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Indian Indices: Asian indices opened weak as profit booking seems on the cards after the heady run of the past few weeks. US Dollar weakness saw strength in most Asian currencies, which boosted sentiments with positive inflows into equities. There could be some more consolidation as US political rhetoric takes centre stage, which could see some more profit booking on rallies.

Nifty crossed 9500 led by Auto, Banks and FMCG as foreign flows and left out feeling witness huge buying chase stocks. With most sideline sitters also jumping in the fray expect another final bout of irrational exuberance as Nifty moves into extremely overbought zone. For today expect Tata Steel to lead from the front after posting excellent results last evening, while mid-cap housing and financials could be under pressure from profit booking.

The BSE Sensex is currently trading at 30599.56, up by 16.96 points or 0.06% after trading in a range of 30519.14 and 30642.94. There were 17 stocks advancing against 13 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.24%, while Small cap index was up by 0.10%.

The CNX Nifty is currently trading at 9507.50, down by 4.75 points or 0.05% after trading in a range of 9489.70 and 9521.00. There were 24 stocks advancing against 27 stocks declining on the index.

Technical view: Nifty finds strong support around 9450 which was the previous support while 9600 will act as resistance on the upside. Bank Nifty will also find support now around 22750 while 23100 will act as resistance on the upside.

SBI (Buy Above 308 with Stop Loss at 301 for Target of 320): After consolidating for the past six weeks, the stock has finally broken out from a symmetrical triangle pattern on the daily charts. The price outburst has been accompanied with credible rise in volumes too. In addition, other momentum oscillators also indicate than the upswing is likely to extend, which further accentuates our bullish stance on the stock.

Derivative Snippets

In the last trading session, Nifty, Bank Nifty, Mid-cap Index closed on record highs. Nifty closed above 9500 level for the first time ever as huge short covering was witnessed in 9500 CE strike. Nifty ATM/OTM put option strikes continue to remain under selling pressure. Nifty 9600 CE added fresh long positions, indicating a further up move. Bank Nifty 22500 CE added fresh long positions to the tune ~95k shares.

FIIs were net buyers in cash market segment to the tune of Rs 858 Cr.

FIIs index future long short ratio at 2x.

Nifty Movers: The top gainers on Nifty were Tata Steel up by 5.32%, Indiabulls Housing up by 2.89%, ICICI Bank up by 1.49%, BhartiAirtel up by 1.10% and Mahindra & Mahindra up by 1.04%.  On the flip side, Tech Mahindra down by 2.59%, Yes Bank down by 1.38%, ACC down by 1.31%, Bosch down by 1.23% and Wipro down by 1.23% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Metal up by 1.75%, Power up by 0.61%, Telecom up by 0.55%, Utilities up by 0.53% and Realty up by 0.49%, while Consumer Durables down by 0.77%, IT down by 0.55%, FMCG down by 0.38%, TECK down by 0.33% and Healthcare down by 0.16% were the losing indices on BSE.

On the global front: On the global front, Asian shares were trading in red, on the continued chaotic US political situation weighing on expectations for economic policies favoring tax cuts and higher spending. Japanese stocks dropped after the dollar eased against the yen on weak US economic data, while financials stocks underperformed hit by lower US yields.

Global Signals:The Asian markets were trading in red; Nikkei 225 decreased 109.98 points or 0.55% to 19,809.84, Hang Seng decreased 42.16 points or 0.17% to 25,293.78, Taiwan Weighted decreased 34.27 points or 0.34% to 9,997.22, Jakarta Composite decreased 22.05 points or 0.39% to 5,624.95, FTSE Bursa Malaysia KLCI decreased 6.67 points or 0.38% to 1,771.48, KOSPI Index decreased 3.33 points or 0.15% to 2,292.00 and Shanghai Composite decreased 2.45 points or 0.08% to 3,110.52.