Indian equity markets to start the day in green
Indian equity markets – Today’s Indian equity markets could end the day in the black. Other Asian markets have seen positive openings today. Since morning, the SGX Nifty has increased by 0.46%. Yesterday’s announcement by OPEC+ that it will cut the daily oil supply by 2 million barrels caused oil prices to rise. Any oil price increase is always bad for the Indian economy and equity markets. The current market attitude may be affected by this.
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Yesterday, the Dow Jones recovered from a loss of more than 2% to close 45 points lower on US markets. The Nasdaq recovered from a 300 point loss to close level. To 3.74%, bond yields increased. As soon as OPEC resolved to reduce supply even more from November, oil prices sharply increased.
Today’s Asian market opening was positive. After the US indices staged a remarkable comeback from yesterday’s lows to close today practically flat, the Japanese “Nikkei” is up by more than 200 points. As Asian economies’ economic recovery appears to be picking up steam, emerging markets may experience more inflows.
Indian equity markets
Nifty had yet another fantastic day to follow up the gains from the previous day. By day’s conclusion, Nifty gained more than 385 points, its largest rise in more than two months. 1000 points were added to Bank Nifty. The bears ran for cover as a result of the stronger rupee and outstanding rally in international markets. Both domestic and foreign investors were purchasers. The Nifty Midcap 50 Index closed more than 3% higher. Retail investors showed a great deal of interest in mid-caps.
Technical perspective: Around 17000 is where the Nifty is likely to find support. Resistance is most likely to come in at 17500. Bank Near 38500, the Nifty is likely to find support. On the upside, 39900 is probably going to serve as resistance.
BUY Persistent System October future at 3300-3325, trading call (1-2 days). Target: 3380; stop loss: 3245.5.
Derivative call – 1 month time frame: BUY October futures for Canfin Home at 495–505. Limitation: 490. Goal: 512.
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