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Global markets consolidate as UK elections, EU meet and locally RBI policy holds centre stage this week. US bond yields fall to 2.14% as protection buying sees yields fall.

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Indian Indices: Asian indices opened flat as overnight US indices closed in the red as most investors stayed on the sidelines ahead of an event heavy week. The RBI policy meet in India today coupled with UK elections, EU Meet and Comey testimony on Thursday all could be the drivers for markets’ direction going forward.

Nifty hit 9700 only to see selling dominate the session and closed near the low of the day. The bout of profit booking saw very weak advance/decline ratio and mid-caps fall more as broader market corrected sharply. IT, select private Banks witnessed buying while FMCG, PSU banks and Auto bore the brunt of the selloff. Today all eyes will be on the RBI Governor on rates as near term consensus seems no change in policy.

The BSE Sensex is currently trading at 31326.41, up by 135.85 points or 0.44% after trading in a range of 31229.25 and 31346.99. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.46%, while Small cap index was up by 0.87%.

The CNX Nifty is currently trading at 9671.50, up by 34.35 points or 0.36% after trading in a range of 9648.00 and 9678.55. There were 35 stocks advancing against 16 stocks declining on the index.




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Technical view: Nifty now finds resistance around 9700 while 9580 will act as strong support. Bank Nifty also finds strong support around 23250 while 23700 will act as resistance on the upside.


Union Bank Jun FUT (Sell Below 155 with Stop Loss at 158 for Target of 149): The stock has rallied for the past five sessions and has finally shown signs of a reversal. Union bank found stiff resistance at its 50-DMA which is placed at Rs 160. Other oscillators also indicate that the momentum is fading away further accentuating our short term bearish stance on the stock.

Derivative Snippets    

Adani Power has approached Gujarat UrjaVikas Nigam (GUVNL) to bail out its Mundra power plant, which stares at financial unviability after the Supreme Court in April quashed the company's plea for tariffs that would have compensated escalations in Indonesian coal costs.

In the last trading session, markets traded in a narrow range awaiting the credit policy on June 7, 2017. Huge short covering to the tune of ~3.25 lakh shares was witnessed in Bank Nifty 23500 monthly call option strike along with fresh short build-up in ATM/OTM put option strikes, indicating of a big surge of ~200 points in the Banking index above the resistance level of 23500.

FIIs were net buyers in cash market segment to the tune of Rs 61 Cr.FIIs index future long short ratio at 6.2x vs 6.3x.

Nifty Movers: The top gainers on Nifty were Mahindra & Mahindra up by 2.30%, Vedanta up by 2.05%, ICICI Bank up by 1.63%, Hindustan Unilever up by 1.62% and GAIL India up by 1.62%.

On the flip side, BPCL down by 1.18%, TCS down by 0.98%, Yes Bank down by 0.92%, Wipro down by 0.89% and Indiabulls Housing Finance down by 0.70% were the top losers.

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Healthcare up by 1.29%, Telecom up by 1.00%, FMCG up by 0.98%, Metal up by 0.82% and Consumer Disc up by 0.64%, while IT down by 0.18% and TECK down by 0.05% were the only losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green, as investors remained noticeably risk averse. The street cautiously awaited a trio of potential major risk events on Thursday, including the UK election, a European Central bank review and former FBI director James Comey’s testimony to the Senate stateside.


Global Signals:The Asian markets were trading mostly in green; Hang Seng increased 1.28 points or 0% to 25,998.42, Nikkei 225 increased 14.59 points or 0.07% to 19,994.49, Jakarta Composite increased 18.17 points or 0.32% to 5,726.01 and Shanghai Composite increased 34.42 points or 1.11% to 3,136.55.On the other hand, Taiwan Weighted decreased 5.62 points or 0.06% to 10,200.56, KOSPI Index decreased 2.96 points or 0.12% to 2,365.66 and FTSE Bursa Malaysia KLCI decreased 1.52 points or 0.08% to 1,789.49.