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Indian Indices: Asian indices opened in the red as US stocks saw losses to hit month lows while Nasdaq hit almost 3 month lows. The US 10 year bond hit 2.38%, while German 'bunds' also hit 18 month highs at 0.56%. Oil and gold prices also saw flat trade as money exits equities and chases fixed income.

Nifty hit 9700 before seeing profit booking in last hour of trade. The 'risk on' trade has seen mid caps also join the rally as market breadth turns positive. For today expect mid caps to continue outperformance while the Nifty takes a breather closer to 9700. 

The BSE Sensex is currently trading at 31321.42, down by 47.92 points or 0.15% after trading in a range of 31286.62 and 31394.16. There were 16 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.01%, while Small cap index was up by 0.16%.

The CNX Nifty is currently trading at 9655.15, down by 19.40 points or 0.20% after trading in a range of 9642.65 and 9672.70. There were 20 stocks advancing against 31 stocks declining on the index.

Technical view: Nifty finds strong support around 9600 while 9709 act as strong resistance on the upside. Bank Nifty also sees support around 23350 while 23650 will act as strong resistance on the upside.

Dabur (Buy Above 301 with Stop Loss at 294.5 for Target of 314): After consolidating for over four weeks, the stock has broken out from a classic Cup and Handle pattern on the daily charts. The price breakout has been accompanied with smart uptick in volumes. Other oscillators also indicate that the current momentum is here to stay. We expect Dabur to surge higher towards its potential target of Rs 314 in near term.

EconomicSnippets      

The government should permit wider utilisation of duty credit scrips by exporters as any limited use would impact liquidity situation of exporters, FIEO said. (NDTV Profit)

DynamaticTechnologies Ltd (DTL), Israel Aerospace Industries Ltd. (IAI), and Elcom Systems announced their strategic cooperation, to jointly address the needs of the Indian UAV market, under the “Make in India” initiative of the Indian Government.

Keen to make India a global manufacturing hub for its high-tech defence systems, Israeli firm Rafael Advanced Defence Systems is “speaking” to several Indian companies.

Nifty Movers: The top gainers on Nifty were Lupin up by 4.69%, Dr. Reddy’s Lab up by 2.09%, AurobindoPharma up by 1.48%, Zee Entertainment up by 1.37% and Cipla up by 1.23%. On the flip side, BhartiInfratel down by 1.98%, HDFC down by 1.26%, Hero MotoCorp down by 0.98%, Asian Paints down by 0.98% and GAIL India down by 0.91% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 1.34%, Realty up by 1.01%, Capital Goods up by 0.24%, Power up by 0.10% and PSU up by 0.06%, while Consumer Durables down by 0.30%, FMCG down by 0.28%, IT down by 0.26%, Bankex down by 0.24% and Auto down by 0.22% were the top losing indices on BSE

On the global front:On the global front, Asian shares were trading in red, following a weaker close overnight. The dollar gained in Asian trading on Friday, getting a leg up against the yen after the Bank of Japan increased its purchases of Japanese government bonds in a move aimed at stemming a rise in yields.

Global Signals:The Asian markets were trading in red; Hang Seng decreased 97.93 points or 0.38% to 25,367.29, Nikkei 225 decreased 84.22 points or 0.42% to 19,909.84, Taiwan Weighted decreased 63.71 points or 0.61% to 10,304.49, FTSE Bursa Malaysia KLCI decreased 8.97 points or 0.51% to 1,761.56, KOSPI Index decreased 7.01 points or 0.29% to 2,380.80, Shanghai Composite decreased 6.24 points or 0.19% to 3,206.20 and Jakarta Composite decreased 0.33 points or 0.01% to 5,849.25.