On the back of positive global cues, Indian markets may start the day in Green

16 Feb 2023 , 08:59 AM

On the back of positive global cues, Indian equity markets may start the day in Green today. Asian markets have opened strongly in the green today. India’s exports in January came down y-o-y by 6.58% due to slowing global demand. 

US markets saw a volatile session yesterday. Dow Jones lost 280 points in intra-day trade, before recovering to close higher by 38 points. Nasdaq continued to see its winning streak. It closed higher by 110 points. Bond yields hit 3.80%. US dollar index inched lower to close near 103.6.

Asian markets have opened in the green, across the board, today. Japanese ‘Nikkei’, South Korean ‘Kospi’ and the Taiwan market are leading the gainers. Metals, IT stocks stage a comeback. China’s demand resumption is seeing metals rise.  Auto stocks are in very strong demand.

Nifty saw a superb comeback from a weak start, yesterday. Reliance led the gainers for the 2nd straight day. Tech Mahindra and Apollo Hospital also added to the gainers. Bank Nifty also closed in the green. Selling in HDFC Bank and Axis saw gains being muted. Mid-caps saw buying as Nifty 50 closed above 18000. Nifty Next 50 closed higher by 0.72%.

Technical View: Nifty is likely to find support at around 17850. 18250 is likely to act as resistance. Bank Nifty is likely to find support at around 41400. 42300 is likely to act as resistance on the upside.

Trading call:(1-14 days): BUY Wipro February future @ 407-410. Stop loss: 399.9. Target: 417.

Derivative call-time period: (1 months): BUY L&T February future @ 2175-2185. Stop loss: 2136.25. Target: 2225.