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Markets may see a day in Green today

22 Dec 2022 , 03:20 AM

Indian markets may see a day in Green today. After the fall of yesterday, strong buying demand may occur today. US markets closed strongly in the green yesterday. Asian markets too have opened in the Green today.  These factors increase the probability of a day of rise for Indian equity markets.

US stocks saw a big day yesterday. Dow Jones climbed over 520 points. Nasdaq rose 162 points. Bond yields fell along with US dollar. Markets look ahead to 2023 being the year for consolidation with most rate hikes behind. Oil prices also saw mild uptick, as US dollar closed near lows of last 6 months.
 

Asian markets have opened in the green today. Japanese ‘Nikkei’  is trading in the green after the drubbing of the last 2 days. This, as Yen gets further strengthened. Bond yields rose on 10 year Japanese bonds. Chinese reopening could see further momentum even as rise in Covid cases is seeing most other Asian countries tread with caution on Chinese exposure.

Nifty saw a big intra-day volatility with morning gains giving way to panic like selling as rumors on rising new variant, which was nothing but a curative call by health Ministry, saw bears drive home the fear with the index falling over 186 points after being up by over 125 points in early trade. Bank Nifty fell over 741 points with intra-day swings of over 1300 points. Adani Twins, Ultratech and IndusInd Bank led the losers. Divi’s Lab, Apollo Hospital and Cipla led the gainers. Mid-caps also saw huge correction as collateral risk saw selling pressure.   

Technical View: Nifty is likely to find support at around 18150. 18700 is likely to act as resistance. Bank Nifty is likely to find support at around 42300. 43650 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Motherson December future @70-70.5. Stop loss: 68.80. Target: 72.

Derivative call-time period: (1 months): Buy Ambuja Cement December future @ 540-545. Stop loss: 531.65. Target: 555.

 

 

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