Indian equity markets may see some selling pressure today

21 Apr 2023 , 08:57 AM

Indian equity markets may see some selling pressure today. Most other Asian markets are trading in the red or flat today. IT stocks may see further selling pressure today after the disappointing results of HCL yesterday.

US markets saw another yo-yo session yesterday. Dow Jones gyrated over 200 points before closing lower by 110 points.  Nasdaq tumbled after Tesla’s results came.  The index closed lower by 97 points. Tesla’s stock ended the day, down by almost 10%. Bond yields fell to 3.52%. US dollar index closed lower at 101.5.

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading flat. Weakness in US dollar is favorable for stocks of importer companies.  South Korea & Taiwan indices are trading lower as profit booking is being seen in auto saw stocks.

Nifty closed up by 6 points yesterday, after seeing intra-day movement of over 100 points in a listless session. Bank Nifty closed higher by 110 points. Mid-caps also saw flat closing. NTPC, Adani Enterprises & Asian Paints led the gainers. Divi’s lab, Hindustan Unilever & Dr Reddy saw profit booking.

Technical View: Nifty is likely to find support at around 17550. 17800 is likely to act as resistance. Bank Nifty is likely to find support at around 42000. 42900 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Titan April future @ 2575-2585. Stop loss: 2529. Target: 2635.

Derivative call-time period: (1 months) :BUY UltraTech Cement April future @ 7485-7505. Stop loss: 7345.5. Target :7650.