Indian equity markets may see a positive day today. The momentum of Friday may continue today. However, some amount of profit book is also likely to take place. GST collection for March increased y-o-y by 13% to Rs 1.6 lakh crore.
US markets saw the best week of the year, last week. Dow Jones ended the week with a flourish, closing higher by 400 points. Nasdaq extended the best run in over 1 year to close up by 200 points. Inflation numbers surprised on the downside. US Personal Consumer Expenditure Index Inflation increased month-on-month by 0.3%, in February. On a year-on-year basis, it increased by 4.6%. This was below expectations. This saw bond yields fall to 3.51%. Oil prices rose as OPEC announced cut in oil output.
Asian markets have opened in the green today, following positive cues from the US. Japanese ‘Nikkei’ is trading higher by 170 points in early trade. China & Taiwan markets are closed today for a holiday. Relatively quiet trade is taking place in most Asian markets. There is another weekly holiday on Friday. Undertone remains positive. Falling of inflation is acting as catalyst for equities.
Nifty saw a day of comeback getting stronger on Friday. Markets bounced back for 2nd straight day. The index closed higher by nearly 280 points. Bank Nifty was the star. It climbed 700 points. Mid-cap banks like Bandhan, IDFC First & Bank of Baroda led the gainers. Reliance led the gainers among heavyweight stocks. It closed higher by almost 4.5%. Nestle & Infosys were also among top gainers. Apollo Hospitals, Sun Pharma & Adani Port saw profit booking.
Technical View: Nifty is likely to find support at around 17100. 17600 is likely to act as resistance. Bank Nifty is likely to find support at around 40200. 41400 is likely to act as resistance on the upside.
Trading call:(1-14 days) : BUY Jindal Steel April future @ 548-552. Stop loss: 539. Target: 563.
Derivative call-time period: (1 months) BUY Tata Steel April future @ 105-106. Stop loss: 103.4. Target: 108.
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