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Markets likely to open in red today

10 Oct 2022 , 08:48 AM

Indian equity markets are likely to open in the red today. US markets closed heavily in the red on Friday. Asian markets, that are open today, have opened in red. Oil prices continue to rise. They are now at a 5 week high. Stock of TCS will be in focus today. The company will declare its September quarter results today.

US markets ended the week in red. Dow Jones came down by 2.11% on Friday. Nasdaq came down by 3.80%. NYSE came down by 2.05%.  S&P 500 came down by 2.80%.

 Asian markets have opened in the red today. Japanese Nikkei is closed today because of Sports Day holiday. South Korean market is also closed today because of Hangul Day holiday. Shanghai Index is down by 0.51% since morning. Taiwanese market is also closed today because of National Day Holiday. ASX and New Zealand markets have opened in red. The undertone remains pessimistic as higher yields indicate to the expectation that the Federal Reserve raise rates by another 75 basis points in November.

Nifty saw another volatile day with the index falling over 121 points, before last hour recovery saw it close, down by 17 points.  Bank Nifty fell over 518 points before closing, down by 100 points. Titan, Power Grid and NTPC led the gainers. Tata Consumer, BPCL and M&M led the losers. Mid-caps also saw profit booking with the Nifty next 50 closing lower by 0.10%.  

Technical View: Nifty likely to find support at around 17000.17400 is likely to act as resistance. Bank Nifty likely to find support at around 38600. 39700 is likely to act as resistance on the upside. 

TRADING call (1-2 days) : Sell Hindalco October future at 408-412. Stop loss: 418.2. Target: 401.5.

Derivative call- time period:(1 month): Sell Bajaj Finserv October future at 1690-1710. Stop loss: 1734. Target: 1665.

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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