Indian equity markets are likely to have another day in Green today

24 Jan 2023 , 08:52 AM

Indian equity markets are likely to see another day in Green today. Most Asian markets remain closed today because of Lunar New Year holidays. 

US markets saw strong start to the week, yesterday. Technology stocks led the Nasdaq up by over 224 points. Dow Jones closed with gains of 254 points, after being up by over 400 points in intra- day trade. Nasdaq has seen the best rebound in over 1 year as it gained over 12% in one month. Bond yield closed near 3.50%. Oil prices saw uptick. Brent crude hit US$88.

Asian markets have opened in the green today. Japanese ‘Nikkei’  has seen the best start to the New Year. It is up 7% year-to-date. Chinese lunar holidays will see most other Asian markets shut this trading week.  ASX & New Zealand markets are also up.  Stocks there are seeing sharp rebound on global cues.

Nifty saw smart pullback yesterday. This was led by excellent results over the weekend of large & small banks. Bank Nifty was up over 300 points. Nifty closed higher by 90 points. Sun Pharma, Hindustan Unilever and Eicher Motor led the gainers. Profit booking was seen in Ultratech Cement, Grasim and NTPC. Mid-Caps also did well. Nifty Mid-cap 50 index was up 1.17%.

Technical View: Nifty is likely to support at around 18050. 18350 is likely to act as resistance. Bank Nifty is likely to find support at around 42830. 43550 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Nestle February future @ 19450-19550. Stop loss: 19110. Target :19900.

Derivative call-time period: (1 months) : BUY ONGC January future @ 151.5-152. Stop loss: 148.8. Target: 155.