Cues from other Asian markets are positive today

29 Mar 2023 , 09:03 AM

Indian equity markets may start the day on a positive note today. Other Asian markets have started the day on a strong positive note. India’s exports in 2022-23 have crossed the $750 billion mark. 

US markets saw profit booking yesterday, after 3 days of gains. IT stocks led the Dow Jones to close lower by 37 points. Nasdaq closed lower by 52 points. Money shifted from IT stocks to energy stocks, as oil prices saw uptick. One year bond yields hardened to 3.55%. 2-year bond yields stood at 4%. This is the lowest price differential between 1 year and 2-year bonds in over 6 months. This indicates the changing interest rate expectations of market participants.

Asian markets have opened in the green. Japanese ‘Nikkei’ is trading higher by over 120 points. Hang Seng and other Asian markets have rebounded sharply. Weakness in US dollar is causing ETF flows back into Asian stocks.

Nifty saw a day of volatility yesterday. The index closed lower by 34 points. Bank Nifty closed higher by 136 points. Adani twins, Tech Mahindra, Hero Motors led the losers. UPL, IndusInd and Dr Reddy’s led the gainers. Mid-caps continued to see weakness.

Trading call:(1-14 days) BUY IndusInd bank March future @ 1030—1035. Stop loss: 1011.5.  Target: 1055.

Derivative call-time period: (1 months) : BUY Hindalco April future @ 394-397. Stop loss: 385.6. Target :405.