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Indian Indices: Asian indices opened in the green for another day with most indices now trading at fresh highs. With US Dollar weakness most ETF flows are gathering further momentum with Asian indices seeing strong inflows into equity markets. Despite overbought conditions the trend seems strongly upwards as liquidity surges to highest levels in 2017.

Nifty hit 9900 before closing marginally lower as profit booking set in late on Friday. For today expect a strong start above 9900 with profit taking again expected in second half as local mutual funds book profit. Corporate results will be the key as large cap stocks report earnings this week. For today PSU banks and Gas utilities could see upside while profit booking could emerge in Metals and FMCG counters.

The BSE Sensex is currently trading at 32119.87, up by 99.12 points or 0.31% after trading in a range of 32053.98 and 32128.36. There were 20 stocks advancing against 11 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.03%, while Small cap index was up by 0.17%.

The CNX Nifty is currently trading at 9917.40, up by 31.05 points or 0.31% after trading in a range of 9894.70 and 9920.30. There were 33 stocks advancing against 18 stocks declining on the index.

Technical view: Nifty finds strong support around 9850 while 9935 will act as resistance on the upside. Bank Nifty finds support around 23750 while 24100 will act as initial resistance on the upside.

Canara Bank (Buy Above 368 with Stop Loss 362 at for Target of 380): The stock has been consolidating for over four trading sessions and has finally broken out from a Flag pattern on the daily charts. The price outburst has been accompanied with impressive rise in volumes. Other oscillators also indicate that the current momentum is here to stay.

EconomicSnippets      

The market regulator, the Securities and Exchange Board of India (SEBI) and Finance Ministry are in discussions for extending the deadline for unwinding naked position through Participatory note (P-notes).

According to the Commercial Taxes department, “the different procedures for different auction centres is inadmissible” after the launch of the GST Act, which is a unified tax rate applicable across the country.According to the Commercial Taxes department, “the different procedures for different auction centres is inadmissible” after the launch of the GST Act, which is a unified tax rate applicable across the country.

Lower inflation in food articles, manufacturing and fuel cooled India's wholesale inflation to 0.9% in June from 2.17% in May. For decades, many Indians have escaped tax and legitimised their money stashed abroad by staying 182 days out of the country every year and declaring themselves as ‘non-resident’.

Nifty Movers: The top gainers on Nifty were Wipro up by 3.41%, Vedanta up by 1.89%, Mahindra & Mahindra up by 1.70%, Infosys up by 1.67% and Adani Ports & Special Economic Zone up by 1.56%.  On the flip side, ITC down by 2.36%, GAIL India down by 0.97%, AurobindoPharma down by 0.87%, Indian Oil Corporation down by 0.80% and Coal India down by 0.46% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.31%, TECK up by 1.06%, Metal up by 0.79%, Basic Materials up by 0.77% and Utilities up by 0.60%, while FMCG down by 1.25% and Realty down by 0.01% were the only losing indices on BSE.

On the global front: On the global front, Asian shares were trading mostly in green. China reported better-than-expected trade data for June, suggesting the economy is holding up well thanks to firmer global demand, despite a cooling property market at home amid a financial crackdown that has put firms under pressure.

Global Signals:The Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 0.22 points or 0.01% to 1,755.22, Taiwan Weighted increased 1.34 points or 0.01% to 10,445.25, Jakarta Composite increased 1.55 points or 0.03% to 5,833.34, KOSPI Index increased 9.07 points or 0.38% to 2,423.70 and Hang Seng increased 132.43 points or 0.5% to 26,521.66. On the other hand, Shanghai Composite decreased 14 points or 0.43% to 3,208.42. Tokyo Stock Exchange was closed on account of National holiday.