Indian equity markets may see a day in Green today

  • 11 Jan, 2023 |
  • 8:51 AM
  • Global cues are positive today

Indian equity markets may see a day in Green today, on the back of positive global cues. Selling by foreign portfolio investors may slow down today. 

US markets saw another volatile day yesterday, before closing near the day's highs. Dow Jones gained 186 points. Nasdaq climbed 1% to close up by 106 points. Bond yields rose marginally to close near 3.60%. US dollar index remained unchanged near 103.34.
Asian markets have opened in the green today. Japanese 'Nikkei' is trading higher by 250 points. Most other Asian indices are trading near 3-month highs, led by the South Korean 'Kospi' & Hang Seng indices. Chinese stocks are seeing strong ETF flows. Reopening could add a huge capex side to manufacturing capacity, with Chinese consumers ready to spend.
Nifty saw a sharp reversal of the previous day’s gains, yesterday. Foreign selling from ETF funds saw the index fall over 245 points, before closing lower by 187 points. Bank Nifty was worse off as it fell over 745 points in intra-day trade, before closing lower by 568 points. Adani Ent, Bharti and Eicher Motor led the losers. Tata Motors stood tall amongst the gainers, up by 6%, along with Apollo Hospital and Hindalco. Mid-caps saw selling pressure. Nifty Next 100 was down by nearly 0.92%.

Technical View: Nifty is likely to find support at around 17850. 18400 is likely to act as resistance. Bank Nifty is likely to find support at around 41800. 42950 is likely to act as resistance on the upside.

Trading call:(1-14 days) BUY Navin Flouro January future @ 3945-3965. Stop loss: 3875.50. Target :4030.

Derivative call-time period: (1 months) : BUY SRF January future @ 2265-2275. Stop loss: 2224.50. Target: 2318.



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