Markets may again begin the day in green today

13 Sep 2022 , 08:50 AM

Indian equity markets may start the day in green today. Most other Asian markets have begun the day in green today. US markets closed the day yesterday on a positive note. A slight weakness in dollar is still a relief for Indian markets. Industrial growth of India slowed down to 2.4% in July.

 US markets gained for 3rd straight session. Dow Jones closed higher by 239 points. Nasdaq gained over 150 points. Oil prices saw uptick to close near US$87.  Bond yields closed near 3.34%. US$ saw weakness with dollar index closing near 108. The weakness in dollar resulted in emerging markets and commodities rising in tandem.
 Asian markets have opened in the green with the Japanese ‘Nikkei’ trading higher by 100 points after a superb last 7 days for the index. South Korean markets are the star for today. Bears seem to be scampering for cover with the index gaining over 2% in early trade. Chinese stocks will also react positively today as they reopen after a holiday.  
 
 Nifty saw another superb session with the index closing near 18000 and the Sensex closing above 60000.Bank Nifty saw profit booking with gains getting tempered to 150 points as Kotak, HDFC and  Bandhan dragged the index lower. Adani Port, Titan, Tech M and Divi’s lab led the gainers. Coal India, HDFC, Shree Cement and Nestle saw profit booking. Mid-caps again saw delta buying. Nifty small cap 100 index closed higher by 1.33%.
 
Technical View: Nifty likely to find support at around 17700 while 18100 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 40300 while 41000 is likely to act as resistance.

TRADING call (1-2 days) BUY SBI LIFE September future @ 1310-1315. Stop loss : 1285.35. Target : 1340

Derivative call- time period:(1 month): Sell HDFC LIFE September future @ 582-587. Stop loss: 596.30 .Target: 573