Indian equity markets may begin the day in Green today

24 Apr 2023 , 08:59 AM

Indian equity markets may start the day in Green today. The decline in oil prices is a favorable factor for the Indian economy and Indian equity markets. US markets closed on a positive note on Friday. Asian markets have opened on a mixed note today. 

US markets saw a positive close to the week on Friday. Dow Jones closed higher by 22 points. Nasdaq gained 13 points. Bond yields traded flat @ 3.55%. US dollar index lost ground to trade near 101.65. Oil prices slid sharply by over 5% this week. WTI crude is now trading near US$ 77 per barrel. More supply from Iran is putting downward pressure on oil prices.

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading higher by over 120 points. Most other Asian indices are trading in the flat to mildly negative territory. Weakness in US dollar should bode well for Asian stocks. Fall in crude oil prices and weakness in iron ore & coal prices should be an added advantage for power & cement companies. 

On Friday, Nifty saw a day of volatility till mid-session. The index slipped down by 75 points before buying by local mutual funds saw it recover, to close flat. Foreign investors turned sellers on Friday. ETF outflows happened as Banks & Insurance stocks led the losers. HDFC Life, SBI Life & Adani Enterprises were the top losers at Nifty 50. ITC, Britannia & Wipro led the gainers. Mid-caps also succumbed to profit booking. Most broader indices closed in the red.

Technical View: Nifty is likely to find support at around 17550. 17800 is likely to act as resistance. Bank Nifty is likely to find support at around 42000. 42900 is likely to act as resistance on the upside.

Trading call:(1-14 days) :BUY WIPRO April future @ 367-371. Stop loss : 360.65. Target: 376.

Derivative call-time period: (1 months): BUY Adani Port April future @ 660-663. Stop loss: 647.7. Target : 675.