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Indian equity markets may start the day in green

4 Nov 2022 , 08:45 AM

Indian equity markets are likely to start  the day in green today. Markets showed strong resilience yesterday, in spite of yet another interest rate shock by US Federal Reserve. This happened because foreign investors remained net buyers yesterday too. This is a favorable sign for Indian equity markets. Oil prices came down yesterday because of sharp increase in probability of US economy and global economy entering into a recession. Bank of England has said that the economy of UK has already entered into a recession. The bank also added that it does not expect the UK economy to grow for another two years.

US markets ended the day in red yesterday, as probability of the country entering a recession, due to Federal Reserve’s hawkish stand on inflation, increased sharply. Dow Jones ended the day, down by 0.46%. S&P 500 ended, down by 1.06%. Nasdaq ended, down by 1.73%. NYSE ended, down by 0.29%.

Asian markets have opened the day on a mixed note. Japanese Nikkei is down by 2.04%. Taiwan index is down by 0.20%. Kospi is up by 0.28%. Shanghai index is up by 1.40%. ASX is up by 0.31%.

Indian equity markets ended the day in red yesterday. Nifty 50 ended, down by 0.17%. Sensex ended, down by 0.11%. Top gainers yesterday were State Bank of India, Titan, UPL. Top losers yesterday were Tech Mahindra, Hindalco, Power Grid. Nifty saw a big day with weak global cues seeing the index fall over 125 points before smart buying by foreign investors, coupled with short covering, drove the index into the green, before closing lower by 30 points.

Technical View: Nifty is likely to find support at around 17850. 18400 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 40800 while 41800 is likely to act as resistance.

TRADING call (1-2 days) : Buy HDFC Life November future @545-549. Stop loss: 536. Target: 553.

Derivative call- time period:(1 month) :Buy Ambuja Cement November future @541-544. Stop loss: 531.10.  Target : 553.


Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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