US markets saw a day of profit booking. Nasdaq fell after the best run last week, since early 2022. Dow Jones fell 39 points. Nasdaq corrected by over 1.2%. Bond yields traded near 3-month lows @ 3.72%. US dollar index also weakened to 106.45. Oil prices fell to US$ 84.75 per barrel.
Nifty saw a day of consolidation yesterday with index closing near all-time highs. Bank Nifty and Sensex closed at record highs. Large cap buying was seen. Profit booking was seen in mid-caps. Mid-cap index fell over 1% while the Nifty closed in the green. HDFC, Kotak Bank & Coal India led the gainers. Apollo Hospitals, Adani Port & Hindalco saw profit booking.
Technical View: Nifty is likely to find support at around 18250 while 18650 is likely to act as resistance. Bank Nifty is likely to find support at around 42200. 42800 is likely to act as resistance on the upside.
TRADING call (1-2 days): BUY Zee November future at 255-256. Stop loss: 250.35. Target: 261.
Derivative call- time period:(1 month): Buy Godrej properties November future at 1290-1295. Stop loss: 1267. Target: 1320.
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