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Indian
Indices: Asian indices opened in red with the Japanese 'Nikkei" falling
over 350 points as stronger ‘Yen’ hurt exporters. With US bond yields falling
by 2.22% there was a scramble to buy bonds as ‘risk off’ trade gathered
momentum after the Trump/Comey rhetoric saw negative overtones. Globally,
markets are perched atop huge highs and any correction will be sharp as paper
profits turn to actual.
Nifty refused to correct as all intraday dips are turning to be buying
opportunities. Today may be different and if the crucial support gets broken
during the day then it will lead to profit booking as overbought market
likely to witness sharper than expected corrections. Mid-caps are seeing huge
profit booking and could be susceptible today as leveraged players exit long
positions.
The BSE Sensex is currently trading at 30500.82, down by 157.95 points
or 0.52% after trading in a range of 30436.56 and 30567.82. There were 6
stocks advancing against 24 stocks declining on the index.
The broader indices were trading in red; the BSE Mid cap index
declined by 1.01%, while Small cap index was down by 0.86%.
The CNX Nifty is currently trading at 9465.60, down
by 60.15 points or 0.63% after trading in a range of 9448.75 and 9489.10.
There were 9 stocks advancing against 42 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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Hindcopper
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70.30
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5.32
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MRPL
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139.40
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3.18
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Wipro
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520.55
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2.87
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Edelweiss
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183.00
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2.21
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Group ATopLosers
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JKLakshmi
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481.25
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-6.57
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Network18
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49.25
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-4.74
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DEN
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97.75
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-4.07
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Unitech
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5.79
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-3.98
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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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30430
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30660
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Nifty
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9475
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9535
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Technical view: Nifty will see support initially around 9450 which
was the previous resistance and if that is broken then 9370 can be tested,
while 9550 on the upside will act as resistance. Bank Nifty will see 23000
act as resistance on the upside while 22550 will act as support.
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Ashok Leyland (Buy Above 88.5 with Stop Loss at 86
for Target of 93): After consolidating for over six weeks, the stock has
finally broken out from a double bottom pattern on the daily charts.
The price outburst has been accompanied with smart uptick in volumes. Ashok
Leyland has also closed above its long term 200-DMA further accentuating our
bullish stance on the stock.
Derivative Snippets
In the last trading session, markets
traded in a narrow range for almost entire day. Nifty 9500 PE added fresh
open interest to the tune of ~15 lakhs shares making 9500 as strong
resistance level going forward.
FIIs were net sellers in cash market
segment to the tune of Rs 731 Cr.FIIs index future long short ratio at 1.9x
v/s 2x.
Cabinet OKs policy to auction coal
linkages to power producers
Skymet says monsoon to hit
Kerala May 29; IMD sees onset on May 30
GST plan enters last stage; Council
meets to decide on tax rates
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Nifty Movers: The top gainers on Nifty were Bank of Baroda up by
0.99%, TCS up by 0.97%, Tech Mahindra up by 0.93%, Wipro up by 0.86% and Sun
Pharma up by 0.48%. On the flip side, Hindalco down by 2.62%, Yes Bank down
by 2.56%, Axis Bank down by 1.65%, Indiabulls Housing down by 1.54% and
Ambuja Cement down by 1.40% were the top losers.
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Top Sectoral& Stock Screening: The only gaining sectoral indices on the BSE were IT up by 0.40% and
TECK up by 0.25%, while Realty down by 2.07%, Metal down by 1.31%, Industrials
down by 1.24%, Basic Materials down by 1.22%, Capital Goods down by 1.21%
were the top losing indices on BSE.
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On the global front: On the global front, Global cues too remained somber
with most of the Asian counters were trading in red at this point of time.
The Japanese market was down by over a percent as the yen strengthened
against the dollar. The US markets slumped in the last session and the
tech-heavy Nasdaq which has been on a record breaking spree pulled
back well off its record closing high.
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Global Signals:Asian markets
were trading mostly in red; Nikkei 225 declined 316.94 points or 1.6% to
19,497.94, Hang Seng slipped 59.29 points or 0.23% to 25,234.34, Taiwan
Weighted decreased 51.84 points or 0.52% to 9,961.83, KOSPI Index shed 10.6
points or 0.46% to 2,282.48, FTSE Bursa Malaysia KLCI fell 9.52 points or
0.54% to 1,766.13 and Shanghai Composite was down by 5.84 points or 0.19% to
3,098.60. On the flip side, Jakarta Composite was up by 9.38 points or 0.17%
to 5,624.88.
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