Nifty, Sensex may start the day in Green

18 Jul 2022 , 08:22 AM

Indian equity markets may start the day in Green today. Some value buying in early hours may keep the Nifty and Sensex in Green territory. Asian markets have opened in the Green today. SGX Nifty is also in the Green. It is up by 0.98% since morning. Stocks of Heidelberg Cement, Nelco, Alok Industries etc may see some movement today as these companies will announce their June quarter results during the day today. Stocks of HDFC Bank, Bharat Electronics, Oberoi Realty, Just Dial etc are also likely to see some movement today. These companies announced their June results over the weekend.

US markets saw best day in over 2 weeks on Friday. Dow Jones closed higher by over 650 points. Nasdaq gained over 200 points.Option expiry, better then expected corporate results and lower yields saw stocks surge on Friday after a volatile week. Oil prices hit US$ 90 per barrel before bouncing back by some degree. Bond yields remained near 2.93%.
 
 Asian markets have opened in the green led by the South Korean, Taiwan & ASX markets as strong US cues see stocks rise smartly.With the Japanese ‘Nikkei’ closed for a trading holiday all eyes will be on follow up in the US markets.Most markets are now accounting in the fact that inflation has peaked. Chinese stocks will be in action as Macau extends closure for another week with Covid cases rising.
 
Nifty saw another day of volatile trade. It closed well above 16000 as last hour buying saw the index make up most of the weekly losses. Consumer & auto stocks led the gainers.Bank Nifty closed flat. IT and Metals were the losers. Auto and FMCG stocks led the big gainers.Mid caps also saw buying. Nifty midcap 50 index closed higher by over 0.87%.
 
 
Technical View: Nifty likely to find support at around 15800 while 16300 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 34500 while 35500 is likely to act as resistance.
 
TRADING call (1-2 days): BUY India Cement July futures at 172-173. Stop loss: 169. Target: 176.5
 
 Derivative call- time period (1 month): BUY Jindal Steel July future at 345-347. Stop loss :339. Target: 353