A day in Green likely for markets on the last trading day of the year

30 Dec 2022 , 08:53 AM

Indian equity markets may see a day in Green on the last trading day of the year. Global cues from foreign equity markets are strongly positive today.  Asian markets have opened in the green. Current account deficit of India in September quarter touched a 9 year high of $36.4 billion.

US markets ended the day in Green yesterday. Dow Jones ended, up by 345.09 points. Nasdaq ended, up by 264.80 points. NYSE Composite ended, up by 203.89 points. S&P 500 ended, up by 66.06 points. Bond yields fell to 3.81%. US dollar index closed below 104. 

 Asian markets have opened in the green today. Nikkei is up by 69.28 points. Taiwan Index is up by 111.40 points. Hang Seng is up by 80.33 points. Shanghai Index is up by 12.63 points.

 Nifty saw a smart intra-day recovery yesterday. Expiry of derivative contracts saw the index gyrate sharply from down by 130 points to close higher by 68 points. Bank Nifty also saw fall of over 350 points in early trade before recovering to close higher by 420 points.  Short covering & value buying by local funds shored up the index. Bharti, Eicher Motors and SBI led the gainers. Tata Motor, Apollo Hospital and Titan saw profit-booking.

Technical View: Nifty is likely to find support at around 18100. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 42500. 43850 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Adani Ent January future @ 3820-3850. Stop loss: 3753. Target: 3910.

Derivative call-time period: (1 months) : BUY Coromandel January future @ 890-895.  Stop loss: 874.65. Target :915.