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Indian
Indices: Asian markets opened a mixed note with most indices trading in green
as overnight US indices regained most losses to close marginally below 21000.
North Korea missile test, profit booking and Fed meet on March 14-15 will be
key in deciding future direction of the US and the global markets next week.
Nifty rallied from opening bell to close near the highs for the day as
foreign buying saw bears scramble for cover. The Nifty closed @ the highest
point in the last 2 years with 9000 being the target for today. Reliance,
Metals and private banks led the way as mid-caps also joined the party.
The BSE
Sensex is currently trading at 29043.51, down by 4.68 points or 0.02% after
trading in a range of 29033.83 and 29098.17. There were 16 stocks advancing
against 14 stocks declining on the index.
The broader
indices were holding the ground and trading in green;
the BSE Mid cap index was up by 0.33%, while Small cap index up by 0.17%.
The CNX Nifty is currently trading at 8959.40, down
by 4.05 points or 0.05% after trading in a range of 8952.40 and 8977.85.
There were 25 stocks advancing against 26 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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Adanipower
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40.35
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4.67
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Coromande
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328.95
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3.43
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Bajajelec
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274.00
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3.14
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DEN
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83.80
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3.14
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Group ATopLosers
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Hindalco
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193.60
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-2.91
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JKTYRE
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121.25
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-2.18
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Wabag
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568.95
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-2.14
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Hindzinc
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303.20
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-1.97
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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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28912
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29205
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Nifty
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8929
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9005
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Technical view: Nifty finds strong support @ 8900 with 9000 being
the resistance on the upside, while Bank Nifty also finds strong support @
20400 with 20800 acting as resistance on the upside.
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Trading
ideas: ASHOKLEY
(Buy above Rs 91, for Target of Rs 95.5, SL at Rs 88.5): Stock
has formed a bullish morning star pattern on the daily charts after
successfully taking support at the 50% Fibonacci retracement of the recent up
move. Ashok Leyland also closed above its 200-DMA in yesterday's trade with
credible volumes. RSI crossover on the daily chart adds to the bullish stance
in the stock. We advise to Buy AshokLey above Rs 91,
Stop Loss at Rs 88.5 and Target of Rs 95.5.
Derivative
Snippets: Markets traded with a positive bias as Auto and Banking index surged
higher. With the heavy short selling of Nifty 9000PE and short covering of
Nifty 9000CE, a breach of the psychological resistance of 9000 is on the
cards for the first time since March 2015.
FIIs were net buyers in cash market segment to the tune of Rs 564
crore.
FII’s index future long/short ratio continues to stand above 4x since
the start of this F&O series, leading to a positive bias in the markets.
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Nifty Movers: The top gainers on Nifty were Tata Power up by
1.33%, BPCL up by 0.98%, Reliance Industries up by 0.85%, Zee Entertainment
up by 0.77% and Tech Mahindra up by 0.65%. On the flip side, Hindalco down by
1.70%, Infosys down by 1.44%, Tata Motors - DVR down by 0.96%, Tata Motors
down by 0.85% and Yes Bank down by 0.80% were the top losers.
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Top Sectoral& Stock Screening: The top gaining
sectoral indices on the BSE were Power up by 0.84%, Utilities up by 0.76%,
Energy up by 0.52%, Oil & Gas up by 0.43% and Consumer Durables up by
0.37%, while Metal down by 0.50%, Realty down by 0.47%, IT down by 0.29%,
TECK down by 0.21% and Healthcare down by 0.10% were the losing indices on
BSE.
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On the global front: On sectoral front, power utility and energy stocks
were restricting any fall in the market. The oil & gas stocks were
trading higher after International Energy Agency (IEA) stated that India is
moving to the centre stage of global energy market and by the early 2020s it
will replace Russia as the world's third largest refiner. In scrip specific
action Bharat Financial Inclusion declined after it said that 4.5 percent of
its loan portfolio was at a risk of turning bad in Q4 and that 60 percent of
the overdue portfolio pertained to Uttar Pradesh and Maharashtra.
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Global Signals:The Asian markets
were trading mostly higher; FTSE Bursa Malaysia KLCI was up by 1.29 points or
0.07% to 1,728.65, KOSPI Index gained 13.4 points or 0.64% to 2,094.76,
Taiwan Weighted was higher by 38.3 points or 0.4% to 9,720.93 and Hang Seng
increased 92.36 points or 0.39% to 23,688.64.On the other hand, Nikkei 225
declined by 26.15 points or 0.13% to 19,352.99, Jakarta Composite was down by
6.41 points or 0.12% to 5,403.41 and Shanghai Composite was tad lower by 2.24
points or 0.07% to 3,231.63.
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