Another mixed day may be on the cards for Indian equity markets today

  • 17 Jan, 2023 |
  • 8:52 AM
  • Markets seeing correction too.

Indian equity markets may see another mixed day today. Selling by foreign investors may continue to put downward pressure on Indian equity markets. Given the fundamentals of Indian economy and Indian economies, Indian equity markets are going through a correction phase too. At the prevailing market prices, Indian stocks are among the most expensive ones in the world, given their inherent value.

US equity markets were closed on Monday because of Martin Luther King Jr Day holiday. Bond yields rose to 3.53%. US$ index rebounded from 6-month lows of 101.5 to trade near 102.4. Crude oil remained range bound. Despite a very cold winter, demand/supply mismatch is moderating, rather than rising.
Asian markets have opened on a mixed note today. Japanese 'Nikkei' is up by over 350 points in early trade. Other Asian markets see profit booking after a stupendous last week. Chinese stocks could see more color. ETF flows are going into Chinese stocks in anticipation of huge spending around the Chinese New Year.
Nifty saw another day of volatile trade yesterday. The index gyrated over 200 points before closing lower by 60 points. Bank Nifty was also down by 200 points in spite of stellar results of HDFC and Federal Bank. Foreign Investors’ selling dampened sentiments. Broader market also saw profit booking. Nifty Midcap 50 index closed down by 0.46%.

Technical View: Nifty is likely to find support at around 17750. 18300 is likely to act as resistance. Bank Nifty is likely to find support at around 41800. 42850 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY ICICI Bank January future @866-870. Stop loss: 850.25. Target: 886.

Derivative call-time period: (1 months): BUY GMR January future @ 40.3-40.6. Stop loss: 39.65 .Target: 41.5.





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