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Global markets consolidate after heady rise as investors review economic outlook

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Indian Indices: Asian markets opened mixed with profit booking keeping some indices under pressure while others saw value buying emerge. The US$ saw weakness creep in after 'dovish' comments from the Federal Reserve saw yields soften & currency weaken. All eyes will be on the Japanese 'yen' which could see strength against the $ & the Bank of Korea as rates may be kept unchanged in today's policy meet.

Nifty scaled 8900 & is now poised for the highest expiry close in the last year with Reliance for a change leading from the front. The mid cap & bank indices are already trading @ new all time highs & the Nifty may by next week also attempt to scale higher levels. For today expect high volatility as derivative expiry will see stocks oscillate between gains & losses.

The BSE Sensex is currently trading at 28948.61, up by 83.90 points or 0.29% after trading in a range of 28904.34 and 28972.79. There were 15 stocks advancing against 15 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.34%, while Small cap index was up by 0.33%.The CNX Nifty is currently trading at 8950.55, up by 23.65 points or 0.26% after trading in a range of 8935.40 and 8957.15. There were 24 stocks advancing against 27 stocks declining on the index.





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Technical view: Nifty will face resistance around 8968 the previous high touched in September 2016 & finds support around 8870.Bank Nifty will also face resistance @ 21000 & find support @ 20750














Trading ideas :Apollo Hospitals (Buy above Rs 1330, for target of Rs 1370, SL at Rs 1310): Stock has broken out from a rising channel pattern on the daily charts and the price outburst has been accompanied with impressive volumes. Apollo Hospitals is swiftly moving in a higher top higher bottom cycle and has also closed above its 200-DMA placed at Rs 1295. We advise to Buy Apollo Hospitals above Rs 1330, Stop Loss at Rs 1310 and Target of Rs 1370.

Derivative Snippets: In the last session, the markets ended on a lackluster note. Nifty ITM call options witnessed short covering while Nifty 8900PE and 9000CE added fresh short positions, which indicate a muted expiry day trading session. Based on the mentioned data, an expected close for the February F&O expiry would be between 8900-9000 levels.

FIIs were net sellers in cash market segment to the tune of Rs 259.21 crore.

FII’s index future long/short ratio at 2.0x vs 2.2x. Index Put option long/short ratio since January expiry at 0.5x with an addition of ~27K short contracts.  

Nifty Movers: The top gainers on Nifty were BhartiAirtel up by 5.35%, Idea Cellular up by 5.06%, TCS up by 1.96%, HCL Tech up by 1.48% and Infosys up by 1.47%.

On the flip side, Grasim Industries down by 1.10%, Eicher Motors down by 1.09%, NTPC down by 1.02%, Tata Steel down by 1.00% and Axis Bank down by 0.90% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Telecom up by 4.03%, TECK up by 1.70%, IT up by 1.32%, Consumer Durables up by 1.21% and Realty up by 0.54%, while Power down by 0.40%, Metal down by 0.38%, Utilities down by 0.34%, Auto down by 0.23% and Basic Materials down by 0.19% were the losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in red, while the dollar made an uneven recovery from losses suffered after Federal Reserve minutes indicated a cautious approach to raising US interest rates. South Korean shares were flat after the central bank kept interest rates unchanged for an eighth straight month, opting for stability as it monitors uncertainties ranging from an unpredictable North Korea to global policy challenges and a political scandal at home.


Global Signals:The Asian markets were trading mostly in red; Hang Seng decreased 89.27 points or 0.37% to 24,112.69, Nikkei 225 decreased 70.23 points or 0.36% to 19,309.64, Taiwan Weighted decreased 14.43 points or 0.15% to 9,764.35, Shanghai Composite decreased 10.93 points or 0.34% to 3,250.29 and FTSE Bursa Malaysia KLCI decreased 0.05 points or 0% to 1,708.03.On the other hand, KOSPI Index increased 0.09 points to 2,106.70 and Jakarta Composite increased 7.24 points or 0.14% to 5,365.93.