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US bond yields rise as expectations of large stimulus & monetary expansion on the cards!!

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Indian Indices: Asian markets traded flat to mildly negative with the Japanese 'Nikkei" again falling prey to the stronger yen which saw a brief one day bounce back. Gold prices rallied on the back of strong ETF buying as money chases defensives ahead of important monetary announcements in the US.

Nifty saw disappointment creep in as RBI maintained 'status quo' on policy rates. This saw Nifty & Bank Nifty correct sharply intraday only to recover all losses by the end of the day.With uneasiness @ 8800 expect another few days for consolidation before any break out takes place as earnings season nears its end. The RBI no change saw bond yields move up while rupee gained ground which would be the silver lining for foreign investors as the Rupee has been an outperformer in the emerging market basket.

The BSE Sensex is currently trading at 28209.97, down by 79.95 points or 0.28% after trading in a range of 28184.21 and 28469.48. There were 8 stocks advancing against 22 stocks declining on the index.The broader indices were trading in red; the BSE Mid cap index was down by 0.35%, while Small cap index was down by 0.12%.The CNX Nifty is currently trading at 8738.80, down by 30.25 points or 0.34% after trading in a range of 8729.15 and 8821.40. There were 16 stocks advancing against 35 stocks declining on the index.




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Technical view: Nifty held on to 8700 which will act as strong support while 8820 continues to act as stiff resistance. Bank Nifty also held 20000 which now will act as strong support while 20576 continues to be a strong resistance.














Trading ideas: Engineers India (Buy above Rs 159 for target of Rs 167, SL at Rs 155.5): After oscillating in a tight trading range for the past few weeks, Engineers India has finally broken out from a "Pennant" pattern on daily charts. The stock also managed to close above its short term 50-DMA placed at Rs 153.5. It an ideal price-volume breakout with oscillators indicating an upward range shift signalling positive momentum to continue. We advise to Buy Engineers India above Rs 159, stop loss at Rs 155.5 and Target of Rs 167.

Corporate SnippetsThe Government is mulling the merger of about half a dozen state-owned consultancy firms like Engineering Projects (India) Ltd with Engineers India Ltd (EIL) to create a mega consultancy firm that can take on the might of global giants like Bechtel.

Reliance Jiorubbished BhartiAirtel’s statement on providing 35,000 points of interconnect to the company as “malicious” and “misleading”.

Federal BankLimited has partnered with online data and information portal Commodity Online for the distribution of loans against warehouse receipts and collateral management services across the country. 

Nifty Movers: The top gainers on Nifty were AurobindoPharma up by 1.38%, Power Grid up by 1.12%, HCL Tech up by 1.10%, Hero MotoCorp up by 1.07% and Tech Mahindra up by 0.77%. On the flip side, Hindalco down by 2.99%, Bank of Baroda down by 2.70%, Tata Steel down by 1.99%, ICICI Bank down by 1.77% and BHEL down by 1.70% were the top losers.

Top Sectoral& Stock Screening: The top gaining sectoral indices on the BSE were Consumer Durables up by 0.70%, IT up by 0.67%, TECK up by 0.52%, Realty up by 0.23% and Oil & Gas up by 0.07%, while Metal down by 1.38%, Bankex down by 0.92%, Capital Goods down by 0.77%, PSU down by 0.51%, Auto down by 0.51% were the losing indices on BSE.



On the global front: On the global front, Asian shares were trading mostly in green, barring Nikkei as investors grew more confident about the world’s second-largest economy. Japan’s core machinery orders rebounded more than expected in December from the prior month’s fall and are seen rising again this quarter - an encouraging sign of a pick-up in capital expenditure.

Global Signals: The Asian markets were trading mostly in green; KOSPI Index increased 5.91 points or 0.29% to 2,070.99, Shanghai Composite increased 12.58 points or 0.4% to 3,179.56, Jakarta Composite increased 20.1 points or 0.37% to 5,381.19, Taiwan Weighted increased 48.38 points or 0.51% to 9,591.63 and Hang Seng increased 76.74 points or 0.33% to 23,561.87.On the other hand, Nikkei 225 decreased 87.23 points or 0.46% to 18,920.37.Malaysia stock exchange was closed for the day on account of ‘Thaipusam’ holiday.