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Another day in red may be on the cards for Indian equity markets, today

21 Feb 2023 , 08:54 AM

Another day in red may be on the cards for Indian equity markets today. Asian equity markets have opened on a mixed note today. 

US markets were closed yesterday due to Presidents Day Holiday. Dow Jones futures indicate a muted start today for US markets, as futures trade mildly lower. Bond yields fell on Friday from day’s high to a low. Oil prices also fell to 2-week lows. US dollar index remained range bound, trading near 103.5-104.

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading lower by 60 points. Most other indices are trading, flat to slightly positive. Hang Seng is seeing some buying interest in Chinese stocks. The index looks to consolidate after the big gains of January.

Nifty saw another volatile day yesterday.  Morning gains were followed by selling pressure. The index closed near the day’s lows. Banks were the main culprits, 2nd day running. Adani stocks led the losers. Divi’s Lab, Ultratech cement and Tech Mahindra led the gainers. IT and cement stocks were among the gainers. Mid-caps bucked the trend. Nifty midcap 100 index closed higher by 0.10%. 

Technical View: Nifty is likely to find support at around 17800. 18250 is likely to act as resistance. Bank Nifty is likely to find support at around 40500. 41500 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Reliance February future @ 2410-2420. Stop loss :2366.80. Target: 2465.

Derivative call-time period: (1 months) : BUY SRF February future @ 2300-2310. Stop loss: 2259.  Target: 2355.

 

 

 

 

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