Indian
Indices: Asian indices opened in the green with the Japanese 'Nikkei"
jumping almost 250 points on opening bell. The overnight recovery in the US
indices bought some cheer as most indices looked oversold in the near term.
The Dow Jones however closed lower for the 8th consecutive session and a
bounce back is on the cards for this week.
In the last session, Nifty followed global cues from opening bell and
closed lower even though last hour buying by foreign investors saw some
recovery. For today expect 9100 to be tested as foreign flows remain strong
along with Rupee strength will see the Indian equity outperform in the near
term. With expiry of derivative contracts on Thursday higher volatility will
be the theme for next few days.
The BSE
Sensex is currently trading at 29427.55, up by 190.40 points or 0.65% after
trading in a range of 29301.22 and 29442.18. There were 25 stocks advancing
against 5 stocks declining on the index.
The broader
indices were trading in green; the BSE Mid cap index was up by 0.69%, while Small
cap index was up by 0.82%.
The CNX Nifty is currently trading at 9109.40, up by
64.20 points or 0.71% after trading in a range of 9080.80 and 9109.75. There
were 42 stocks advancing against 9 stocks declining on the index.
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MARKET
INDICATORS
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Group ATopGainers
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Company
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Price (Rs)
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% chg
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Dishman
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278.20
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19.99
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M&Mfin
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337.45
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5.37
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Edelweiss
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144.40
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5.09
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SCI
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70.80
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4.81
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Group ATopLosers
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KEC
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195.35
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-6.31
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NLCINDIA
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105.80
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-3.73
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Idea
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87.65
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-3.52
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Tatacapital
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480.00
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-2.68
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INDEX
PERFORMANCE
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Indices
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Support
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Resistanes
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Sensex
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29385
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29585
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Nifty
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9090
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9150
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Technical view: Nifty will face resistance @ 9119 on the upside
while 9025 which was yesterday's low will act as support on the downside.
Bank Nifty also finds resistance around 21350 while 20980 will act as strong
support on the downside.
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FINCABLES (Buy above 492, for Target of
526, Stop Loss at 475): Fincables has broken out on weekly charts from a
classic inverse head and shoulder pattern. The breakout is accompanied
by surge in traded volumes in yesterday's trade, with a confirmation on the
hourly charts too. Momentum oscillators suggest strength in the current price
outburst indicating further upside in the coming days. We advise to Buy Fincables
above Rs 492, Stop Loss at Rs 475 and Target of Rs 526.
Derivative
Snippets:
In the last trading session, Nifty
hovered around 9050 level and remained sluggish throughout the day. Nifty
9100CE strike saw fresh short selling as open interest surged by ~17 lakh
shares. Short covering was witnessed in Nifty 9100PE, making 9100 level as a
ceiling for Nifty in March F&O series.
FIIs were net buyers in cash market
segment to the tune of Rs 578 crore.
FII’s index future long/short ratio at
3.2x vs 3.5x, with creation of fresh shorts to the tune of ~12K contracts
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Nifty Movers: The top gainers on Nifty were HCL Technologies up by
2.09%, Tata Motors - DVR up by 2.03%, Axis Bank up by 1.87%, BhartiInfratel
up by 1.81% and Tata Motors up by 1.70%. On the flip side, Tech Mahindra down
by 1.88%, ONGC down by 1.14%, GAIL India down by 0.93%, Grasim Industries
down by 0.51% and Coal India down by 0.41% were the top losers.
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Top Sectoral& Stock Screening: The
gaining sectoral indices on the BSE were Consumer Durables up by 0.50%, IT up
by 0.19% and TECK up by 0.07%, while Metal down by 1.62%, Energy down by
1.45%, Oil & Gas down by 0.86%, Telecom down by 0.71% and Healthcare down
by 0.65% were the losing indices on BSE.
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On the global front: On the global front, Asian shares were trading
mostly in green, as investors shrugged off the disappointment from the
current US administration’s ability to push through legislation to repeal and
replace the Obama-era health-care law.
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Global
Signals: The Asian markets were trading mostly in green;
KOSPI Index increased 3.33 points or 0.15% to 2,158.99, FTSE Bursa Malaysia
KLCI increased 4.69 points or 0.27% to 1,749.64, Hang Seng increased 133.2
points or 0.55% to 24,326.90 and Nikkei 225 increased 188.21 points or 0.99%
to 19,173.80.
On the other hand, Taiwan Weighted decreased 30.64
points or 0.31% to 9,846.13 and Shanghai Composite decreased 11.2 points or
0.34% to 3,255.75.Jakarta Stock Exchange is closed on account of ‘Hindu
Saka New Year’ holiday.
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