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US indices recover from intraday losses, however undertone remains extremely cautious. All eyes on today's Janet Yellen testimony on rates going forward with bond yields to decide market trajectory in the near term.

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Indian Indices: Asian indices opened with minor losses as weak oil prices and sell off in US Dollar saw Japanese stocks fall along with the Yen strengthening. The Federal Reserve Chairman Janet Yellen testimony today will be closely tracked as her call on rates will see bond yields decide the way forward for equities in the near term.

Nifty hit new highs above 9800 but succumbed to profit booking in the last hour to close below 9800. Short covering by foreign investors due to P-NOTE ban may have played out in the last 2 days with market now seeing the highest long positions in recent times. Caution would be the buzzword as PCR (put call ratio) readings @ 1.40 signal extremely over bought readings on the derivative counters

The BSE Sensex is currently trading at 31810.55, up by 63.46 points or 0.20% after trading in a range of 31755.32 and 31865.69. There were 19 stocks advancing against 12 stocks declining on the index. The broader indices were trading in green; the BSE Mid cap index was up by 0.51%, while Small cap index was up by 0.22%.

The CNX Nifty is currently trading at 9810.75, up by 24.70 points or 0.25% after trading in a range of 9791.20 and 9823.00. There were 34 stocks advancing against 17 stocks declining on the index.




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Technical view: Nifty finds strong support around 9709 which was the previous top while 9825 will act as resistance on the upside. Bank Nifty also faces resistance around 23750 while 23500 will act as support on the downside.


Cipla July FUT (Sell Below 540 with Stop Loss at 547.5 for Target of 525): The stock has been consolidating for over five weeks and has finally broken down from the neckline of the consolidation pattern on the daily charts. Other oscillators also indicate negative crossovers, which mean that the decline is likely to further extend. We expect Cipla to slip lower towards Rs 525 in near term.


India's Supreme Court suspended a government order that had banned the trade of cattle for slaughter, giving relief to the multi-billion dollar beef and leather industries that employ millions of poor workers.

A Public Private Partnership (PPP) model could be tried to to give a fillip to India's mineral exploration that is currently constrained due to lack of private sector participation in the activity, PiyushGoyal, union minister of state for power, coal, new & renewable energy and mines, said. The finance ministry will soon seek Cabinet approval for a legislation to ban illicit deposit schemes and table it in the Parliament's forthcoming Monsoon session, a senior government official said today.

Union transport minister NitinGadkari has asked National Highway Authority of India (NHAI) to order an enquiry into bribery allegations involving Boston-based consultancy firm CDM Smith for securing highway contracts in India.

Nifty Movers:  The top gainers on Nifty were Hindustan Unilever up by 2.63%, Indian Oil Corporation up by 2.27%, ACC up by 2.01%, Ambuja Cement up by 1.37% and ONGC up by 1.34%.  On the flip side, TCS down by 0.72%, Bank of Baroda down by 0.43%, AurobindoPharma down by 0.30%, Hero MotoCorp down by 0.28% and HDFC down by 0.26% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Oil & Gas up by 1.29%, Energy up by 1.18%, PSU up by 0.71%, Utilities up by 0.62% and Power up by 0.53%, while IT down by 0.14% was the sole loser on BSE.



On the global front: On the global front, Asian shares were trading mostly in red, while shares in Hong Kong put in a strong showing. Investors across Asia are now looking forward to a raft of economic data coming out on Thursday and Friday as well as the testimony of US Federal Reserve chair Janet Yellen

Global Signals: The Asian markets were trading mostly in red; Nikkei 225 decreased 94.89 points or 0.47% to 20,100.59, Shanghai Composite decreased 7.85 points or 0.24% to 3,195.19, KOSPI Index decreased 2.69 points or 0.11% to 2,393.31 and FTSE Bursa Malaysia KLCI decreased 1.38 points or 0.08% to 1,753.65. On the other hand, Taiwan Weighted increased 8.01 points or 0.08% to 10,423.58, Jakarta Composite increased 22.74 points or 0.39% to 5,796.07 and Hang Seng increased 213.51 points or 0.83% to 26,091.15.


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