After the gains of the afternoon session yesterday, Indian equity markets may see some profit booking in the early hours, today. Global cues are mixed today.
US markets saw a late rally yesterday. This lifted Dow Jones to close at near the highs of the day, up by 66 points. Nasdaq recovered from lows of the day to close, down by 35 points. Bond yields eased to 3.49%. US dollar index saw further weakness, closing near 101.Oil prices bounced back modestly as growth prospects seem to brighten in emerging markets.
Asian markets have opened in the green today after a day of profit booking yesterday. Japanese ‘Nikkei’ and South Korean ‘Kospi’ are trading in the green. Most other Asian indices are expected to trade in the positive zone today. The underperformance of Chinese stocks has seen Chinese indices trade lower in the last fortnight.
Nifty saw a day of volatility in early trade yesterday, before seeing a superb rally of over 120 points. Banks led the gainers. Short covering/value buying propelled the indices higher. Nifty gainers were HDFC Life, Tata Consumer and Wipro. Profit booking was seen in pharma stocks such as Dr Reddy’s, Cipla & Divi’s Lab. Mid-caps also staged a sharp comeback. Nifty Midcap 50 index closed, up 0.70%.
Technical View: Nifty is likely to find support at around 17650. 17900 is likely to act as resistance. Bank Nifty is likely to find support at around 42400. 43200 is likely to act as resistance on the upside.
Trading call:(1-14 days) BUY Manappuram Finance May future @ 127.5-128.5. Stop loss: 125.4.Target: 131.
Derivative call-time period: (1 months): BUY Muthoot Finance May future @1005-1010. Stop loss: 986.8. Target: 1028.
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