Indian equity markets are likely to start the day with profit booking. Asian markets opened on a mixed note today. US markets were closed yesterday for Thanksgiving.
Light trading is expected in US markets today. Lower bond yields and crude oil at 3-month lows may lead to buying stocks. The US dollar index hit 105.5, its lowest level in over 3 months. This has resulted in the basket of emerging market equities performing well. Brazil’s Bovespa index rose 2.75% yesterday. European markets rallied yesterday.
Asian markets are open today in the green zone. The Nikkei is down 0.18%. South Korea’s KOSPI is down 0.11%. The Taiwan Index is up 0.18%. The Shanghai Index is up 0.25%. ASX is up 0.32%.
Indian equity markets ended the day on the green yesterday. Nifty 50 finished up 216.85 points. Sensex ended up up 762.10 points. Top winners were Apollo Hospitals, HDFC Life, BPCL. Top losers were Cipla, Coal India, Bajaj Finserv.
Technical view: Nifty should find support around 18350. 18650 should act as a resistance. Bank Nifty should find support around 42,500. 43,500 should act as resistance on the upside.
TRADING Call (1-2 days) BUY Ambuja Cement December Future at 563-566. Stop Loss: 552.65. Goal: 576.
Derivative call period: (1 month): Buy Ultratech Cement December Future at 6930-6960. Stop Loss: 6801. Target: 7085.