Indian equity markets may see a mixed day today

27 Feb 2023 , 08:51 AM

Indian equity markets are likely to see a mixed day today. US markets ended in red on Friday. This happened because personal consumption expenditure inflation for January was above market expectations. Asian markets have opened today in red. But they have recovered most of the early losses. 

US markets saw another weak session on Friday. Personal Consumption Expenditure index increase beat expectations, rising by 4.7%. This saw rise in average bond yields to hit 3.95% . This indicates that Federal Reserve will raise rates further, as inflation is not falling as desired. Dow Jon closed lower by330 points. Nasdaq fell 195 points.

Asian markets have opened in the red today. Japanese ‘Nikkei’ is down by 80 points in early trade. Most other Asian markets  started in the red but have recovered most of the early losses. Chinese stocks will see action. Hang Seng, which was an outperformer in January, has seen profit booking in February.

Nifty saw another range-bound day on Friday. The index closed lower by 45 points, after seeing intraday swings of over 178 points. Bank Nifty was the main loser, down by 92 points,  after seeing swings of  530 points. Adani Enterprises, M&M, Tata Steel and Hindalco led the losers. ONGC, Adani Port and Asian Paints led the gainers. Mid-caps saw mixed reaction. Nifty Next 50 closed lower by 0.09%.

Technical View: Nifty is likely to find support at around 17350. 18050 is likely to act as resistance. Bank Nifty is likely to find support at around 39800. 41000 is likely to act as resistance on the upside.

Trading call:(1-14 days) BUY Apollo Tyres March future @ 319-322. Stop loss: 313.60. Target: 327.