Indian markets may start the day in Green today

9 Jan 2023 , 09:17 AM

Indian equity markets may start the day on a positive note today. Cues from foreign equity markets are positive today. Advance estimates indicate that GDP growth of India in FY23 may stand at 7%.

US markets saw sharp comeback on Friday.  Job data indicates slowing down of wage inflation.  Bond yields indicate to 25 basis points hike in February by the Federal Reserve. Dow Jones gained 700 points. Nasdaq jumped over 2.6% or 256 points. Bond yields fell over 18 basis points to 3.55%. US dollar plummeted to 4-month low @103.66.
 
Asian markets have opened in the green, led by the South Korean ‘Kospi’ & Taiwan markets. Japanese market is closed for a holiday today. The ‘Kospi’ has gained over 8% since this year’s start. Hang Seng & Chinese indices remain most sought after. Covid reopening sees huge prospects for travel & industrial growth in China.
 
Nifty saw another volatile session on Friday. The index closed lower for 3rd straight day. Foreign ETF selling put pressure on the broader markets. Oversold indices could see sharp bounce today as global markets see best reopening. European indices are trading near 10-month highs, followed by most Asian counterparts. Markets, outside US, are seeing the best start to the new year, since 2009. 

Technical View: Nifty is likely to find support at around 17800. 18400 is likely to act as resistance. Bank Nifty is likely to find support at around 41800. 43550 is likely to act as resistance on the upside.

Trading call:(1-14 days) : BUY Tata Steel January future @ 116-118. Stop loss: 114.55. Target: 119.5.

Derivative call-time period: (1 months): BUY Glenmark Pharma January future @424-427. Stop loss: 416.50. Target: 434.