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Indian
Indices: Asian indices opened flat as most markets recovered intraday losses
yesterday and will trade with caution ahead of the jobs data from the US and
weakness in energy stocks. With the Japanese 'Nikkiei' closed for holidays
the other markets are seeing huge divergences with the Chinese index losing
ground while South Korea and India hitting new highs daily.
Nifty saw a strong break above 9350 with PSU banks and large corporate
lenders leading even while commodity stocks lead the decline. Foreign
investors selling continues to be a dampener with now 'euphoric' local mutual
funds buying sending mid and small cap stocks into extremely stretched
valuation zones. For today, expect Nifty to settle around all time highs
while mid-cap stocks to continue to outperform with financials being the
clear outperformers.
The BSE
Sensex is currently trading at 29977.95, down by 148.26 points or 0.49% after
trading in a range of 29972.13 and 30176.55. There were 10 stocks advancing
against 20 stocks declining on the index. The broader indices were trading in
red; the BSE Mid cap index declined 0.23%, while Small cap index was down by
0.07%.
The CNX Nifty is currently trading at 9319.65, down
by 40.25 points or 0.43% after trading in a range of 9317.05 and 9377.10.
There were 17 stocks advancing against 34 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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Federalbnk
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119.35
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6.18
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Canbk
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409.35
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5.22
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CentralBak
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115.60
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5.14
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Finolexind
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577.00
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4.30
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Group ATopLosers
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HCC
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43.80
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-5.71
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Tatacomm
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668.05
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-5.20
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Vedl
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222.00
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-4.50
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Hindalco
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185.70
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-3.48
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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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29940
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30151
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Nifty
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9320
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9365
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Technical view: Nifty now finds strong support around 9300 while
9400 will be the first resistance on the upside. Bank Nifty is in blue sky
territory and can see 23000 where there will be resistance, while 22500 will
act as strong support on the downside.
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Pidilite
Industries (BUY Above 740 for Target of 760, Stop Loss at 725): The stock has
broken out from a consolidation phase on the daily chart. The breakout has
been accompanied with smart increase in volumes. Other oscillators are
indicating that the current momentum is likely to prolong. We advise to Buy
Pidilite for Target of Rs 760. Keep strict Stop Loss at Rs 725.
Derivative Snippets
Baba Ramdev-led Patanjali clocked a turnover of Rs 10,561 crore in 2016-17
and intends to become the largest Swadeshi company in the next 1-2 years. It
aims to double its turnover and will invest about Rs 5,000 crore in setting
up five new plants.
In the last trading session, markets
continued to surge higher as ICICI Bank shimmered. Nifty Bank Future
continued to form long positions as the open interest surged higher along
with rising cost of carry. Huge short selling was witnessed in Nifty Bank
22500 monthly expiry put option strike along with long formation in 23000
call option strike, indicating of a continuation of this up trend.
FIIs were net sellers in cash market
segment to the tune of Rs 601 Cr.FII’s index future
long/short ratio at 4.3x vs 5x.
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Nifty Movers: The top gainers on Nifty were Asian Paints up by
1.62%, Eicher Motors up by 1.27%, Indiabulls Housing up by 1.11%, Adani Ports
up by 1.09% and Coal India up by 1.09%. On the flip side, Hindalco down by
4.13%, GAIL India down by 2.12%, ONGC down by 2.01%, Infosys down by 1.29%
and Larsen & Toubro down by 1.27% were the top losers.
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Top Sectoral& Stock Screening: The few gaining sectoral indices on the BSE were Consumer Durables up
by 1.14%, Consumer Disc up by 0.17%, Bankex up by 0.05% and Energy up by
0.04%, while Metal down by 1.75%, Basic Materials down by 1.03%, FMCG down by
0.91%, Capital Goods down by 0.88% and Utilities was down by 0.74% were the
top losing indices on BSE.
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On the global front: On the global front, Asian markets were exhibiting
mixed trend, with the Chinese market sliding for the fourth consecutive day,
approaching near a level that would wipe out all of this year’s gains. The US
markets remained in consolidation mood and made another flat closing in the
last session.
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Global Signals: Asian markets
were trading mixed; FTSE Bursa Malaysia KLCI rose 3.2 points or 0.18% to
1,761.87, Jakarta Composite increased 8.73 points or 0.15% to 5,678.17 and
KOSPI Index was up by 21.57 points or 0.97% to 2,241.24.
On the flip side, Hang Seng declined 287.03 points
or 1.16% to 24,396.85, Taiwan Weighted decreased 47.02 points or 0.47% to
9,920.62 and Shanghai Composite was down by 21.27 points or 0.68% to
3,106.10.
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