Markets may see a day in green today

11 Nov 2022 , 08:53 AM

Indian markets are likely to see a day in green today. Other Asian markets have opened strongly in green today.  US Consumer price inflation stood at 7.7% in October. On a month-on-month basis, consumer prices rose by 0.4%. This was slightly less than broader market expectations. US dollar also declined against other currencies. 

US markets ended the day in green, yesterday. Dow Jones ended, up by 3.70%. Nasdaq ended, up by 7.35%. NYSE ended, up by 4.43%. S&P 500 ended, up by 5.54%. Markets got a boost from the fact that US inflation in October increased less than broad expectations.
 
Asian markets today are following the overnight cues from US equity markets.  Japanese Nikkei is up by 2.65%. South Korean KOSPI is up by 2.58%. Taiwan Index is up by 3.39%. Shanghai Index is up by 1.31%. ASX index is up by 2.39%. Asian markets are also getting a boost from decline in US dollar seen yesterday.

Indian equity markets ended the day in red, yesterday. Nifty 50 ended,  down by 128.80 points. Sensex ended, down by 419.85 points. Top Gainers were Hero Motors, HDFC Bank and  Kotak Bank. Top Losers were Tata Motors, Axis Bank, M&M

Technical View: Nifty likely to find support at around 18050. 18550 is likely to act as resistance. Bank Nifty is likely to find support at around 41200. 42300 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days) : Buy Canfin Home November future @531-535. Stop loss : 522.  Target: 545.
 
Derivative call- time period:(1 month) : Buy NTPC November future@173-174. Stop loss :170. Target: 178