Indian equity markets may see some buying support today

Indian equity markets may see some buying support today. Asian markets have opened in Green today. US equity markets closed in green yesterday. Indian equity markets may see the momentum of last 30 minutes of Thursday’s trading session continue in the early hours today.

US markets saw a superb day yesterday. Dow Jones has gained over 550 points in the last 2 days. Banking stocks have bounced back along with IT stocks. Dow Jones closed higher by 141 points yesterday.  Nasdaq has entered fresh new bull market, up over 22% from December lows. Bond yields hit 3.54%. US dollar index hit 102. This is its lowest level in over 1 year.

Asian markets have opened in the green today. Japanese ‘Nikkei is up on positive US & global cues to trade higher along with most Asian indices. Most Asian indices saw a flat trade yesterday after a superb week. Profit booking is also likely ahead of inflation data due today in the US.

Nifty saw a day of comeback on Wednesday. On the day of monthly derivative expiry, markets took cues from global positive  sentiments to close near the high for the day. Nifty 50 ended, up by over 129 points. Banks led the gainers. IDFC First, IndusInd and PNB were the top gainers. Adani twins bounced back sharply to lead the index gainers. UPL, Bharti & Reliance led the losers. Mid-caps also saw a strong bounce back. 

Technical View: Nifty is likely to find support at around 16900. 17350 is likely to act as resistance. Bank Nifty is likely to find support at around 39500. 40600 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY SBI April future @ 517-521. Stop loss: 508.75. Target: 531.

Derivative call-time period: (1 months) : BUY PNB April future @ 46.25-46.75. Stop loss: 45.55. Target: 47.5.