Indian equity markets may see some flatness today

10 Apr 2023 , 08:48 AM

Indian equity markets may see a relatively flat day today.  Markets are likely to be pulled between short-term value buying and profit booking. Titan’s stock may see some price movement. The company’s revenue in the March quarter increased y-o-y by 25%.

US markets saw a quiet day on Thursday. Dow Jones closed flat. Nasdaq closed higher by 90 points. New jobs added by the US economy in March stood at 236,000. This was below expectations. This indicates to further weakening of the US economy. Bond yields closed near 3.37%. US dollar index closed near 102.

Asian markets have opened in the green today. Japanese ‘Nikkei’ is up by over 120 points in early trade. Most other Asian markets were closed for the long weekend. Reopening of markets after the weekend holiday will see action. Minor recession in the US could mean good news for Asian equities. China stocks will react to good data emanating from the manufacturing side.

Nifty saw a day of gains on Thursday. Reserve Bank left rates unchanged. This signaled the near term slowdown in inflation & outlook on growth in the economy. This saw rate sensitive sectors like Auto, NBFC & banks rise in tandem with the central bank move. Bajaj Finance, Adani Enterprises & Tata Motors led the gainers. Profit booking was seen in HCL Tech, ONGC & ICICI bank. Mid-caps saw action. Nifty Small Cap 100 index closed up by 0.75%.

Technical View: Nifty is likely to find support at around 17400. 17800 is likely to act as resistance. Bank Nifty is likely to find support at around 40800. 41900 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Balkrishna Ind April future @ 1965-1975. Stop loss: 1930.5. Target: 2015.

Derivative call-time period: (1 months):  BUY Escorts April future @ 1855-1865. Stop loss: 1822.8. Target: 1910.