivative call- time period:(1 month):  BUY Vedanta Ltd September future @ 267.5-268.5. Stop loss :262.15.  Target: 274.

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