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Oil falls to low point of 2017 as global markets consolidate with commodity weakness seeing profit booking.

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Indian Indices: Asian markets opened flat with the Japanese index seeing gains after 3 days of losses. Oil price fall saw exporting countries get hit as stocks corrected sharply. Commodities correction also saw US Dollar fall while bond yields hardened.

Nifty saw another day of range bound trade with falls being bought by foreign investors as markets will await exit poll results on the state elections due this evening. Metals, IT and Realty stocks got hit while Auto, Banks and Airline stocks saw buying, which saw the Nifty close almost flat. For today, expect oil weakness to see gains for Airline, OMC and Paint stocks as Nifty attempts pullback.    

The BSE Sensex is currently trading at 28855.93, down by 46.01 points or 0.16% after trading in a range of 28815.02 and 28911.54. There were 11 stocks advancing against 19 stocks declining on the index.

The broader indices were showing mixed trade; the BSE Mid cap index was down by 0.09%, while Small cap index was up by 0.07%.

The CNX Nifty is currently trading at 8909.75, down by 14.55 points or 0.16% after trading in a range of 8899.50 and 8918.50. There were 21 stocks advancing against 30 stocks declining on the index.




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Technical view: Nifty finds strong support around 8880 with 8980 acting as stiff resistance on the upside. Bank Nifty finds strong support around 20450 with 20800 acting as resistance on the upside.


Trading ideas: YESBANK (Buy above Rs 1475, for Target of Rs 1510, SL at Rs 1458): The stock has broken out from an ascending triangle formation on daily charts along with a confirmation of breakout on hourly charts. Yes Bank's price rise is accompanied with impressive rise in volumes. Other momentum oscillators are also indicating strength in the current up move. We advise to Buy Yes Bank above Rs 1475, Stop Loss at Rs 1458 and Target of Rs 1510.

Derivative Snippets: Nifty call and put options witnessed some buying interest, as the implied volatility of ATM/OTM options started to move up. Markets will remain volatile ahead of the state election results.   

FIIs were net buyers in cash market segment to the tune of Rs 3573 crore.

FII’s index future long/short ratio stands at 3.3x vs3.5x. Significant long and short positions to the tune of ~11k and ~7k contracts were added in index future for the second day in a row, indicating a volatile trading session.

Nifty Movers: The top gainers on Nifty were Asian Paints up by 1.38%, ACC up by 1.08%, Zee Entertainment up by 0.67%, Tata Motors up by 0.57% and Axis Bank up by 0.55%. On the flip side, Dr. Reddy’s Lab down by 4.14%, GAIL India down by 3.94%, Wipro down by 1.55%, BhartiInfratel down by 1.39% and Power Grid down by 1.30% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Realty up by 0.49%, Consumer Durables up by 0.40%, Auto up by 0.27%, Consumer Disc up by 0.25% and Industrials up by 0.05%, while Utilities down by 0.98%, Telecom down by 0.63%, Power down by 0.60%, Metal down by 0.58% and Healthcare down by 0.47% were the top losing indices on BSE.


On the global front: On the global front, Asian shares were trading mostly in green, as strong China trade data bolstered bets of a recovering global economy, though gains were capped by caution ahead of a widely expected US interest rate hike next week. Japan’s economy grew more than earlier estimated in the fourth quarter as capital expenditure grew at its fastest in almost three years, welcome news for policymakers as they begin to discuss how to wind down years of massive stimulus.


Global Signals:The Asian markets barring Japanese Nikkei 225 which was trading up by 26.38 points or 0.14% to 19,280.41, were trading in red.

On the other hand, Hang Seng slumped by 233.16 points or 0.98% to 23,549.11, Taiwan Weighted decreased 83.58 points or 0.86% to 9,669.87, Shanghai Composite decreased by 27.51 points or 0.85% to 3,213.16, FTSE Bursa Malaysia KLCI was down by 3.91 points or 0.23% to 1,721.63, KOSPI Index declined by 1.74 points or 0.08% to 2,093.67 and Jakarta Composite was tad lower by 0.82 points or 0.02% to 5,392.94.