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US indices bounce back with Dow Jones having best rally in over 3 weeks as Oil trades over US $ 48. Bond yields rise as US March confidence data jumps sharply.

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Indian Indices: Asian indices are set for another good day after Dow Jones clocked a 150 point rally overnight. The indices were in oversold zone and a bounce was on the cards, which got the necessary fillip from the US confidence data, which showed the highest reading since 2000.

Nifty saw strong foreign buying, the best in the last 6 months that lifted the index to 9100. With expiry of derivative contracts tomorrow expect bulls to strive higher in the opening session as short covering sees Nifty test 9150. For today expect buying in Metals, Banks and Infra to continue even as Pharma and IT will witness profit booking.  

The BSE Sensex is currently trading at 29474.05, up by 64.53 points or 0.22% after trading in a range of 29439.42 and 29494.44. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.15%, while Small cap index was up by 0.40%.

The CNX Nifty is currently trading at 9119.60, up by 18.80 points or 0.21% after trading in a range of 9109.10 and 9134.05. There were 33 stocks advancing against 18 stocks declining on the index.




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Technical view: Nifty will find strong support around 9080, which was yesterday's low and face resistance around 9170 on the upside. Bank Nifty finds support around 21145, which was yesterday's low and faces resistance @ 21350, which was the swing top of last week.


Zee Entertainment (Buy above 531, for Target of 550, Stop Loss at 521.5): The stock has witnessed a swift move and has smoothly broken out from a Symmetrical Triangle pattern indicating a typical continuation of its previous uptrend. The price outburst has also been accompanied with smart volume uptick. Other momentum oscillators also indicate strength in the current up move.

Derivative Snippets: In the last trading session, markets ended the trading session on a positive note, as PSU banks continued to surge higher. 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.

FIIs were net buyers in cash market segment to the tune of Rs 6415 crore.

FII’s index future long/short ratio at 2.7x vs3.2x, with a significant creation of fresh long and shorts positions to the tune of ~34k and ~12K contracts.

Nifty Movers: The top gainers on Nifty were BhartiInfratel up by 3.44%, Tata Power up by 2.14%, Asian Paints up by 1.51%, SBI up by 1.24% and Larsen & Toubro up by 1.21%.
On the flip side, Adani Ports & Special Economic Zone down by 1.06%, AurobindoPharma down by 0.62%, Kotak Mahindra Bank down by 0.58%, Mahindra & Mahindra down by 0.57% and Reliance Industries down by 0.49% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Telecom up by 1.08%, Capital Goods up by 0.73%, Industrials up by 0.47%, Consumer Durables up by 0.47% and Basic Materials up by 0.42%, while Oil & Gas down by 0.29%, Energy down by 0.22% and Healthcare down by 0.04% were the few losers on BSE.





On the global front: On the global front, Asian shares were trading mostly in green, taking a cue from Wall Street overnight. Bank of Japan board member Takehiro Sato said labor market reform and other measures to boost Japan’s growth potential must accompany monetary easing to raise the country’s low long-term inflation expectations. Japanese retail sales were effectively flat in February as consumers cut back on food and durable goods after employers offered the lowest spring wage increases in four years.


Global Signals:The Asian markets were trading mostly in green; KOSPI Index increased 2.85 points or 0.13% to 2,166.16, Shanghai Composite increased 4.6 points or 0.14% to 3,257.55, Nikkei 225 increased 8.51 points or 0.04% to 19,211.38, Hang Seng increased 34.51 points or 0.14% to 24,380.38 and Jakarta Composite increased 41.32 points or 0.75% to 5,582.52.

On the other hand, Taiwan Weighted decreased 32.22 points or 0.33% to 9,844.23 and FTSE Bursa Malaysia KLCI decreased 3.79 points or 0.22% to 1,750.63.