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Indian equity markets may see a day heavy in red today

22 Feb 2023 , 08:48 AM

Indian equity markets may see a day heavy in red today because of negative global cues. Today may be a good time for investors to buy stocks at lower valuations. This in turn may result in significant profits for investors in the medium and long term.

US markets saw a day deep in red yesterday. Markets responded negatively to Home Depot’s guidance that its sales will not grow this year because of the slowdown in housing market. Home Depot is a retailer of home improvement products. Sales of existing homes in America came down month-on-month by 0.7%, in January. On year-on-year basis, it came down by 37% in January. Dow Jones closed, down by 697.01 points. Nasdaq closed, down by 294.97 points. Bond yields rose to 3.94%. Oil prices slipped further. US dollar index closed unchanged near 104.

Asian markets have opened in red today, on the back of negative overnight cues from US equity markets. Japanese ‘Nikkei’ is trading lower by 383.82 points. Hang Seng is down by 174.22 points. Kospi index is down by 35.10 points. Taiwan index is down by 198.77 points. 

Indian equity markets ended the day on a flat note, yesterday. Nifty 50 closed, down by 17.90 points. Sensex closed, down by 18.82 points. Top Gainers were NTPC, Britannia and Tata Steel. Top Losers were Adani Enterprises, Apollo Hospitals and Coal India.

Technical View: Nifty is likely to find support at around 17700. 18150 is likely to act as resistance. Bank Nifty is likely to find support at around 40300. 41500 is likely to act as resistance on the upside.

Trading call:(1-14 days) : Sell Shriram Finance February future @ 1210-1220. Stop loss : 1239.30. Target: 1190.

Derivative call-time period: (1 months) : Sell PVR February future @ 1645-1655. Stop loss: 1683.  Target: 1617.

 

 

 

 

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