Indian markets likely to start the day on a positive note today

16 Aug 2022 , 09:02 AM

Indian markets look set to start the day on a positive note today. Consumer Price Inflation in July has come down to 6.71% from 7.1% in June. This is a positive development for markets. Lowering of inflation rate reduces the probability of higher interest rate hikes by RBI.

US markets closed in the green yesterday.  Dow Jones closed up by 151.39 points. Nasdaq closed up by 80.87 points. S&P 500 closed up by 16.99 points.

Asian markets have opened marginally in the green today . Japanese Nikkei has opened in the green. It is up by 2.63 points since morning. South Korean KOSPI is up by 13.01 points. Shanghai index is up by 5.05 points.

Nifty closed on Friday at 17698.5 points, up by 39.15 points. Bank Nifty closed at 39,042. 3 points, up by 162.4 points.

Technical View: Nifty likely to find support at around 17490 while 17800 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 37000 while 39240 is likely to act as resistance on the upside.

Trading ideas (Time period: 1- 2days): Buy Reliance at 2620-2634; stop loss: 2595;  and target: 2690.
 
Derivative Strategy (Time Period: 1 month) : BUY HDFC Bank August Futures at 1475-1485; stop loss : 1455; and target: 1530.