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Stocks witness consolidation as oil recovers while US Dollar stays range bound. UK exits EU which sees Pound fall while Japanese Yen weakens further.

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Indian Indices: Asian indices got off to a subdued start as the Japanese Yen weakness saw stocks retreat on opening bell. With US indices also losing some ground, expect consolidation as mid week blues see profit booking. Oil pullback should see energy stocks bounce back as lower than expected inventories see buying come back.

Nifty bounced back strongly led by banks as positive global cues coupled with strong institutional buying pushed the indices higher. Foreign investors buying got another leg up as domestic flows turned positive with new highs on the cards by next week. For today expect expiry related volatility with Banks, Energy and IT stocks seeing buying while Pharma and Infra see profit booking. 

The BSE Sensex is currently trading at 29642.09, up by 110.66 points or 0.37% after trading in a range of 29521.65 and 29645.88. There were 25 stocks advancing against 5 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.56%, while Small cap index was up by 0.89%.

The CNX Nifty is currently trading at 9166.05, up by 22.25 points or 0.24% after trading in a range of 9136.35 and 9169.65. There were 31 stocks advancing against 17 stocks declining on the index, while 3 stocks remained unchanged.




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Technical view: Nifty finds strong support around 9079 while 9170 will act as resistance. Bank Nifty made new highs and now faces resistance around 21500 while 21200 will act as strong support.


Castrol (Buy above 425, for Target of 440, Stop Loss at 417.5): The stock after being under pressure in the past week has finally shown signs of revival. Castrol is on the verge of a declining trendline breakout on the daily charts and a close above Rs 425 would confirm the same. Volumes have seen a smart pick up while other momentum oscillators also indicate Castrol is likely to move higher post the breakout.

Derivative Snippets: Markets ended its last trading session with a positive bias, as PSU banks continued to surge higher. Fresh long build up was seen in Bank Nifty future along with the short covering of ITM/ATM call options, indicating of a continuation of this rally up to the resistance zone of 21500 levels. Nifty 9100PE and 9200CE adds fresh open interest indicating of a floor and a ceiling for Nifty in today’s trade.

FIIs were net buyers in cash market segment to the tune of Rs 461 crore.

FII’s index future long/short ratio at 2.5x vs2.7x, with a significant creation of fresh long and shorts positions to the tune of ~40K and ~28K contracts.

Nifty Movers: The top gainers on Nifty were Adani Ports up by 1.64%, SBI up by 1.27%, Indusind Bank up by 1.05%, Hero MotoCorp up by 1.03% and Maruti Suzuki was up by 0.92%. On the flip side, BhartiInfratel down by 1.62%, Axis Bank down by 0.80%, Ambuja Cement down by 0.56%, HCL Tech down by 0.48% and Wipro was down by 0.44% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Realty up by 1.25%, Consumer Durables up by 1.15%, Capital Goods up by 0.78%, Industrials up by 0.74% and Consumer Discretionary Goods & Services was up by 0.65%, while Telecom down by 0.20% was the lone losing index on BSE.



On the global front: On the global front, all the Asian markets were trading in red at this point of time; the Japanese market too was lower despite the yen weakening and crude holding on to last day’s surge.

The US markets once again showed a lackluster trade and made a mixed closing in last session. Back home, there was broad based buying witnessed in the markets and apart from the blue chips, the broader markets too participated strongly in the rally.

Global Signals:Asian markets were trading in red; Hang Seng decreased 114.29 points or 0.47% to 24,277.76, Nikkei 225 shed 65.01 points or 0.34% to 19,152.47, Shanghai Composite declined 36.32 points or 1.12% to 3,205.00, Jakarta Composite dropped 32.79 points or 0.59% to 5,559.72, Taiwan Weighted slipped 14.47 points or 0.15% to 9,841.78, KOSPI Index dipped 5.7 points or 0.26% to 2,161.28 and FTSE Bursa Malaysia KLCI was down by 2.75 points or 0.16% to 1,747.66.