Markets may go either way today riding on volatility

21 Jul 2023 , 09:07 AM

Indian benchmark indices may go in either direction today after touching fresh highs for multiple sessions. The indices may witness heavy volatility in today’s intraday session. Yesterday, markets ended with substantial gains. Nifty closed at 19,979. Sensex ended at 67,571.90.

Globally, US markets closed in mixed sentiments with Nasdaq closing 2% lower. Dow Jones ended with a gain of 164 points. Nasdaq fell 2.05% as ADR tumbled over 9.5% in overnight trade. S&P 500 ended 31 points lower.

Asian markets slipped on Friday after Tesla and Netflix weighed on stocks of US tech companies after their earnings report. Japan’s Nikkei 225 closed 0.22% lower. Hong Kong’s Heng Seng was trading 0.89% higher. Taiwan index was down by 0.73%. Chinese Shanghai Composite was higher by 0.24%. South Korean Kospi was trading flat.

Nifty Midcap 50 stocks closed 0.20% higher. Nifty Bank was up by 1.13% in the last session.

Gainers’ chart was led by ITC, Kotak Bank, ICICI Bank, Dr Reddy’s, and Grasim. While, leaders of the losers’ pack were Infosys, Ultratech Cement, Bajaj Finserv, Eicher Motors, and Britannia.

Oil prices moved a little in Friday’s early morning trade, and may close flat for the week after three straight gaining weeks. Indian rupee was up by 15 paise and closed at 81.93 against the greenback.

Technical View: Nifty may find support at around 19,821 while, resistance will be at around 19,999.