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Markets may go either way today

21 Oct 2022 , 08:55 AM

Indian equity may go either way today. Foreign Portfolio Investors were net buyers in a strong way, yesterday. If this trend continues today then markets may rise further. US dollar strengthened further yesterday. The course of market movement today will also be determined by the results of companies that will declare their results today. These include Reliance Industries, JSW Steel, Bajaj Finserv etc.

 US markets saw another very volatile day yesterday. Dow Jones saw intra-day gains of over 400 points before closing lower by 90 points. Nasdaq saw gains of 160 points before closing lower by 65 points. Bond yields spiked to 10-year high of 4.22%. Pessimism regarding Federal Reserve’s reaction in November pushed bond yields to new highs. WTI crude oil price fell below US$ 84.  Demand concerns drove prices lower. 

 Asian markets have opened in the red today. Muted display is being seen at Japanese ‘Nikkei’. It is down by 80 points in early trade. The uneasiness on yields & resignation of UK Prime Minister has seen US dollar move higher. This has put pressure on Asian currencies. Expect a bounce from oversold Chinese stocks. Hang Seng & Shanghai index are extremely oversold currently.

Nifty saw another day of volatility yesterday.  Weak opening happened due to global cues. But Nifty regained lost ground to close at the highs of the day, up 52 points, after being down by over 165 points. Bank Nifty also recovered some losses but closed in the red, down by 273 points. UPL, Adani Ent, HCL Tech and BPCL led the gainers. IndusInd Bank, Asian paints and Axis bank led the losers.

Technical View: Nifty likely to find support at around 17350. 17650 is likely to act as resistance. Bank Nifty likely to find support at around 39800. 40700 is likely to act as resistance on the upside. 

TRADING call (1-2 days) :BUY Tata Consumer October future at 770-775. Stop loss: 756.45. Target: 788.

Derivative call- time period:(1 month) : BUY IndusInd Bank November future at 1165-1170. Stop loss: 1143.55.  Target: 1195.

 

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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