Indian equity markets may see a day in Green today

17 Mar 2023 , 08:59 AM

Indian equity markets may see a day in Green today on the back of positive global cues. US markets ended in green yesterday. Asian markets have opened in green today. 

US markets saw a day in Green yesterday after big banks said that they will support the struggling First Republic Bank by depositing $30 billion in it. US Federal Reserve also informed that banks have borrowed $11.9 billion from its new emergency lending facility. This lending facility was started after the failure of SVB. Dow Jones ended, up by 371.98 points. Nasdaq ended, up by 283.22 points. 

Asian markets have opened in the green today, following the overnight US cues. Nikkei is trading, up by 198.01 points. Hang Seng is up by 238 points. Kospi is up by 15.61 points. Chinese stocks could also see buying as they remain the best bet on consumption play in the region.

Indian equity markets ended the day in Green yesterday. Nifty 50 closed, up by 13.45 points. Sensex closed, up by 78.94 points. OMC & FMCG stocks led the gains. Mid-cap stocks did better as market breadth was in favour of gainers. However, Reliance’s underperformance acted as drag on the index. Banks led the short covering. Bank Nifty closed, up by 81 points after seeing intraday swings of over 760 points. BPCL, HUL and Asian Paints led the gainers. Tata Steel, JSW Steel and Hindalco led the losers.  

Technical view : Nifty is likely to find support at around 16850. 17450 is likely to act as resistance. Bank Nifty is likely to find support at around 38800. 40500 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Samvardhana Motherson March future @ 67-69. Stop loss : 66.65. Target: 70.

Derivative call-time period: (1 months): BUY ZEE March future @ 207-210. Stop loss: 203.8. Target: 213.