Indian equity markets likely to see another uncertain day, today

Indian equity markets are likely to see another uncertain day, today. Yesterday, markets saw significant volatility. Foreign investors were net sellers of Rs 6790 crore. If this selling trend continues today, then it may turn out to be another volatile day for Indian equity markets. Union government will table the Economic Survey for 2022-23 today in the Parliament.

US markets ended the day in red yesterday. Dow Jones ended, down by 260.99 points. Nasdaq ended, down by 227.90 points. S&P 500 ended, down by 52.79 points. NYSE Composite ended, down by 143.68 points. US markets saw profit-booking before the Federal Reserve meet on February 1^st. Bond yields remained near 3.51%. US dollar index closed near 102.

Asian markets have opened on a mixed note today. Japanese Nikkei is down by 19.14 points. South Korean KOSPI is down by 7.90 points. Taiwan Index is down by 117.71 points. It is seeing profit booking after the gains of yesterday. Hang Seng Index is up by 75.49 points. Shanghai Index is up by 0.49 points. ASX is up by 10.50 points. 

Indian equity markets ended the day in Green yesterday, despite heavy selling by foreign investors. Nifty 50 ended, up by 44.60 points. Sensex ended, up by 169.51 points. Top Gainers were Bajaj Finance, Adani Enterprises and Ultratech Cement. Top Losers were Power Grid, Bajaj-Auto and IndusInd Bank. The day was one of high volatility with Adani group stocks all over the place. Nifty Next 50 closed lower by 1.14%. Collateral selling against derivative positions saw mid cap stocks underperform. 

Technical View: Nifty is likely to find support at around 17450. 18050 is likely to act as resistance. Bank Nifty is likely to find support at around 39450. 41350 is likely to act as resistance on the upside. 

TRADING call (1-2 days) : BUY Tata Power February future @ 204-206. Stop loss: 200.4.  Target: 210.

Derivative call- time period (1 month):  BUY Maruti February future @ 8825-8875. Stop loss: 8671. Target: 9030