Indian equity markets may see a day in Green today due to positive global cues

28 Apr 2023 , 09:03 AM

Indian equity markets may see a day in Green today. Global cues are positive today. US markets closed strongly in the green yesterday. Asian markets have opened in the Green yesterday. This, in spite of the first advanced estimates of US GDP growth in March quarter, coming at just 1.1%.

US markets saw a late rally yesterday. Dow Jones made up for all the underperformance of the past 3 days. It soared up by over 520 points. Nasdaq closed with gains of over 287 points. Superb results from Meta, Microsoft & Alphabet saw investors buy equities with fervour. US dollar index closed at 3-month lows, near 101.4. Bond yields closed unchanged, near 3.52%.

Asian markets have opened in the green today. Japanese “Nikkei’ is trading higher on strong US cues. Most other Asian indices are trading higher, up by 0.5%-1.5%. Strong corporate earnings coupled with weakness in US dollar is making stocks become the investment choice for the month. 

Nifty saw a day of gains for 4th day running, yesterday. Bears found themselves squeezed with Nifty closing well above 17900 on the day of derivative contracts expiry. Bajaj Auto, Bajaj Finance & SBI Life led the gainers. Market breadth was strongly positive. Profit booking was seen in HDFC Life, ONGC and HUL. Nifty Mid-cap 50 index closed with gains of over 0.81%.

Technical View: Nifty is likely to find support at around 17850. 18200 is likely to act as resistance. Bank Nifty is likely to find support at around 42700. 43600 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Tata Power May future @ 199-201. Stop loss: 196.  Target: 205.

Derivative call-time period: (1 months) : BUY Bharat Electronics May future @ 101.5-102.5. Stop loss: 99.9.  Target: 104.5.