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US indices opened the week on a quiet note as North Korea missile test leads to profit booking with all eyes on Federal Reserve for next week

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Indian Indices: Asian markets opened a mixed note with most indices trading in green as overnight US indices regained most losses to close marginally below 21000. North Korea missile test, profit booking and Fed meet on March 14-15 will be key in deciding future direction of the US and the global markets next week.

Nifty rallied from opening bell to close near the highs for the day as foreign buying saw bears scramble for cover. The Nifty closed @ the highest point in the last 2 years with 9000 being the target for today. Reliance, Metals and private banks led the way as mid-caps also joined the party.

The BSE Sensex is currently trading at 29043.51, down by 4.68 points or 0.02% after trading in a range of 29033.83 and 29098.17. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were holding the ground and trading in green; the BSE Mid cap index was up by 0.33%, while Small cap index up by 0.17%.

The CNX Nifty is currently trading at 8959.40, down by 4.05 points or 0.05% after trading in a range of 8952.40 and 8977.85. There were 25 stocks advancing against 26 stocks declining on the index.




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Technical view: Nifty finds strong support @ 8900 with 9000 being the resistance on the upside, while Bank Nifty also finds strong support @ 20400 with 20800 acting as resistance on the upside.


Trading ideas: ASHOKLEY (Buy above Rs 91, for Target of Rs 95.5, SL at Rs 88.5): Stock has formed a bullish morning star pattern on the daily charts after successfully taking support at the 50% Fibonacci retracement of the recent up move. Ashok Leyland also closed above its 200-DMA in yesterday's trade with credible volumes. RSI crossover on the daily chart adds to the bullish stance in the stock.  We advise to Buy AshokLey above Rs 91, Stop Loss at Rs 88.5 and Target of Rs 95.5.

Derivative Snippets: Markets traded with a positive bias as Auto and Banking index surged higher. With the heavy short selling of Nifty 9000PE and short covering of Nifty 9000CE, a breach of the psychological resistance of 9000 is on the cards for the first time since March 2015.

FIIs were net buyers in cash market segment to the tune of Rs 564 crore.

FII’s index future long/short ratio continues to stand above 4x since the start of this F&O series, leading to a positive bias in the markets.

Nifty Movers: The top gainers on Nifty were Tata Power up by 1.33%, BPCL up by 0.98%, Reliance Industries up by 0.85%, Zee Entertainment up by 0.77% and Tech Mahindra up by 0.65%. On the flip side, Hindalco down by 1.70%, Infosys down by 1.44%, Tata Motors - DVR down by 0.96%, Tata Motors down by 0.85% and Yes Bank down by 0.80% were the top losers.

Top Sectoral& Stock Screening:  The top gaining sectoral indices on the BSE were Power up by 0.84%, Utilities up by 0.76%, Energy up by 0.52%, Oil & Gas up by 0.43% and Consumer Durables up by 0.37%, while Metal down by 0.50%, Realty down by 0.47%, IT down by 0.29%, TECK down by 0.21% and Healthcare down by 0.10% were the losing indices on BSE.



On the global front: On sectoral front, power utility and energy stocks were restricting any fall in the market. The oil & gas stocks were trading higher after International Energy Agency (IEA) stated that India is moving to the centre stage of global energy market and by the early 2020s it will replace Russia as the world's third largest refiner. In scrip specific action Bharat Financial Inclusion declined after it said that 4.5 percent of its loan portfolio was at a risk of turning bad in Q4 and that 60 percent of the overdue portfolio pertained to Uttar Pradesh and Maharashtra.


Global Signals:The Asian markets were trading mostly higher; FTSE Bursa Malaysia KLCI was up by 1.29 points or 0.07% to 1,728.65, KOSPI Index gained 13.4 points or 0.64% to 2,094.76, Taiwan Weighted was higher by 38.3 points or 0.4% to 9,720.93 and Hang Seng increased 92.36 points or 0.39% to 23,688.64.On the other hand, Nikkei 225 declined by 26.15 points or 0.13% to 19,352.99, Jakarta Composite was down by 6.41 points or 0.12% to 5,403.41 and Shanghai Composite was tad lower by 2.24 points or 0.07% to 3,231.63.