Indian equity markets may see a day of strong gains today

11 Apr 2023 , 08:48 AM

Indian equity markets may see a day of strong gains today. Global cues are positive. Most Asian markets are trading in the green. 

US markets saw another positive day yesterday. Dow Jones closed near the high point for the day, up by 100 points. It saw intraday volatility and was down by 145 points at one point. Nasdaq closed flat, after being down by over 160 points. Bond yields closed up by 4 basis points, near 3.4%. US dollar index edged higher to close near 102. 

Asian markets have opened higher today. Japanese ‘Nikkei’ is up by over 300 points in early trade. The undertone remains strong. Fall in inflation and yields indicate that the US Federal Reserve could start cutting interest rates by the 2nd half of 2023. 

Nifty saw a day of gains yesterday. It closed, up by 24 points after seeing intra-day volatility of over 100 points. Bank Nifty was the big underperformer. It closed, down by 200 points. Most large cap banks saw profit booking. Tata Motors, ONGC and Adani Enterprises were the top gainers. Bajaj Finance, HUL and Asian Paints saw profit booking.  Nifty Mid-cap 100 index closed with gains of over 0.4%. 

Technical View: Nifty is likely to find support at around 17500 points. 17800 is likely to act as resistance. Bank Nifty is likely to find support at around 40800. 41900 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Ambuja Cement April future @ 384-386. Stop loss: 377.25. Target: 394.

Derivative call-time period: (1 months): BUY IRCTC April future @ 583-586. Stop loss: 573.10 . Target: 600.