Markets could see a day in green today, after a few days in red

Indian stock markets could start the day in the green today. The other Asian markets opened in the green today. The dollar saw a decline yesterday. Indian markets will wait for RBI’s announcement on interest rate hike. An increase of 50 basis points is expected. Anything above that will be a jolt; a rate hike below that will be a pleasant surprise.

US markets closed strongly in the green yesterday. Dow Jones closed up 1.88%. The Nasdaq closed up 2.05%. NYSE closed up 2.15%. The S&P 500 closed up 1.97%.



Asian markets opened in the green today. The Nikkei is up 0.75%. The Taiwan index is up 0.55%. The Shanghai index is up 0.73%. The South Korean kospi is up 1.57%.

Nifty had another volatile day with an early morning decline of over 200 points bought with short covers seeing the index swing into green before the final hour sell off saw the index close in the red again, in drop of 148 points. Bank Nifty was once again the main culprit, with the index hovering above 740 points before closing down 600 points. Mid-caps also posted gains. Nifty next 100 closed down 0.85%.


Technical view: Nifty is likely to find support around 16800. 17200 is likely to act as resistance on the upside. Bank Nifty should find support around 37800. 38700 should act as resistance on the upside.

Call TRADING (1-2 days): BUY Adani Port October future at 828-832. Stop loss: 813.5. Target: 847.

Derivative Call Period: (1 month): BUY October Ultratech futures contract at 6180-6200. Stop loss: 6066. Target: 6315.

About Kristina McManus

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