US markets saw another day of sharp correction yesterday. Dow Jones fell over 550 points intra-day before closing lower by 350 points. Nasdaq slipped another 225 points. Markets got pensive before the Federal Reserve meet next week. Bond yields remained near 3.55%. US dollar index closed near 105.5. Oil prices fell sharply to trade near US $78.
Asian markets have opened in the red today. Japanese ‘Nikkei’ is down by 150 points in early trade, following the weakness in US markets. However the undertone in Chinese stocks is buying the dips as most bad news gets factored in the prices.
Nifty saw a day of flat trade yesterday. Markets saw profit booking ahead of the RBI policy meet today. With markets pricing in 35 basis points price hike, more important would be the guidance as inflation trajectory cools down but Rupee weakness persists. Metals, Auto and IT stocks saw profit booking. Buying was seen in FMCG and PSU banks.
Technical View: Nifty is likely to find support at around 18450. 18850 is likely to act as resistance. Bank Nifty is likely to find support at around 42800. 43700 is likely to act as resistance on the upside.
TRADING call (1-2 days) :Buy Bharti Airtel December future @ 838-842. Stop loss: 823.15. Target: 857.
Derivative call-( time period 1 month) : Buy Asian Paint December future @ 3180-3190. Stop loss: 3121.25. Target: 3250.
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