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Markets may go either way today

9 Dec 2022 , 08:56 AM

Indian equity markets may go either way today. US markets closed in Green yesterday. Asian markets have today opened in Green. Foreign Investors were net sellers in Indian equity markets yesterday. 

US markets saw a bounce from oversold territory, yesterday.  Dow Jones closed with gains of 183 points. Nasdaq gained 123 points. US dollar index fell to 3-month lows to 104.54. Bond yields fell to 3.44%. All eyes are on Federal Reserve action next week on interest rates and guidance on inflation, going forward.

Asian markets have opened in the green today. Japanese “Nikkei’ is up by over 340 points in early trade. Asian indices have rebounded with the US cues. Chinese stocks are seeing global ETF flows as the reopening has sent confidence in global investors, with valuations currently being cheapest in over 2 years.

Nifty saw a day of strength yesterday, after seeing corrections for the past 3 days. Banks led the rebound. Bank Nifty hit all-time highs. PSU banks led the gainers. Axis, IndusInd Bank and Eicher Motors were the top gainers. Profit booking was seen in Sun Pharma, Divis’ Lab and Power grid. Mid-caps saw buying interest from local funds. Nifty Mid-cap 50 index closed with gains of over 0.63%.

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 42300. 44000 is likely to act as resistance on the upside.

TRADING call (1-2 days) :BUY Gail December future @ 93-93.5. Stop loss: 91.35. Target: 95.5.

Derivative call- time period:(1 month): BUY Motherson December future @ 74-74.5. Stop loss: 72.70. Target :76.

Related Tags

  • BSE
  • nifty
  • NSE
  • sensex
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