Indian equity markets may see a mixed day today

11 May 2023 , 08:58 AM

Indian equity markets may see a mixed day today. US inflation rate in April came below expectations at 4.9%. Most Asian markets are trading in red today.

US markets saw a volatile day yesterday. CPI inflation rate came slightly below expectations at 4.9%. This saw the indices jump on the opening bell. But profit booking soon emerged in industrial stocks. This saw the Dow Jones swing over 500 points in intra-day trade before closing, down by 30 points. Nasdaq closed higher by 127 points. Buying was seen in IT stocks, as inflation eased. 

Asian markets have opened on a muted note today. Weekend blues is causing quiet trade.  Japanese ‘Nikkei’ is trading lower by 40 points. South Korean ‘Kospi’ & Taiwan index are trading higher. Chinese stocks could see buying today. American Depository Receipts of listed Chinese technology companies saw overnight buying on the Nasdaq, yesterday.

Nifty saw another volatile day yesterday. Bears scampered for cover as the Nifty 50 index gyrated over 150 points. It closed near the highs, up by 49 points. Bank Nifty was very volatile, swinging by over 560 points in intra-day, before closing higher by 130 points. IndusInd Bank, HDFC Life & Tata Motors led the gainers. Profit booking was seen in UPL, Dr Reddy’s & Infosys. Nifty Next 50 closed higher by 0.54%, reflecting the broader market strength.

Technical View: Nifty is likely to find support at around 18250. 18500 is likely to act as resistance. Bank Nifty is likely to find support at around 43000. 43700 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY ZEE May future @ 192.5-193.5. Stop loss :189.15. Target :198.

Derivative call-time period: (1 months): BUY Tata Communications May future @ 1280-1285. Stop loss: 1256. Target: 1315.