Markets may start the day on a positive note today

Cues from other foreign markets are positive

August 26, 2022 8:41 IST | India Infoline News Service
Indian markets may start the day in green today. US markets ended the day in green yesterday. Asian markets have opened in the green today. SGX Nifty is up by 0.56% since morning. Oil prices eased yesterday on the expectation that Iran will get to export more oil, after the conclusion of a possible nuclear deal. This is a positive development for Indian equity markets.

 US markets saw a smart rally yesterday as oversold markets reacted positively to results from Software & Banks. Dow Jones gained over 330 points. Nasdaq rallied over 200 points or 1.7% . Bond yields eased to 3.04%. Oil also saw mild decline to US$94 per barrel.
 Asian markets have opened in the green led by the Japanese 'Nikkei'. Nikkei is trading higher by over 270 points in early trade. The Hong Kong index "Hang Seng '' is seeing its best rally in over 3 months as easing of policy rates by the Chinese Central Bank has caused banks & realty stocks to outperform.

Nifty saw another day of volatile trade with the last half hour wiping out all gains as overleveraged positions were squared up with local mutual funds booking profit. Nifty saw intraday swings of over 240 points before closing lower by 82 points. Bank Nifty swung over 674 points before closing lower by 87 points. Nifty small-cap 100 index closed higher by 0.45%. Investors continue to buy mid-cap stocks.

Technical View: Nifty likely to find support at around 17500. 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 Hero Moto September future @ 2810-2830.  Stop loss: 2763. Target: 2880

Derivative call- time period:(1 month): BUY SAIL September future @ 80-80.5. Stop loss : 78.60. Target : 82

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