Indian equity markets may see a mixed day today

After the gains of yesterday, Indian equity markets may see a mixed day today. There may be some profit booking today. US markets ended on a mixed note yesterday.  Most Asian markets have started the day today in Green.

US markets saw mixed trade yesterday. Talks on debt ceiling saw profit booking in Dow Jones. It closed lower by 140 points. Nasdaq continued its winning streak. It gained over 62 points. Apple, Microsoft hit new all-time highs. Bond yields closed near 3.70%. US dollar index closed unchanged near 103.2. 

Asian markets have opened in the green today. Japanese ‘Nikkei’ is up by 188 points. Money is chasing equities. Taiwan & South Korean indices are the other gainers in early trade. Chinese stocks are seeing gains too. American Depository Receipts (ADRs) of Chinese stocks, listed in US, were up sharply yesterday. This could see underlying stocks do well today. 

Nifty saw a day of superb rally yesterday. This was led by the Adani twins. The rally powered Nifty 50 to well over 18300 level. It closed the day with gains of 111 points. Bank Nifty closed lower by 84 points. Profit booking was seen in Axis & ICICI bank. IT stocks were the other big gainers. Tech Mahindra & HCL Tech led the gainers in IT stocks among large cap stocks.  Persistent, Mphasis & LTIM led the gainers in IT stocks among mid-cap stocks.  

Technical View: Nifty is likely to find support at around 18200. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 43500. 44300 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Container Corporation May future @ 642-646. Stop loss: 638.15. Target: 65.

 Derivative call-time period: (1 months) BUY Tata Steel May future @ 105-105.5. Stop loss: 103.15. Target: 107.5.