Indian equity markets may see some profit booking today

4 Jan 2023 , 08:53 AM

Indian equity markets are likely to see some profit booking today. US equity markets ended the day in red yesterday. Most other Asian markets have started the day today in Green.

US markets ended the day in red yesterday. Dow Jones ended, down by 10.88 points. Nasdaq ended, down by 79.50 points. NYSE composite ended, down by 29.86 points. S&P 500 ended, down by 15.36 points.

 Most Asian markets have opened in Green today. Japanese Nikkei is down  by 381.80 points. South Korean KOSPI is up by 20.08 points. Hang Seng is up by 291.04 points. Shanghai Index is up by 8.77 points. ASX Index is up by 95.04 points. 

 Indian equity markets end the day in Green yesterday. Nifty 50 ended, up by 35.10 points. Sensex ended, up by 126.41 points. Top Gainers were HDFC Life, SBI Life and Axis Bank. Top Losers were Hindalco, JSW Steel and Britannia. 

Technical View: Nifty is likely to find support at around 18150. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 4300. 43850 is likely to act as resistance on the upside.

Trading call:(1-14 days) SELL LTTS January future @3710-3720. Stop loss: 3789. Target: 3640.

Derivative call-time period: (1 months) : BUY Adani Port January future @820-825. Stop loss: 805.25.  Target: 840.