Indian equity markets may see another mixed day today

19 Apr 2023 , 08:57 AM

Indian equity markets are likely to see a mixed day today. There will be both buying demand and selling pressure in the markets today. Global cues are mixed today. Corporate results will continue to have an impact on the course of market movement.

US markets saw another volatile session yesterday. Dow Jones recovered from down by 200 points, to close flat. Nasdaq also saw recovery from lows of the day to close flat. Markets consolidated as more companies declared their quarterly results. JP Morgan’s results surprised on the upside. Goldman Sachs’ results disappointed on the downside. US dollar lost ground to close near 101.5. Bond yields remained near 3.55%.

Asian markets have opened on a mixed note today. ASX & New Zealand indices are trading in the green. Japanese ‘Nikkei’ is down by 70 points in early trade. US dollar weakness is seeing commodity stocks rise.  Aluminum prices have hit 3-month highs. South Korean ‘Kospi’ is also trading in the green as steel stocks lead the gainers. 

Nifty saw a day of correction continue for the 2nd day yesterday. Markets reacted to Infosys’ earnings. Nifty recovered to close from down by 100 points to down by 45 points. Divi’s Lab, HCL Tech, IndusInd led the gainers. Power Grid, Adani Enterprises & Ultratech led the losers. Mid-caps saw extended outperformance. Nifty mid-cap 100 index closed with gains of 0.76%.  

Technical View: Nifty is likely to find support at around 17650. 18000 is likely to act as resistance. Bank Nifty is likely to find support at around 42000. 42900 is likely act as resistance on the upside.

Trading call:(1-14 days) : BUY PFC April future @ 161.5-162.5. Stop loss: 158.7. Target: 166.

Derivative call-time period: (1 months): BUY Grasim April future @ 1708-1713. Stop loss: 1675.8. Target: 1750.