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Indian Indices: Asian markets opened weak as strength in the Japanese currency saw exporter stocks open weak which dragged the "Nikkei" index to a 1 month low. Globally the Dow Jones has created history by having the longest streak of consecutive days of rally after 1987.

Nifty hit a new closing high after crossing the previous high of September 2016 of 8968 & hit 8982 on Friday. The 'disbelief' rally has gathered huge momentum & is now seeing any fall as a buying opportunity as investors on the sidelines now join in. For today expect profit booking to creep in as smart money exits the sweetest rally in the month of February seen in recent times.

The BSE Sensex is currently trading at 28873.71, down by 19.26 points or 0.07% after trading in a range of 28812.88 and 28961.83. There were 11 stocks advancing against 19 stocks declining on the index.The broader indices were trading mixed; the BSE Mid cap index was down by 0.03%, while Small cap index was up by 0.24%.

The CNX Nifty is currently trading at 8918.25, down by 21.25 points or 0.24% after trading in a range of 8913.65 and 8951.80. There were 12 stocks advancing against 39 stocks declining on the index.

Technical view: Nifty finds resistance around 8980-9000 with support now coming around 8880.Bank Nifty finds support around 20650 while 21000 acts as strong resistance on the upside.

Trading ideas :KPIT (Buy above Rs 139, for target of Rs 146, SL at Rs 135.5): Stock has broken out from double bottom pattern on the daily charts. It also successfully closed above its both 50 & 100 DMA, with impressive volumes. KPIT looks poised to move towards the two previous peaks made at Rs 146. We advise to Buy KPIT above Rs 139, stop loss at Rs 135.5 and Target of Rs 146.

Derivative Snippets: In the last session, the markets ended on a lackluster note. Nifty 8900PE and 9000CE added fresh short positions and expired worthless.

Short selling in Nifty OTM options was witnessed ahead of a long weekend.

FIIs were net buyers in cash market segment to the tune of Rs 392 crore.

FII’s index future long/short ratio at 4.8x vs 2.0x.

Nifty Movers:  The top gainers on Nifty were Reliance Industries up by 5.35%, Hindustan Unilever up by 1.23%, AurobindoPharma up by 0.86%, Infosys up by 0.69% and Bajaj Auto up by 0.60%.

On the flip side, Axis Bank down by 2.93%, Zee Entertainment down by 2.75%, Ambuja Cement down by 2.03%, BhartiInfratel down by 2.01% and Idea Cellular down by 1.96% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Telecom up by 4.03%, TECK up by 1.70%, IT up by 1.32%, Consumer Durables up by 1.21% and Realty up by 0.54%, while Power down by 0.40%, Metal down by 0.38%, Utilities down by 0.34%, Auto down by 0.23% and Basic Materials down by 0.19% were the losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in red, with Japan’s Nikkei share average fell to 2-1/2 week lows as the yen strengthened and as financial stocks dropped on lower US yields.

On the other hand, Hang Seng increased 3.64 points or 0.02% to 23,969.34 and FTSE Bursa Malaysia KLCI increased 3.68 points or 0.22% to 1,702.03.Taiwan Stock Exchange remained closed on account of trading holiday.

Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 160.3 points or 0.83% to 19,123.24, Jakarta Composite decreased 12.07 points or 0.22% to 5,373.84, Shanghai Composite decreased 8.36 points or 0.26% to 3,245.08 and KOSPI Index decreased 5.48 points or 0.26% to 2,088.64.

On the other hand, Hang Seng increased 3.64 points or 0.02% to 23,969.34 and FTSE Bursa Malaysia KLCI increased 3.68 points or 0.22% to 1,702.03.Taiwan Stock Exchange remained closed on account of trading holiday.