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Indian
Indices: Asian markets opened mixed with the Japanese 'Yen" weakness
seeing gains in the stock indices while other markets opened flat. The US Dow
Jones index corrected marginally after a long streak of 12 consecutive
sessions of gains as the US Dollar gained strength on the back of growing
expectation of a March rate hike by the Federal Reserve.
Nifty succumbed to profit booking and closed below the 8900 level as
energy stocks dragged the index lower. GDP data released after market hours
showed better than expected growth @ 7%, which belied any slow down after the
'demonetization' exercise in November. For today expect market consolidation
and an attempt @ 8930 as positive data will see a renewed bout of buying by
foreign investors.
The BSE
Sensex is currently trading at 28958.02, up by 214.70 points or 0.75% after
trading in a range of 28824.17 and 29001.35. 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 0.26%, while Small cap index was up by
0.67%.
The CNX Nifty is currently trading at 8934.95, up by
55.35 points or 0.62% after trading in a range of 8898.60 and 8950.25. There
were 38 stocks advancing against 13 stocks declining on the index.
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MARKET
INDICATORS
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·
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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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Sobha
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339.00
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16.68
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Intellect
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120.25
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7.75
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Unitech
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6.43
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7.17
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Adanitrains
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64.70
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4.44
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Group ATopLosers
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BPCL
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657.80
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-1.76
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Piind
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837.10
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-1.29
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MFSL
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557.50
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-1.21
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Bhartfin
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832.90
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-1.35
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Market
Statistics
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BSE
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NSE
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Advances
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1357
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1068
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Declines
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1054
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393
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Technical view: Nifty finds support @ 8850 while 8930 will act as
first resistance on the upside. Bank Nifty will see a support closer to 20500
while 20800 will act as a resistance on the upside.
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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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28685
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28935
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Nifty
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8860
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8935
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Trading ideas : HEROMOTOCO March Future (Sell
below Rs 3140 for Target of Rs 3050, SL at Rs 3180): Stock has formed a classic bearish evening star
pattern on the daily charts after it took resistance at its 200-DMA (3212),
which also coincides with 61.8% retracement of ongoing downside move. The
hourly charts too gave a breakdown from a rising trendline confirming our
negative stance. We advise to SELL HEROMOTOCO March Future below Rs 3140,
Stop Loss at Rs 3180, and Target of Rs 3050.
Derivative
Snippets: In the last trading session, markets closed on a negative note. Minor
hint of put buying was visible in Nifty ATM/OTM put strikes.
Short selling was witnessed in the weekly Bank Nifty 20500PE and
21000CE strikes, indicating of a rangebound trading activity going forward.
FIIs were net buyers in cash market segment to the tune of Rs 1146
crore. FII’s index future long/short ratio at 4.7x in contrast to 0.46x for
the Retail clients.
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Nifty Movers: The top gainers on Nifty were Axis Bank up by 2.43%,
Dr. Reddy’s Lab up by 2.06%, HDFC up by 1.69%, Sun Pharma up by 1.66% and
Hero MotoCorp up by 1.48%.
On the flip
side, BPCL down by 1.57%, Tata Motors down by 1.16%, Ultratech Cement down by
1.10%, Idea Cellular down by 0.99% and BHEL down by 0.95% were the top
losers.
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Top Sectoral& Stock Screening: The top
gaining sectoral indices on the BSE were Realty up by 1.84%, Healthcare up by
1.05%, Bankex up by 0.98%, IT up by 0.81% and FMCG up by 0.66%, while Oil
& Gas down by 0.70%, Energy down by 0.33% and Telecom down by 0.17% were
the losers on BSE.
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On the global front: On the global front, Asian shares were trading
mostly in green, while Japanese stocks recovered from
intraday lows after US President Donald Trump’s speech to Congress offered
few details or surprises on tax and spending policies. China’s factory
activity expanded for the eighth straight month in February as export orders
picked up, a private survey showed, giving authorities more room to tackle
financial risks in the economy as debt continues to rise.
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Global Signals:The Asian markets
were trading mostly in green; FTSE Bursa Malaysia KLCI increased 3.6 points
or 0.21% to 1,697.37, Shanghai Composite increased 13.88 points or 0.43% to
3,255.61, Hang Seng increased 56.25 points or 0.24% to 23,796.98 and Nikkei
225 increased 266.14 points or 1.39% to 19,385.13.
On the other hand, Taiwan Weighted decreased 58.52
points or 0.6% to 9,691.95 and Jakarta Composite decreased 17.8 points or
0.33% to 5,368.89.South Korea stock exchange was closed on account of
‘Independence Movement Day’ holiday.
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