Global cues are mixed today

28 Dec 2022 , 08:51 AM

Global cues are mixed today for Indian equity markets. US markets closed on a mixed note yesterday. Nasdaq closed in the red yesterday, as technology stocks once again came under selling pressure. America’s top 5 companies have together lost $ 3 trillion in market capitalization, till date in 2022. Asian markets have also opened on a mixed note today. Japanese Nikkei is in the red. Shanghai Index is trading flat. Hong Kong’s Hang Seng Index is seeing a sharp rally.

 US markets saw quiet trade on Tuesday. Rising yields saw technology stocks continue to play spoil sport. Nasdaq closed lower by 140 points. Dow Jones closed higher by 35 points. Oil prices rose in sync with the coldest winter in many years. US dollar index remained unchanged near 104.

Asian markets have opened in the red. Technology stocks are seeing profit booking in Asian markets. Japanese ‘Nikkei’ is down by 150 points. Stronger ‘Yen’ is seeing profit booking in stocks of exporter companies. China reopening is seeing metals rise in sync. South Korean & Taiwan markets are seeing weakness in technology stocks. They are therefore trading in the red.

 Nifty saw another day of gains yesterday. Oversold markets bounced back. Metals led the rally on buying/short covering. Nifty closed higher by 117 points. Bank Nifty closed higher by 229 points. Hindalco, Tata Steel and JSW Steel led the gainers. Hindustan Unilever, Apollo Hospital and Nestle saw profit booking. Mid-caps also saw good traction. Nifty small cap 100 index closed higher by 1.19%

Technical View: Nifty is likely to find support at around 17900. 18400 is likely to act as resistance. Bank Nifty is likely to find support at around 42200. 43250 is likely to act as resistance on the upside.

Technical View: Nifty finds support around 17900 while 18400 will act as resistance.Bank Nifty finds support around 42200 while 43250 will act as resistance on the upside.

Trading call:(1-14 days) : BUY L&T Financial Holdings January future @ 85-86. Stop loss :83.45. Target: 87.5.

Derivative call-time period: (1 months) : BUY Grasim January future @ 1750-1760. Stop loss :1719.5. Target: 1795.