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Japanese ‘Nikkei’ leads Asian stocks higher as US indices close flat with all eyes on the Fed policy meet next week

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Indian Indices: Asian indices opened in the green as US Dollar’s weakness saw Japanese stocks rally with the Nikkei up over 200 points on opening bell. The week has seen profit booking globally as investors price in a rate hike expected by the Federal Reserve on the March 15. Oil prices closed below US $ 50 for the 1st time in 2017 and the trend looks weak going ahead with supply overhang hurting prices.

Nifty closed flat on Thursday as the investors awaited the exit polls later in the evening. With the exit polls indicating a clear BJP victory in UP and at least 3 other states, expect short covering to see the Nifty hit 9000. Also, as results are due on Saturday will see bears scramble for cover when markets reopen on Tuesday after the holiday for ‘Holi’ on Monday. For today expect Banks, IT and Auto stocks witness fresh buying as investors join the rally.

The BSE Sensex is currently trading at 28977.31, up by 48.18 points or 0.17% after trading in a range of 28968.27 and 29076.63. There were 17 stocks advancing against 13 stocks declining on the index.The broader indices were trading in green; the BSE Mid cap index was up by 0.07%, while Small cap index was up by 0.37%.

The CNX Nifty is currently trading at 8941.85, up by 14.85 points or 0.17% after trading in a range of 8935.80 and 8975.70. There were 32 stocks advancing against 19 stocks declining on the index.




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Technical view: Nifty finds strong support around 8880-8920 while 9000 which was the resistance on the upside looks set to be breached. Bank Nifty also saw 20450 act as strong support while 21000 will act as initial resistance on the upside.


Trading ideas: GlaxoSmithKline Consumer (Buy above Rs 5300 for Target of Rs 5450 and SL at Rs 5225): After consolidating for over 5 weeks, the stock has broken out from a rectangle pattern. The price outburst has been accompanied with impressive surge in volumes. GlaxoSmith has also convincingly closed above the 100-DMA. Other momentum oscillators too are suggesting that the current up move is likely to build further.

Derivative Snippets: Nifty ATM/OTM call and put strikes saw some buying interest for 3 rd day in a row, as the implied volatility and open interest continue to rise. Markets will remain volatile ahead of the state election results.  

FIIs were net buyers in cash market segment to the tune of Rs 487 crore.

FII’s index future long/short ratio at 3x vs 3.3x. From the start of this F&O series, the long short ratio of Index options stands below 1x as they continue to maintain short positions.

Nifty Movers: The top gainers on Nifty were Ultratech Cement up by 1.23%, Hero MotoCorp up by 1.05%, Infosys up by 0.94%, Tata Power up by 0.79% and HCL Technologies up by 0.79%. On the flip side, Power Grid down by 1.67%, Tech Mahindra down by 1.35%, BPCL down by 1.15%, Grasim Industries down by 1.04% and Hindalco down by 0.87% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Capital Goods up by 0.59%, IT up by 0.56%, TECK up by 0.48%, Industrials up by 0.36% and Realty up by 0.34%, while Oil & Gas down by 0.56%, Energy down by 0.37%, Utilities down by 0.25%, PSU down by 0.16% and Power down by 0.13% were the losing indices on BSE.


On the global front: On the global front, Asian shares were trading mostly in green, and the dollar rose to 1-1/2-month highs versus the yen ahead of the US non-farm payrolls report due later in the day. The People’s Bank of China (PBOC) said that China will not devalue its currency to stimulate exports. China’s exports for January and February combined rose 4.0 percent from the same period last year, while imports surged 26.4 percent, suggesting solid improvement in demand domestically and abroad.


Global Signals:The Asian markets were trading mostly in green; Shanghai Composite increased 0.38 points or 0.01% to 3,217.13, KOSPI Index increased 6.41 points or 0.31% to 2,097.47, Hang Seng increased 9.86 points or 0.04% to 23,511.42 and Nikkei 225 increased 275.07 points or 1.42% to 19,593.65.

On the other hand, Taiwan Weighted decreased 30.77 points or 0.32% to 9,627.84, Jakarta Composite decreased 18.19 points or 0.34% to 5,384.20 and FTSE Bursa Malaysia KLCI decreased 1.99 points or 0.12% to 1,715.43.