Indian equity markets may see a relatively flat day today

13 Feb 2023 , 09:00 AM

Indian equity markets may see a relatively flat day today. Most Asian markets have opened in red today. US markets closed on Friday, largely in green. No clear trend seems to be emerging for today for Indian equity markets.

Except for Nasdaq, US markets ended Friday on a green note. Dow Jones ended, up by 169.39 points. Nasdaq ended, down by 71.46 points. S&P 500 index, ended up by 8.96 points. NYSE composite ended, up by 82.09 points. Bond yields jumped to near 3-month high of 3.72%. Profit booking continued in technology stocks. US dollar index closed near 103.5. Banking and energy stocks did well. 

Asian markets have opened weakly today. This is in line with the rise in yields on bonds. Markets await the US CPI data, which will come on Tuesday. This could determine the rate trajectory in the near term. Japanese ‘Nikkei’ is trading lower by 320 points in early trade. Most other indices in the region are also trading in the red.

Nifty saw another volatile session on Friday, on weak global cues. Strong intraday recovery saw the index close lower by 36.95 points.  Bank Nifty closed flat. This as mid- caps saw strong outperformance. Nifty midcap 100 index closed in the green, up 0.54%. Adani Ent, HCL Tech and Hindalco led the losers. Tata Motors, Cipla and UPL led the gainers.

Technical View: Nifty is likely to find support at around 17744. 18150 is likely to act as resistance. Bank Nifty is likely to find support at around 41200. 42300 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY IDFC First bank February future @ 57.75-58.25. Stop loss : 56.85. Target :59.25. 

Derivative call-time period: (1 months): BUY Vedanta Ltd February future @ 309-312. Stop loss 304.65. Target 317.5