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US stocks recover intraday losses as Oil hits 6 month lows, undertone remains cautious as all eyes on jobs data due today with yields rising despite weakness in commodities.

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Indian Indices: Asian indices opened flat as most markets recovered intraday losses yesterday and will trade with caution ahead of the jobs data from the US and weakness in energy stocks. With the Japanese 'Nikkiei' closed for holidays the other markets are seeing huge divergences with the Chinese index losing ground while South Korea and India hitting new highs daily.

Nifty saw a strong break above 9350 with PSU banks and large corporate lenders leading even while commodity stocks lead the decline. Foreign investors selling continues to be a dampener with now 'euphoric' local mutual funds buying sending mid and small cap stocks into extremely stretched valuation zones. For today, expect Nifty to settle around all time highs while mid-cap stocks to continue to outperform with financials being the clear outperformers.

The BSE Sensex is currently trading at 29977.95, down by 148.26 points or 0.49% after trading in a range of 29972.13 and 30176.55. There were 10 stocks advancing against 20 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index declined 0.23%, while Small cap index was down by 0.07%.

The CNX Nifty is currently trading at 9319.65, down by 40.25 points or 0.43% after trading in a range of 9317.05 and 9377.10. There were 17 stocks advancing against 34 stocks declining on the index.




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Technical view: Nifty now finds strong support around 9300 while 9400 will be the first resistance on the upside. Bank Nifty is in blue sky territory and can see 23000 where there will be resistance, while 22500 will act as strong support on the downside.


Pidilite Industries (BUY Above 740 for Target of 760, Stop Loss at 725): The stock has broken out from a consolidation phase on the daily chart. The breakout has been accompanied with smart increase in volumes. Other oscillators are indicating that the current momentum is likely to prolong. We advise to Buy Pidilite for Target of Rs 760. Keep strict Stop Loss at Rs 725.

Derivative Snippets

Baba Ramdev-led Patanjali clocked a turnover of Rs 10,561 crore in 2016-17 and intends to become the largest Swadeshi company in the next 1-2 years. It aims to double its turnover and will invest about Rs 5,000 crore in setting up five new plants.

In the last trading session, markets continued to surge higher as ICICI Bank shimmered. Nifty Bank Future continued to form long positions as the open interest surged higher along with rising cost of carry. Huge short selling was witnessed in Nifty Bank 22500 monthly expiry put option strike along with long formation in 23000 call option strike, indicating of a continuation of this up trend.

FIIs were net sellers in cash market segment to the tune of Rs 601 Cr.FII’s index future long/short ratio at 4.3x vs 5x.


Nifty Movers: The top gainers on Nifty were Asian Paints up by 1.62%, Eicher Motors up by 1.27%, Indiabulls Housing up by 1.11%, Adani Ports up by 1.09% and Coal India up by 1.09%. On the flip side, Hindalco down by 4.13%, GAIL India down by 2.12%, ONGC down by 2.01%, Infosys down by 1.29% and Larsen & Toubro down by 1.27% were the top losers.


Top Sectoral& Stock Screening: The few gaining sectoral indices on the BSE were Consumer Durables up by 1.14%, Consumer Disc up by 0.17%, Bankex up by 0.05% and Energy up by 0.04%, while Metal down by 1.75%, Basic Materials down by 1.03%, FMCG down by 0.91%, Capital Goods down by 0.88% and Utilities was down by 0.74% were the top losing indices on BSE.



On the global front: On the global front, Asian markets were exhibiting mixed trend, with the Chinese market sliding for the fourth consecutive day, approaching near a level that would wipe out all of this year’s gains. The US markets remained in consolidation mood and made another flat closing in the last session.


Global Signals: Asian markets were trading mixed; FTSE Bursa Malaysia KLCI rose 3.2 points or 0.18% to 1,761.87, Jakarta Composite increased 8.73 points or 0.15% to 5,678.17 and KOSPI Index was up by 21.57 points or 0.97% to 2,241.24.

On the flip side, Hang Seng declined 287.03 points or 1.16% to 24,396.85, Taiwan Weighted decreased 47.02 points or 0.47% to 9,920.62 and Shanghai Composite was down by 21.27 points or 0.68% to 3,106.10.