Highlight row and column intersection exact match

Generic formula 

=OR($A1=row_val,A$1=col_val)

Summary 

To highlight intersecting row(s) and column(s) with conditional formatting based on exact matching, you can use a simple formula based on mixed references and the OR function.

In the example shown, the formula used to apply conditional formatting is:

=OR($B4=$K$5,B$4=$K$6)