Indian markets may see profit booking today

10 Feb 2023 , 08:55 AM

Indian equity markets may see profit booking today by traders. Over the past 5 days, Indian equity markets have gained over 1%. US markets ended the day in red yesterday. Asian markets too have opened on a mixed note today. 

US markets saw another volatile session yesterday. Dow Jones saw intra-day gains of 300 giving into profit booking to close lower by 250 points. Nasdaq closed lower by 120 points after being up by 160 points in intra-day trade. Bond yields closed near 3.60% .US dollar index saw comeback from 102.5 to close near 103.3. 

Asian markets have opened on a mixed note today. Japanese ‘Nikkei’ is trading higher by 200 points. Most other Asian markets are trading lower on weak US cues. Chinese stocks are seeing consolidation after superb outperformance in January. They could bounce back. Most await next week’s CPI data in the US. 

Nifty saw another volatile session yesterday. The index gyrated 137 points before closing higher by 21 points. Bank Nifty saw intra-day moves of over 400 points before closing flat for the day. Adani twins, Hero Motors & Cipla led the losers. Bajaj twins, Hindalco & HDFC Life led the gainers. Mid-caps saw profit booking. Nifty next 50 closed lower by 0.50%

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) : Sell HAL February future @ 2395-2415. Stop loss: 2453. Target: 2355.

Derivative call-time period: (1 months) : BUY Tata Chem February future @ 1014-1018. Stop loss: 996. Target: 1040.