Markets look set to open in red

Indian markets can see another day in red today. Cues from other equity markets are negative today. Asian markets have opened today heavily in red. US markets closed on Friday in red. Asian Development Bank has said that economic activity in India has still not reached the pre-pandemic level. Therefore RBI should slow down on interest rate hikes.

US markets continued to reel under Federal Reserve’s hawkish stand on inflation and interest rates. Dow Jones closed, down by 1.62%. NYSE closed, down by 2.26%. S&P 500 closed, down by 1.72%. Nadaq closed, down by 1.8%.

 

Asian markets have opened heavily in the red today. Japanese Nikkei is down by 2.26%. Taiwan index is down by 1.92%. Kospi is down by 2.63%. ASX is down by 1.46%.

 Nifty saw another volatile day end with losses as the index lost over 500 points in the last 2 sessions of the week. The big loser was the Bank Nifty which was down over 1100 points on Friday as it saw cuts of over 2400 points from its recent all-time highs. Mid-caps also saw carnage with the Nifty midcap 50 index down over 2.68%. Collateral selling against derivative losses exacerbated the sell off.

 

Technical View: Nifty likely to find support at around 17150 while 176500 is likely to act as resistance on the upside. Bank Nifty likely to find support at around 38800 while 40000 is likely to act as resistance.

TRADING call (1-2 days) : Sell Naukri September future @ 3875-3925. Stop loss : 3978. Target : 3820.

Derivative call- time period:(1 month) : Sell Titan September future @ 2660-2700. Stop loss: 2733. Target: 2625