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Indian Indices: Asian indices opened weak in tandem with the European selloff, which saw the Dow Jones also close lower by over 120 points. LME weakness in UK followed by the snap decision of elections saw the British Pound rally smartly, which hurt equities with metals leading on the way down. For today expect caution to be the buzzword as currencies, bond yields and equities chart out the course for the remainder of April with 'risk off' trade gathering momentum.

Nifty saw a very sharp intraday reversal and closed in the red after being up over 70 points during the morning session. The selloff was led by foreign investors as global cues turned weak and Nifty failed to sustain even the previous day's low. Mid-caps led the fall with further correction on the cards today also.

The BSE Sensex is currently trading at 29351.15, up by 32.05 points or 0.11% after trading in a range of 29241.48 and 29373.55. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.48%, while Small cap index was up by 0.48%.

The CNX Nifty is currently trading at 9113.55, up by 8.40 points or 0.09% after trading in a range of 9079.50 and 9120.50. There were 31 stocks advancing against 20 stocks declining on the index.

Technical view: Nifty finds strong support @ 9050 with 9150 now acting as strong resistance on the upside. Bank Nifty also finds 21750 as the hurdle on the upside while 21500 will act as support.

BPCL (Sell April Future Below 725, for Target of 703 and Stop Loss at 736): The stock has formed a Doji as well as a shooting star kind of a candle stick pattern indicating uncertainty in the current trend. If BPCL slips below previous day’s low we expect a fresh bout of downside pressure on the stock. Momentum indicators also suggest exhaustion at current juncture, which further accentuates our bearish stance on the stock for short term.

Derivative Snippets

In the last trading session, Nifty ended on a negative note as the closing hour selling pressure weigh in. Nifty OTM call option strikes witnessed continued short selling, while short covering was seen in ATM/OTM put option strikes, indicating of a further correction up to the support zone of 9050 levels.

FIIs were net sellers in cash market segment to the tune of Rs 931 Cr.

FII’s index future long/short ratio at 2.7x. Long positions to the tune of ~18k contracts were created in index put options.

Nifty Movers: The top gainers on Nifty were Tata Power up by 3.53%, Power Grid up by 2.87%, BhartiInfratel up by 2.51%, NTPC up by 2.01% and Adani Ports & Special Economic Zone up by 1.91%. On the flip side, Indiabulls Housing down by 1.58%, Axis Bank down by 1.34%, TCS down by 0.75%, Bosch down by 0.68% and Infosys down by 0.56% were the top losers.

Top Sectoral& Stock Screening: The gaining sectoral indices on the BSE were Utilities up by 1.79%, Power up by 1.76%, Basic Materials up by 0.55%, Metal up by 0.52% and Industrials up by 0.43%, while IT down by 0.35%, Bankex down by 0.26%, TECK down by 0.16% and Oil & Gas down by 0.02% were the losing indices on BSE.

On the global front: On the global front, Asian markets were trading mostly higher on Tuesday as tensions over the situation on the Korean Peninsula softened somewhat following U.S. Vice President Mike Pence's departure from South Korea for Japan. While weak commodity prices weighed on resources stocks, strong post-Easter finish on Wall Street provided upward momentum. In overnight trade, the Dow Jones Industrial Average index advanced 0.9%, while S&P500 index rose 0.86% and Nasdaq Composite index gained 0.89%.

Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 140.73 points or 0.59% to 23,783.81, Taiwan Weighted decreased 114.11 points or 1.17% to 9,632.45, Shanghai Composite decreased 35.92 points or 1.12% to 3,160.79, KOSPI Index decreased 7.61 points or 0.35% to 2,140.85 and FTSE Bursa Malaysia KLCI decreased 1.54 points or 0.09% to 1,739.06.On the other hand, Nikkei 225 increased 7.05 points or 0.04% to 18,425.64 and Jakarta Composite increased 29.03 points or 0.52% to 5,606.52.