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Indian
Indices: Asian markets are also seeing consolidation as US indices close with
minor losses with caution being the buzzword. With almost 85% probability of
a rate hike by the US Federal Reserve on the March 15 markets have turned
cautious and will see some more profit booking before the event to price in
the same.
Nifty closed with minor losses as 8950 and above saw profit booking
before the election results due this weekend. With next week being holiday,
expect more volatility in the coming few days as investors book profit before
the event with markets being closed on Monday. Metals, Banks and Pharma
stocks could be under pressure with Energy, IT seeing buying for today.
The BSE
Sensex is currently trading at 28920.60, down by 78.96 points or 0.27% after
trading in a range of 28908.89 and 29022.32. There were 7 stocks advancing
against 23 stocks declining on the index.
The broader
indices were trading in red; the BSE Mid cap index was down by 0.31%, while
Small cap index was down by 0.06%.
The CNX Nifty is currently trading at 8942.00, down
by 4.90 points or 0.05% after trading in a range of 8939.85 and 8957.05.
There were 22 stocks advancing against 29 stocks declining on the index.
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MARKET
INDICATORS
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·
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Group ATopGainers
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Company
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Price (Rs)
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% chg
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Hathway
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37.95
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5.12
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APLLTD
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617.00
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4.84
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GET&D
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287.70
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3.16
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Divislab
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773.90
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2.50
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Group ATopLosers
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|
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NMDC
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140.75
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-4.45
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Adanipower
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38.75
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-4.08
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Jindalstel
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120.25
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-3.72
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Adanient
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94.55
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-3.42
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INDEX
PERFORMANCE
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Indices
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Support
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Resistanes
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Sensex
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28938
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29079
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Nifty
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8929
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8975
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Technical view: Nifty finds strong support @ 8880-8900 while
resistance comes around 9000. Bank Nifty sees support around 20400, which was
the swing low last week while 20800 will act as resistance on the upside.
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Trading
ideas :IndusInd Bank
(Buy above 1332 for Target of 1370 and SL 1315): After consolidating for the
past five trading sessions, our analysis of the hourly time frame indicates
that the stock has broken out from an inverse head and shoulder pattern,
which is bullish in nature. The neckline breach has also been accompanied
with credible volumes. IndusInd Bank has also closed above its short term
10-EMA, further accentuating our bullish stance on the stock.
Derivative
Snippets: Markets ended yesterday’s trading session on a lackluster note. Nifty
call and put options witnessed some buying interest, as the implied
volatility of ATM/OTM options started to move up ahead of state election
results.
FIIs were net buyers in cash market segment to the tune of Rs 920
crore.
FII’s index future long/short ratio stands at 3.5x vs4.1x. Significant
long and short positions to the tune of ~14k and ~13k contracts were added in
index future.
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Nifty Movers: The top gainers on Nifty were Kotak Mahindra Bank up
by 1.71%, Yes Bank up by 1.70%, Power Grid up by 1.49%, ACC up by 1.34% and
AurobindoPharma up by 0.87%.
On the flip
side, BPCL down by 1.57%, Idea Cellular down by 1.52%, Hindalco down by
1.22%, HCL Technologies down by 1.05% and Infosys down by 0.89% were the top
losers.
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Top
Sectoral& Stock Screening: The only gainers
on the BSE were Healthcare up by 0.15% and Bankex up by 0.09%, while Metal
down by 1.27%, Oil & Gas down by 1.08%, Energy down by 0.88%, IT down by
0.71% and Realty down by 0.71% were the losing indices
on BSE.
The top gainers on the Sensex were Power Grid up by
1.16%, HDFC up by 0.69%, NTPC up by 0.41%, Larsen & Toubro up by 0.36%
and Cipla up by 0.28%.
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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.
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Global Signals:The Asian markets
were trading mostly in green; KOSPI Index increased 0.86 points or 0.04% to
2,094.91, Shanghai Composite increased 1.05 points or 0.03% to 3,243.45,
Taiwan Weighted increased 23.15 points or 0.24% to 9,761.22 and Hang Seng
increased 95.21 points or 0.4% to 23,776.28.
On the other hand, Nikkei 225 decreased 111.9 points
or 0.58% to 19,232.25, Jakarta Composite decreased 2.38 points or 0.04% to
5,400.23 and FTSE Bursa Malaysia KLCI decreased 1.96 points or 0.11% to
1,726.70.
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