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Global markets bounce back as US stocks recover early losses to close lower as US Dollar and bond yields also rise.

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Indian Indices: Asian indices opened in the green with the Japanese 'Nikkei" jumping almost 250 points on opening bell. The overnight recovery in the US indices bought some cheer as most indices looked oversold in the near term. The Dow Jones however closed lower for the 8th consecutive session and a bounce back is on the cards for this week.

In the last session, Nifty followed global cues from opening bell and closed lower even though last hour buying by foreign investors saw some recovery. For today expect 9100 to be tested as foreign flows remain strong along with Rupee strength will see the Indian equity outperform in the near term. With expiry of derivative contracts on Thursday higher volatility will be the theme for next few days.

The BSE Sensex is currently trading at 29427.55, up by 190.40 points or 0.65% after trading in a range of 29301.22 and 29442.18. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.69%, while Small cap index was up by 0.82%.

The CNX Nifty is currently trading at 9109.40, up by 64.20 points or 0.71% after trading in a range of 9080.80 and 9109.75. There were 42 stocks advancing against 9 stocks declining on the index.




Group ATopGainers




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Technical view: Nifty will face resistance @ 9119 on the upside while 9025 which was yesterday's low will act as support on the downside. Bank Nifty also finds resistance around 21350 while 20980 will act as strong support on the downside.


FINCABLES (Buy above 492, for Target of 526, Stop Loss at 475): Fincables has broken out on weekly charts from a classic inverse head and shoulder pattern. The breakout is accompanied by surge in traded volumes in yesterday's trade, with a confirmation on the hourly charts too. Momentum oscillators suggest strength in the current price outburst indicating further upside in the coming days. We advise to Buy Fincables above Rs 492, Stop Loss at Rs 475 and Target of Rs 526.

Derivative Snippets:

In the last trading session, Nifty hovered around 9050 level and remained sluggish throughout the day. Nifty 9100CE strike saw fresh short selling as open interest surged by ~17 lakh shares. Short covering was witnessed in Nifty 9100PE, making 9100 level as a ceiling for Nifty in March F&O series.

FIIs were net buyers in cash market segment to the tune of Rs 578 crore.

FII’s index future long/short ratio at 3.2x vs 3.5x, with creation of fresh shorts to the tune of ~12K contracts

Nifty Movers: The top gainers on Nifty were HCL Technologies up by 2.09%, Tata Motors - DVR up by 2.03%, Axis Bank up by 1.87%, BhartiInfratel up by 1.81% and Tata Motors up by 1.70%. On the flip side, Tech Mahindra down by 1.88%, ONGC down by 1.14%, GAIL India down by 0.93%, Grasim Industries down by 0.51% and Coal India down by 0.41% were the top losers.

Top Sectoral& Stock Screening:  The gaining sectoral indices on the BSE were Consumer Durables up by 0.50%, IT up by 0.19% and TECK up by 0.07%, while Metal down by 1.62%, Energy down by 1.45%, Oil & Gas down by 0.86%, Telecom down by 0.71% and Healthcare down by 0.65% were the losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green, as investors shrugged off the disappointment from the current US administration’s ability to push through legislation to repeal and replace the Obama-era health-care law.


Global Signals: The Asian markets were trading mostly in green; KOSPI Index increased 3.33 points or 0.15% to 2,158.99, FTSE Bursa Malaysia KLCI increased 4.69 points or 0.27% to 1,749.64, Hang Seng increased 133.2 points or 0.55% to 24,326.90 and Nikkei 225 increased 188.21 points or 0.99% to 19,173.80.

On the other hand, Taiwan Weighted decreased 30.64 points or 0.31% to 9,846.13 and Shanghai Composite decreased 11.2 points or 0.34% to 3,255.75.Jakarta Stock Exchange is closed on account of ‘Hindu Saka New Year’ holiday.