Markets may begin the day on profit-booking

25 Nov 2022 , 08:59 AM

Indian equity markets are likely to start the day with profit-booking. Asian markets have opened on a mixed note today. US markets were closed yesterday because of Thanksgiving holiday.

Light trade is expected today in US markets. Lower bond yields & crude at 3-month lows can prompt buying in equities. US dollar index has hit 105.5, the lowest in over 3 months. This has resulted in emerging markets basket of stocks doing well.  Brazil’s ‘Bovespa’ index rose by 2.75% yesterday. European markets saw some rally yesterday.
 
Asian markets have opened in the green today. Nikkei is down by 0.18%. South Korean KOSPI is down by 0.11%. Taiwan index is up by 0.18%. Shanghai Index is up by 0.25%. ASX is up by 0.32%.

Indian equity markets ended the day in Green, yesterday. Nifty 50 ended, up by 216.85 points. Sensex ended, up by 762.10 points. Top Gainers were Apollo Hospitals, HDFC Life, BPCL. Top Losers were Cipla, Coal India, Bajaj Finserv. 

Technical View: Nifty is likely to find support at around 18350. 18650 is likely to act as resistance. Bank Nifty is likely to find support at around 42500. 43500 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days) BUY Ambuja Cement December future at 563-566. Stop loss: 552.65. Target:576.

Derivative call- time period:(1 month): Buy Ultratech Cement December future at 6930-6960. Stop loss :6801.  Target: 7085.