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US indices ignore weak jobs data to hit fresh lifetime highs as bull market in equities gathers momentum.

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Indian Indices: Asian indices opened flat as after last week's stellar rally most indices consolidate. The 'yen" weakness saw the Japanese 'Nikkei" hold over 20000 as the new fresh highs see more ETF flows chase returns. Gold prices also saw buying as fresh geopolitical risk in London saw defensive buying emerge.

Nifty gave up most gains of morning trade as profit booking above 9650 was the dominant theme for Friday. The Nifty large cap stocks saw profit booking while the midcaps saw value buying with sectoral outperformance continuing. For today expect another bout of profit booking above 9650 as both foreign & local mutual funds sell while Nifty consolidates.

The BSE Sensex is currently trading at 31271.41, down by 1.88 points or 0.01% after trading in a range of 31198.22 and 31275.35. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.53%, while Small cap index was up by 0.70%.

The CNX Nifty is currently trading at 9665.60, up by 12.10 points or 0.13% after trading in a range of 9640.70 and 9665.70. There were 35 stocks advancing against 16 stocks declining on the index.




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Technical view: Nifty now finds strong support around 9550 while 9700 will act as resistance on the upside. Bank Nifty also finds resistance around 23500 while 23250 will act as support.



Godrej Properties (BUY Above 521 with Stop Loss at 512.5 for Target of 538): After correcting ~20% in past five weeks, the stock has finally shown signs of a recovery and has broken out from a declining trend-line breakout on the daily charts. The upthrust has also been accompanied with smart uptick in volumes. Other oscillators are also indicating the recovery is likely to extend further.

Derivative Snippets:    

Adani Ports and Special Economic Zone Ltd (APSEZ), has started construction of the first berth at the country's international transhipment project of deep-water multi-cargo port at Vizhinjam in Kerala.

In the last trading session, Nifty ended on a positive note. Huge short covering to the tune of ~5 lakh shares was witnessed in Nifty 9500 call strike, making 9500 as the new floor for Nifty during the June F&O expiry series. Bank Nifty OTM put option strikes continue to remain the selling pressure, indicating of a continued uptrend.

FIIs were net sellers in cash market segment to the tune of Rs 59 Cr.FIIs index future long short ratio at 5.8x vs 6x.

Nifty Movers: The top gainers on Nifty were Bajaj Auto up by 2.17%, Indiabulls Housing up by 1.50%, BhartiInfratel up by 1.47%, BPCL up by 1.45% and Yes Bank up by 1.36%. On the flip side, ITC down by 1.07%, Lupin down by 0.87%, Coal India down by 0.73%, Infosys down by 0.38% and HDFC down by 0.32% were the top losers.

Top Sectoral& Stock Screening:The top gainers on the Sensex were Bajaj Auto up by 2.25%, Cipla up by 1.19%, Tata Steel up by 1.04%, Sun Pharma up by 0.82% and Axis Bank up by 0.77%. On the flip side, ITC down by 1.07%, Coal India down by 0.73%, Lupin down by 0.70%, HDFC down by 0.63% and Infosys down by 0.37% were the top losers.



On the global front: On the global front, Asian counters were exhibiting mixed trend at this point of time with some indices trading in red, as the most recent US data is testing bets on improving global growth that has helped drive the value of equities worldwide. The US markets extended their gains in last session, overlooking a weaker than expected jobs data, as the World Bank forecasted a modest pickup in growth despite uncertainty about monetary policy and concern among bond traders that inflation is waning.


Global Signals: Asian markets were trading mixed; KOSPI Index rose 2.18 points or 0.09% to 2,373.90, FTSE Bursa Malaysia KLCI increased 8.19 points or 0.46% to 1,785.14, Jakarta Composite gained 15.7 points or 0.27% to 5,758.15 and Taiwan Weighted was up by 39.39 points or 0.39% to 10,197.54.

On the flip side, Hang Seng decreased 85.84 points or 0.33% to 25,838.21, Shanghai Composite shed 14.53 points or 0.47% to 3,091.01 and Nikkei 225 was down by 6.39 points or 0.03% to 20,170.89.