Asian markets have opened in the green. ASX & Japanese market are both in the green. The undertone is to buy the fall, as most negative news with regard to inflation & higher rates get priced in. US dollar strength maybe on its last legs as the global consensus regarding raising of interest rates seems to be weakening.
Nifty saw a close above 18000 for the 1st time since early September. The index reclaimed 18000 level, with foreign investors turning buyers for the 5th straight session. Cement counters coupled with auto led the rally. Reliance also contributed to the rally. Metals, pharma stocks saw profit booking. Apollo Hospitals, Dr Reddy’s and Tata Steel led the losers. Mid-caps saw strength as retail flows saw accumulation. Nifty midcap 100 index rose 1.38%.
Technical View: Nifty likely to find support at around 17850 while 18300 is likely to act as resistance. Bank Nifty likely to find support at around 41000. 41800 is likely to act as resistance on the upside.
TRADING call (1-2 days) BUY Ramco Cement November future @ 720-724. Stop loss: 707.50 .Target: 737
Derivative call- time period:(1 month) Sell Tata Steel November future at 100-102. Stop loss: 103.15. Target: 98.
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