Markets may see profit booking today

29 Nov 2022 , 08:43 AM

Indian equity markets may start the day in Red today.  Profit booking is likely to take place today. Foreign Investors were net buyers yesterday. They may again provide support to the markets today. Asian markets have opened in red today.

US markets started the week on a weak note, yesterday. China protests on lockdown could see global growth take a further hit as resident protests against Covid lockdown see global responses. Dow Jones fell over 500 points. Nasdaq fell 176 points. Bond yields hit 3.69%. Oil prices saw mild rebound to close near US$80. US dollar index closed unchanged, near 106.5.
 
Asian markets have opened in the red today. This follows the weakness of yesterday as China chaos saw Asian & global markets react on the downside. Japanese “Nikkei’ is trading lower by over 200 points. Taiwan and ASX markets are also trading lower. Markets have turned cautious with sentiment seeing profit booking.

Nifty saw a day of history yesterday.  Nifty, Bank Nifty & Sensex hit new all-time highs as foreign investors turned buyers.  Sentiment in favor of India turned bullish. Nifty crossed the previous all -time high of 21st October 2021, to hit new high of 18614. Sensex hit 62686. Hero Motors, Reliance and BPCL led the gainers. Hindalco, JSW Steel and Apollo Hospitals led the losers. Mid-caps saw profit booking after hitting near term highs. Nifty small-cap 100 index rose 1.24% . 

Technical View: Nifty is likely to find support at around 18350. 18650 is likely to act as resistance. Bank Nifty is likely to find support at around 42500. 43500 is likely to act as resistance on the upside. 
 
TRADING call (1-2 days): Sell Adani Port December future @ 880-885. Stop loss: 900.10.  Target: 865.

Derivative call- time period:(1 month) : BUY Ashok Leyland December future @ 150.5-151.5. Stop loss: 147.90. Target: 154.5 .