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Nifty to outperform global indices as budget spurs rural spending with tax cuts!!

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Major headlines:

·         DishmanPharma receives EIR report from USFDA for Bavla facility

·         Tata Motors registers 46,349 units sale in Jan 2017

·         Tax incentives to corporates to cost Rs 83.492 cr in FY 17














Indian Indices: Asian markets opened in the green ex Japan which continues to see profit booking as the yen strengthens against the US$.With the Federal Reserve leaving rates unchanged & indicating no hurry for any further action US stocks closed marginally higher.The Japanese yen continues to see strength against the greenback which indicates the rally in US$ may be short lived.

Nifty saw hardly any volatility with strong buying emerging after no change in LTCG was announced. This saw short covering & value buying lift indices sharply higher as the left out buying spurred stock prices higher.For today expect consolidation around 8700 levels with sector/stock out performance continuing.

The BSE Sensex is currently trading at 28167.28, up by 25.64 points or 0.09% after trading in a range of 28078.08 and 28194.00. 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 0.80%, while Small cap index was up by 0.63%.The CNX Nifty is currently trading at 8719.55, up by 3.15 points or 0.04% after trading in a range of 8692.05 and 8727.00. There were 23 stocks advancing against 28 stocks declining on the index.





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Technical view: Nifty will attempt 8780 which was the 10th October 2016 high & which will act as resistance, while 8537 will act as strong support.Bank Nifty will find resistance @ 20283 while 19800 will act as strong support.

Market Sentiment:

The market breadth on BSE was negative in the ratio of 808:1371, while 153 scrips remained unchanged.


Trading ideas :BHARATFIN (Buy above Rs 803 for target of Rs 845,SL at Rs 782): Stock has witnessed classic inverse head and shoulder pattern breakout on daily charts. Also, on hourly charts stock has given a breakout after consolidating in a range for quite some time. The breakout have been accompanied with stellar volumes, and the stock is likely to continue its prior up trend. Other momentum oscillators also indicate strength in the current upswing We advise to Buy BHARATFIN above Rs 803, stop loss at Rs 782 and Target of Rs 845.

Corporate Snippets:

Indian Oil Corporationis set to foray into retail, pipeline and refinery sectors in Bangladesh, Myanmar, Vietnam and Nepal.

Grasim industruessaid it is not making any "large investment" into Idea Cellular as part of the proposed merger between Idea and Vodafone.

SonaAutocomp Holding Limited has entered into an agreement with JTEKT Corporation, to sell its entire stake in Sona Koyo Steering SystemsLimited (SKSSL) for Rs4.19bn.

Nifty Movers: The top gainers on Nifty were Idea Cellular up by 3.63%, NTPC up by 2.49%, BhartiAirtel up by 2.25%, ITC up by 2.13% and Axis Bank up by 2.12%.

On the flip side, Hindalco down by 2.34%, Tata Motors down by 2.15%, Mahindra & Mahindra down by 2.10%, Bosch down by 1.66% and GAIL India down by 1.56% were the top losers.

Top Sectoral& Stock Screening:

The top gaining sectoral indices on the BSE were FMCG up by 1.03%, Oil & Gas up by 0.93%, PSU up by 0.71%, TECK up by 0.67% and IT up by 0.60%, while Metal down by 0.78%, Auto down by 0.64%, Capital Goods down by 0.35% and Realty 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, on tensions between Iran and the US, over a ballistic missile test by Tehran this week and even the tenor of President Donald Trump’s phone calls with world leaders. Japanese policymakers rejected Trump’s charges of currency manipulation on Wednesday. Prime Minister Shinzo Abe defended the Bank of Japan’s huge stimulus program and said it was to reflate the economy, and was not currency manipulation.

Global Signals:The Asian markets were trading mostly in red; Nikkei 225 decreased 159.88 points or 0.83% to 18,988.20, Hang Seng decreased 157.24 points or 0.67% to 23,161.15, Taiwan Weighted decreased 4.47 points or 0.05% to 9,443.48 and KOSPI Index decreased 3.19 points or 0.15% to 2,077.29.On the other hand, FTSE Bursa Malaysia KLCI increased 4.68 points or 0.28% to 1,676.22 and Jakarta Composite increased 15.09 points or 0.28% to 5,342.25.China market remains closed for the final day of Lunar New Year holidays that started on 27 January 2017.