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Indian equity markets may see selling pressure dominate today

7 Oct 2022 , 08:51 AM

Indian markets may see selling pressure dominate today. The selling momentum that built in the later half of the day yesterday may continue today. US markets closed in red yesterday. Most Asian markets too have opened in red today. SGX Nifty is down by 0.24% since morning. Oil prices continued to increase yesterday.

US markets saw profit booking yesterday. Dow Jones fell 350 points. Nasdaq closed lower by 75 points. Bond yields spiked to hit 3.78%. Oil prices rose as OPEC announced cut in output. US$ index also saw gains to close at 112. 

 Asian markets have opened in the red today.  Weekend blues are seeing profit booking with investors booking profit after the last few days of gains. Most Asian & global markets could be in the final stage of bottoming out as US dollar’s strength coupled with rising yields seems to be petering out. Chinese stocks could see some buying interest as current valuations can be attractive bargains.

Nifty saw another volatile day with gains for 3rd straight day. Last hour profit booking saw intra-day gains get reduced, with the index closing higher by 50 points. Bank Nifty saw profit booking with the index closing higher by 172 points, after being up by over 376 points in intraday trade. Metals, media & realty stocks saw buying interest.  FMCG and pharma stocks saw profit booking.

Technical View: Nifty likely to find support at around 17000.17400 is likely to act as resistance. Bank Nifty likely to find support at around 38900. 39700 is likely to act as resistance on the upside. 

TRADING call (1-2 days) : BUY Motherson October future at 76-77. Stop loss: 74.85. Target: 79

Derivative call- time period:(1 month): Sell Chola Finance October future at 730-735. Stop loss: 747.1. Target: 717

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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