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US indices close flat as caution on health care policy implementation sees markets turn wary

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Indian Indices: Asian indices opened on a mixed to positive note as lower oil prices prompted buying in financials. With the US indices seeing profit booking with a weaker US Dollar, emerging markets in Asia will see inflows as investors chase higher returns. The Japanese 'Nikkei" could see more gains as positive data on manufacturing should see equities do well.

Nifty bounced sharply to close near 9100 as foreign investors bought aggressively. 

With oil prices headed lower and the Government actively looking to meet disinvestment targets, it should see the fiscal and current account deficit at the lowest in recent times. Dividend stripping in most cash rich PSU would be the order of the day as Government shores up its balance sheet before March 31.

The BSE Sensex is currently trading at 29469.38, up by 137.22 points or 0.47% after trading in a range of 29350.17 and 29500.19. There were 20 stocks advancing against 9 stocks declining, while 1 stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.46%, while Small cap index was up by 0.74%.

The CNX Nifty is currently trading at 9065.35, up by 34.90 points or 0.39% after trading in a range of 9048.60 and 9076.35. There were 38 stocks advancing against 13 stocks declining on the index.




Group ATopGainers




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Technical view: Nifty will attempt 9119 and if crossed will see resistance around 9150, while 9070 will act as strong support on the downside. Bank Nifty was clearly a struggler with 20700 now acting as key support while 21200 will act as resistance on the upside.


Trading ideas: MPHASIS (Buy above 602, for Target of 630, Stop Loss at 587): Mphasis is in a higher top higher bottom formation on weekly charts since mid November 2016. Post the uptrend, the stock on daily charts consolidated for three weeks and has broken out from a continuation pattern. The breakout comes with decent uptick in volume too. We advise to Buy Mphasis above Rs 602, Stop Loss at Rs 587 and Target of Rs 630.


Derivative Snippets:

Nifty continue to hold the psychological support of 9000 in yesterday’s trading session. Short selling was witnessed throughout all the OTM Nifty put strikes. Nifty 9000PE adds ~7.3 lakh shares in open interest. Marginal hint of short covering was seen in Nifty 9100, 9200 call option strikes.

FIIs were net buyers in cash market segment to the tune of Rs 1094 crore.

FII’s index future long/short ratio at 3.5x vs 3.6x.

Nifty Movers: The top gainers on Nifty were Bank of Baroda up by 3.45%, ICICI Bank up by 3.03%, SBI up by 2.33%, GAIL India up by 1.33% and Yes Bank up by 1.13%.
On the flip side, BPCL down by 1.27%, Tech Mahindra down by 0.92%, Grasim Industries down by 0.78%, ONGC down by 0.70% and Zee Entertainment down by 0.60% were the top losers.

Top Sectoral& Stock Screening:  The top gainers on the Sensex were ICICI Bank up by 3.01%, SBI up by 2.33%, GAIL India up by 1.27%, Power Grid up by 0.98% and ITC up by 0.95%. On the flip side, ONGC down by 0.52%, TCS down by 0.32%, Maruti Suzuki down by 0.21%, Lupin down by 0.18% and Cipla down by 0.18% were the top losers.




On the global front: On the global front, Asian shares were trading mostly in red, as investors eyed US political developments on a healthcare bill that is seen as a litmus test of President Donald Trump’s ability to get ambitious tax and spending plans passed as well. Bank of Japan Governor Haruhiko Kuroda said there is no reason to withdraw the bank’s massive monetary stimulus now as inflation remains distant from its 2 percent target.

Global Signals:The Asian markets were trading mostly in red; Taiwan Weighted decreased 36.23 points or 0.36% to 9,894.51, Hang Seng decreased 33.67 points or 0.14% to 24,294.03, Jakarta Composite decreased 6.25 points or 0.11% to 5,557.51, KOSPI Index decreased 4.64 points or 0.21% to 2,168.08 and Shanghai Composite decreased 3.58 points or 0.11% to 3,244.97.

On the other hand, FTSE Bursa Malaysia KLCI increased 0.44 points or 0.03% to 1,747.44 and Nikkei 225 increased 159.36 points or 0.83% to 19,244.67.