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Indian Indices: US markets closed almost flat as the Comeytestification saw sentiment remain weak as doubts over further reforms by President Trump gathered pace. Asian indices however opened flat to mildly positive as bulls seen in full control with all risk being brushed under the carpet. With US Dollar also seeing safe haven buying against the UK pound, expect currencies to be at the centre of attention as results pour in.

Nifty gave up gains as IT downgrades saw tech stocks witness huge selling. The Pharma sector saw strong defensive buying and emerged as the biggest gainer yesterday. For today expect Pharma, Private Banks and Metals to see buying while IT, PSU Banks and Mid-caps could be under pressure.

The BSE Sensex is currently trading at 31178.33, down by 35.03 points or 0.11% after trading in a range of 31087.28 and 31200.59. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.02%, while Small cap index was up by 0.36%.

The CNX Nifty is currently trading at 9633.35, down by 13.90 points or 0.14% after trading in a range of 9608.15 and 9644.10. There were 19 stocks advancing against 32 stocks declining on the index.

Technical view: Nifty has seen 9700 act as resistance and needs to close over the same for further upside, while 9580 will act as support on the downside. Bank Nifty also saw resistance around 23650 while 23350 will act as support

Magma Fincorp (Buy Above 135.5 with Stop Loss at 132.75 for Target of 141): After consolidating for over four weeks, the stock has finally broken out from a Symmetrical Triangle pattern on the daily hart. The price outburst has been accompanied with smart uptick in traded volumes, moreover, Magma has also convincingly closed above the 15-DMA accentuating our bullish stance on the stock.

Derivative Snippets    

Bodhtree Consulting has entered into a strategic partnership with Infosys as an application service provider wherein the clients of the Bengaluru-headquartered company will have an option to utilise the GSP platform of the former for their GST filings.

In the last trading session, markets ended on a lacklustre note. Nifty 9700CE witnessed marginal short selling as the open interest increased by ~4.5 lakh shares, making 9700 level as a new resistance point for Nifty.

FIIs were net buyers in cash market segment to the tune of Rs 91 Cr.FIIs index future long short ratio at 5.6x vs 5.5x.

Nifty Movers:  The top gainers on Nifty were Vedanta up by 1.49%, Indiabulls Housing Finance up by 1.19%, Maruti Suzuki up by 1.11%, Reliance Industries up by 0.84% and Mahindra & Mahindra up by 0.73%. On the flip side, Tech Mahindra down by 2.67%, Infosys down by 2.12%, GAIL India down by 1.87%, Adani Ports & Special Economic Zone down by 1.45% and Ultratech Cement down by 1.37% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 0.70%, Healthcare up by 0.33%, Metal up by 0.29%, Consumer Disc up by 0.24% and Energy up by 0.17%, while IT down by 0.92%, TECK down by 0.74%, Oil & Gas down by 0.37%, FMCG down by 0.32% and Consumer Durables down by 0.30% were the losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, as investors eyed UK poll results. A board member of South Korea’s central bank said the nation’s potential annual growth rate will stay below 3 percent due to a shrinking workforce and the high-level of household debt among the elderly.

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 78.02 points or 0.3% to 25,985.04, Jakarta Composite decreased 13.57 points or 0.24% to 5,689.35, Taiwan Weighted decreased 7.41 points or 0.07% to 10,218.37 and Shanghai Composite decreased 0.22 points or 0.01% to 3,150.12.

On the other hand, FTSE Bursa Malaysia KLCI increased 3.64 points or 0.2% to 1,789.21, KOSPI Index increased 19.51 points or 0.83% to 2,383.08 and Nikkei 225 increased 70.66 points or 0.35% to 19,979.92.