Indian equity markets may see a mixed day today

3 Jan 2023 , 08:48 AM

Indian equity markets may see a mixed day today. Profit-booking may take place in some stocks. 

US markets were closed for New year yesterday. They will reopen today. Investors are worrying over rising yields. US$ index hit 4-month lows at 103.5. Oil prices declined in early trade as markets expect lower demand causing downward pricing pressure. Technology stocks’ earnings may decide the trend in US stocks in the near  term. 

 Asian markets have opened in the red today led by the South Korean ‘Kospi’ & Taiwan markets. Investors return to the New Year with caution. Japanese ‘Nikkei’ remains closed for a holiday. Chinese stocks were lower in opening trade. 

 Nifty saw a smart start to the New Year with the index closing higher by 92 points. Bank Nifty closed higher by 216 points. Mid-caps saw retail flows. Nifty Mid-cap 100 index was up by 0.88%. Metals, Auto & Reliance drove the winners. Profit-booking was seen in pharma & consumer durables stocks.

Technical View: Nifty is likely to find support at around 18050. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 42500. 43850 is likely to act as resistance on the upside.

Trading call:(1-14 days) SELL Sail January future @ 89-89.5. Stop loss: 91.05. Target: 87.15.

Derivative call-time period: (1 months) : BUY Concor January future @ 742-746. Stop loss: 720.05.  Target: 760.