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Global markets consolidate with sentiment turning sour as profit booking deepens against Trump rhetoric uncertainty.

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Major headlines:

·         Property prices fell due to cash crunch

��         Retail inflation likely to be below 5% survey

·         Speaker to take call on Budget

INDEX PERFORMANCE


 

 

Indices

Support

Resistanes

Sensex

8525

8660

Nifty

27565

27950

 

Indian Indices: Asian markets opened flat as after 2 days of weakness some consolidation may keep indices range bound.Dow Jones had another triple digit selloff as sentiment turned weak with profit booking the theme for this week.Gold prices rallied as buying defensive assets aginst the back drop of risk off trade played out.


Nifty will see sharp volatility for today as we prepare for the Union Budget against the global back drop of uncertainty at its highest in recent months.The lingering rumour of change in LTCG(long term capital gain) tax will be key in deciding market trend in the very short term.For once India may be in the sweetest spot ever as it continues to be the best destination against the global back drop of uncertainty as the resumption of normalcy after the demonetization exercise will trigger huge local consumption led spending even as the Government prepares to unleash huge tax breaks to spur the economy.


The BSE Sensex is currently trading at 27662.21, up by 6.25 points or 0.02% after trading in a range of 27590.10 and 27725.16. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.15%, while Small cap index was up by 0.14%.

 

MARKET INDICATORS


·           

 

Group ATopGainers

 

 

Company

Price (Rs)

% chg

MMTC

65.40

4.14

Unitech

4.99

3.31

JPassociat

11.76

3.07

RDEL

62.30

3.06

Group ATopLosers

 

 

Idea

104.90

-4.81

CYIENT

444.00

-3.80

HCLTECH

780.00

-3.57

Jetairways

390.80

-2.93

Market Statistics

 

 

 

BSE

NSE

Advances

808

770

Declines

1371

693

 

Technical view: Nifty will find support around 8400 while 8720 will act as resistance. Bank nifty finds support @ 19021 which is the 100 DMA while 19800 will act as resistance.


Market Sentiment:

The market breadth on BSE was negative in the ratio of 808:1371, while 153 scrips remained unchanged.

 

Trading ideas :WOCKPHARMA Feb Fut (Sell below Rs 648 for Target of Rs 636 ,SL at Rs 654): Stock is moving in a downtrend after it took resistance at its 50-DMA and made a short term top around Rs 728 on 6th Jan 2016.

 Multiple attempts to close above the 50-DMA went futile, and the stock has further witnessed a fresh breakdown from a bearish pennant formation. This would lead to a phase of fresh down trend. We advise to SELL WOCKPHARMA Feb Fut below Rs 648, stop loss at Rs 654, and Target of Rs 636.

Corporate Snippets:

NatcoPharma said a US District Court has ruled in favour of its marketing partner Mylan by invalidating Israel-based Teva Pharmaceuticals’ patents related to multiple sclerosis drug Copaxone 40 mg/mL.

Rural Electrification Corp (REC)has signed loan agreement with Tamil Nadu's power generation and transmission utilities for financial assistance of Rs68.90bn.


Lokesh Machines Ltd has signed up with Taiwanese company Tongtai Machine & Tool Co Ltd to manufacture hi-speed vertical machining centre model EZ5 for the Indian market as well as for re-export from its new facility at Kallakal near Hyderabad.

Nifty Movers:   The top gainers on Nifty were Bank of Baroda up by 2.45%, Grasim Industries up by 2.16%, SBI up by 2.13%, Maruti Suzuki up by 1.56% and Tata Motors - DVR up by 1.19%.  On the flip side, Idea Cellular down by 4.45%, HCL Tech down by 3.72%, TCS down by 2.75%, AurobindoPharma down by 2.46% and Tech Mahindra down by 2.26% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Realty up by 1.03%, PSU up by 0.88%, Capital Goods up by 0.70%, Consumer Durables up by 0.63% and Oil & Gas up by 0.61%, while IT down by 2.24%, TECK down by 1.88%, Metal down by 0.31% and Power down by 0.18% were the losing indices on BSE.

 

 

On the global front: On the global front, Asian shares were trading mostly in green, taking cues from Chinese manufacturing data and as investors awaited the latest views from the Federal Reserve on monetary policy in its first review of the year. China’s official manufacturing Purchasing Managers' Index (PMI) continued in expansion in January, as the mainland economy shows signs of stabilizing, reaching 51.3, down slightly from 51.4 in December.

 

Global Signals: The Asian markets were trading mostly in green; KOSPI Index increased 10.9 points or 0.53% to 2,078.47, Jakarta Composite increased 30.63 points or 0.58% to 5,324.73 and Nikkei 225 increased 111.41 points or 0.59% to 19,152.75.On the other hand, Hang Seng decreased 165.55 points or 0.71% to 23,195.23.China, Malaysia and Taiwan stock exchange has been closed for the day on account of holiday.

 

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