Indian equity markets may begin the week on a mixed note

16 Jan 2023 , 08:53 AM

Indian equity markets may start the week today on a mixed note. US markets closed in Green on Friday. Most Asian markets have opened today in Green.

US markets saw another day of gains on Friday. After seeing intra-day dip of over 300 points, Dow Jones closed higher by 112 points. Nasdaq saw dip of over 200 points, before closing higher by 78 points. US dollar index fell to 6-month lows @ 101.85.  Bond yields recovered slightly to close near 3.49%.
 
Asian markets have opened on a mixed note today, after the superb 2 weeks run by most indices. The Japanese ‘Yen’, which has gained from 150 to hit 128 against the US$,  is causing weakness  in Japanese export stocks. Japanese ‘Nikkei’ is trading lower by 150 points. Most other Asian indices are trading higher, led by the ASX, South Korean and Taiwan markets.
 
Nifty saw another day of volatility on Friday. Till mid-session it was in red. But after that it saw short covering/value buying by local funds. This pushed the index to close in the green, higher by 98 points. Bank Nifty also closed with gains of 290 points.  Mid-caps saw better breadth.  Nifty Midcap 100 index closed higher by 0.44%.

Technical View: Nifty is likely to find support at around 17750. 18300 is likely to act as resistance. Bank Nifty is likely to find support at around 41800. 42850 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Hind Copper January future @ 127-128. Stop loss: 124.90. Target: 130.5.

Derivative call-time period: (1 months) : BUY AU Bank January future @ 620-623. Stop loss:  609.10.  Target: 634.