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Markets may begin the day in red

24 Aug 2022 , 08:37 AM

Indian markets may start the day in red today. Most other Asian markets have begun the day in green. Oil prices increased by almost 4% yesterday. This happened after Saudi Arabia said that OPEC may cut down its oil production. Any increase in oil prices is a sentiment dampener for Indian equity markets.

US markets saw another lackluster day yesterday as markets await Federal Reserve Chairman’s statement at Jackson Hole on policy moves going forward. Bond yields moved higher to 3.05%. Oil prices increased as OPEC threatened to cut supplies, with Brent crude hitting US $100.Dow Jones closed lower by 150 points. Nasdaq closed flat.

Asian markets have opened in the green even though the Japanese ‘Nikkei’ is trading flat. ASX, South Korea and Taiwan indices are all trading higher.  Markets seem to have already gotten oversold in the near term. Chinese stocks get a help from the central bank which should see more gains for banks & realty stocks.

Nifty saw a sharp fall in early trade but recovered later in the day. The index recovered to close at the high for the day, up by over 87 points and up by over 230 points from the low of the day. Bank Nifty was the star as it closed higher by 400 points. This was led by mid cap banks like IDFC First, Bank Baroda & AU Bank. Nifty gainers were M&M, Eicher Motor & Titan. Nifty losers were INFY, TCS & HUL. Mid-caps also saw buying interest. Nifty midcap 100 index closed higher by over 1%.

Technical View: Nifty likely to find support at around 17300 while 17850 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 38200 while 39000 is likely to act as resistance.

TRADING call (1-2 days) : BUY Bosch September future @ 17400-17500. Stop loss: 17100. Target: 17800

Derivative call- time period:(1 month):  BUY Bharat Forge September future @ 735-740. Stop loss :722.10.  Target: 752

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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