Indian equity markets may see a mixed day today

19 May 2023 , 08:50 AM

Indian equity markets may see a mixed day today. Asian markets have started on a mixed note today. US markets closed strongly in the green yesterday. Stocks of companies such as NTPC, JSW Steel, Punjab National Bank etc. will see some price movement today. These companies will declare their March quarter result today.

US markets saw a superb rally 2nd day running, yesterday. Nasdaq led the charge up. It gained over 188 points. Till date in 2023, it is up by 22%. Dow Jones also rallied by over 113 points. It added to the 400 points plus gain of yesterday. S&P 500 index hit 3-month highs. It has risen by over 10%, year to date, in 2023. US dollar index also gained to close near 103.5. Bond yields increased by 0.07 basis points. Oil prices closed lower.

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading flat. It is seeing consolidation after hitting new 52-week highs yesterday. Most other Asian markets are trading higher in early trade, taking cues from the strong US rally of yesterday. Chinese stocks will see some action today.  Metal stocks can see pullback after hitting 6-month lows as Chinese monetary authorities are pondering over new stimulus for the economy.

Nifty saw a day of profit booking for another day, yesterday. The index fell sharply from the day’s high of 18297 to fall over 170 points. It closed lower by 50 points. Bank Nifty closed higher by 55 points, but off the highs of the day. Profit booking was seen across the board. Divi’s Lab, Adani Port & ITC led the fall.  Bharti Airtel, Bajaj Finance & Kotak Bank were the gainers on the index.

Technical View: Nifty is likely to find support at around 18100. 18450 is likely to act as resistance. Bank Nifty is likely to find support at around 43500. 44300 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Tata Power May future @ 205-206. Stop loss: 201.4. Target: 210.

 Derivative call-time period: (1 months): BUY Godrej Properties May future @ 1310-1320.  Stop loss: 1288.7. Target: 1345.