arrow-left

Indian equity markets may see some volatility today

  • 07 Feb, 2023 |
  • 8:48 AM
  • RBI will announce its interest rate decision tomorrow.

Indian equity markets are likely to see some volatility today. RBI will announce its interest rate decision tomorrow. The expectation is that it will go for a 25-basis point (0.25%) hike. But economists from SBI have said that RBI may not announce any interest rate hike tomorrow. 

US markets saw profit booking for 2nd day in a row, yesterday.  Bond yields rose with jobs numbers. US dollar saw some recovery. Dow Jones fell by 34 points, after being down by 240 points in intra-day trade. Technology stocks saw deeper profit booking .Nasdaq ended, down by 119 points.

Asian markets have opened in the green today. In the last few days some consolidation was being witnessed in Asian markets after the sharp rally through most of January. Japanese 'Nikkei is up by 60 points in early trade, today.  South Korean and ASX indices are also trading in the green. The Hang Seng is also on the rise today. After a superb January, it saw some bouts of profit booking yesterday.

Nifty saw another bout of profit booking yesterday, after the rally on Friday.  Weak global cues saw foreign selling continue. Most Adani large caps saw some consolidation. However, the illiquid smaller cap group stocks saw no let up as selling pressure continued. Bank Nifty ended down by 125 points. Nifty lost 89 points.  Kotak bank, ICICI and PNB saw selling pressure among banking stocks. Divi's Lab, JSW Steel & Hindalco were the top losers.

Technical View: Nifty is likely to find support at around 17650. 18150 is likely to act as resistance. Bank Nifty is likely to find support at around 40800. 42050 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY L&T February future @ 2150-2160. Stop loss: 2112. Target : 2200.

Derivative call-time period: (1 months): Sell Tata Steel February future @ 116.5-118.5. Stop loss: 119.75. Target: 114.5.

  

explored-media

Invest wise with Expert advice

mobile icon
  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
ad IconAd Image

Most Read News

Article Image
  • 14 March, 2022 |
  • 7:03 AM

The US Federal committee's meeting will conclude on March 16, 2022.

Most Shared News

No Record Found