Indian equity markets may start the day in red

16 Nov 2022 , 08:47 AM

Indian equity markets are likely to start the day in red today.  Asian markets have started the day on a mixed note today. Foreign Portfolio Investors turned net sellers in Indian markets, after many days. If this trend continues today, markets may go considerably down. 

US markets ended the day in Green, yesterday in red. Dow Jones ended, up by 0.17%. Nasdaq ended, up by 1.45%. S&P 500 ended, up by 0.87 %. NYSE ended, up by 1%.  Technology stocks saw buying interest. Bond yields fell.  US dollar weakened. Oil prices saw uptick. Weakness in US dollar saw buying interest in oil & gold.
 
Asian markets have opened on a mixed note today. Nikkei is down by 0.50%. South Korean KOSPI is down by 0.74%. Taiwan Index is up by .45 %. Shanghai Index is up by 0.18%. Hang Sang is up by 0.090%.

Indian equity markets ended the day in Green, yesterday. Nifty 50 ended, up by 90.60 points. Sensex ended, up by 248.84 points. Top Gainers were ONGC, Power Grid, ICICI Bank. Top Losers were HDFC Life, Grasim, Cipla. 

Technical View: Nifty is likely to find support at around 18250. 18650 level is likely to act as resistance. Bank Nifty is likely to find support at around 41800 while 42800 is likely to act as resistance on the upside. 

TRADING call (1-2 days): Sell SAIL November future @ 86-87. Stop loss: 88.25.  Target: 84.50.
 
Derivative call- time period:(1 month):  Buy Escorts November future at 2015-2025. Stop loss: 1979.5. Target: 2062.