Indian equity markets may see some volatility today. Profit booking may take place after the gains of past few days. Consumer price inflation rate of India came down to 5.66% in March from 6.95% in February. US consumer price inflation has also slowed down to 5% in March, from 6% in February. US Federal Reserve has said that the US economy is likely to enter into a recession later this year.
US markets saw another day of volatile trade yesterday. CPI inflation for March came lower than expectations. It came down to 5% in March from 6% in February. Markets took a breather after seeing sharp run up in the last week. Dow Jones gyrates over 300 points before closing lower by 38 points. Nasdaq swung over 220 points before closing lower by 100 points. Bond yields fell to 3.35%. US dollar index hit 6-month lows at 101.5.
Asian markets have opened on a mixed note today. Weakness in US dollar is causing ETF flows into Asian stocks. Japanese ‘NIkkei’ is down by 50 points in early trade. Most other Asian indices are seeing flat trade. Chinese stocks are seeing profit booking. At the same time, strong buying interest is also being seen in Chinese stocks due to higher ETF flows.
Nifty saw a day of gains for the 8th consecutive day, yesterday. Foreign investors bought stocks. Auto, Pharma and Banks led the gainers. Profit booking was seen in Power utilities & FMCG stocks. Mid-caps saw strong buying. Nifty Mid-cap 100 index closed higher by 0.65%. Nifty is seeing one of the best weeks in April. It has gained nearly 1000 points from the last week of March.
Technical View: Nifty is likely to find support at around 17600. 18000 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 Reliance April future @ 2345-2355. Stop loss: 2304. Target: 2400.
Derivative call-time period: (1 month): BUY Maruti April future @ 8640-8660. Stop loss: 8477. Target: 8825.
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