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Indian equity markets may gain strength today

9 Mar 2023 , 08:41 AM

Indian equity markets are likely to see a day of gains today. The attraction of Chinese markets has somewhat dimmed for foreign investors, after investor Mark Mobius said that China is making it difficult for foreign investors to take their money out of China. Foreign investors turned net buyers in Indian equity markets yesterday.

US markets saw another day of consolidation yesterday. Dow Jones closed lower by 58 points. Nasdaq closed in the green, up by 45 points. Bond yields closed near 3.97%. US dollar index closed unchanged near 105.6. Metals saw buying despite stronger US dollar. China PMI data prompted bullishness.

Asian markets have opened on a mixed note today after yesterday’s sharp correction in Chinese stocks. Japanese ‘Nikkei’ is trading in the green, up by 170 points in early trade. South Korean and Taiwan markets are in the red for 2nd day running. Fear of higher interest rates, and the consequent economic slowdown, is causing technology stocks to underperform.

Nifty saw a day of swings yesterday. The early morning sell-off got bought into by foreign inventors. Foreign investors turned buyers after a long period. Nifty gyrated over 160 points before closing higher by 42 points.  Bank Nifty closed higher by 226 points after being down by 250 points. IndusInd, Adani Twins and L&T led the gainers .Bajaj Finance, Infosys and Tech Mahindra led the losers.

Technical View: Nifty is likely to find support at around 176000. 17850 is likely to act as resistance. Bank Nifty is likely to find support at around 41000. 42000 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Jindal Steel March future @ 577-580. Stop loss: 566.4. Target : 590. 

Derivative call-time period: (1 months): BUY Chola Finance March future @ 768-772. Stop loss: 754.5. Target: 786.

 

 

 

 

 

 

 

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