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US stocks sell off as Trump led rally sees signs of fatigue. Oil prices weaken, bond yields also decline

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Indian Indices: Asian indices saw big cuts with the Japanese 'Nikkei' falling over 300 points after the Dow Jones had its biggest fall since President Trump got elected. US Dollar weakness, coupled with sell off in Banks and Energy saw the Brazilian 'Bovespa' index lead the losers with a fall of over 3%.

Nifty will also see opening below 9100 as foreign flows start to ebb even as domestic funds book profit aggressively. Bank stocks witnessed selling with Pharma being the big party pooper as Dr Reddy hit nearly 3 year lows after strong FDA observations. For today expect the euphoria over the 100% return in the new IPO to die down as the near term overbought market sees correction.   

The BSE Sensex is currently trading at 29236.90, down by 248.55 points or 0.84% after trading in a range of 29219.59 and 29341.41. There were 2 stocks advancing against 28 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.07%, while Small cap index was down by 0.63%.

The CNX Nifty is currently trading at 9042.95, down by 78.55 points or 0.86% after trading in a range of 9036.15 and 9072.90. There were 4 stocks advancing against 46 stocks declining, while 1 stock remained unchanged on the index.




Group ATopGainers




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Technical view: Nifty did see a breach of 9119 intraday and that will today act as initial resistance on the upside while 9050 should act as strong support. Bank Nifty also broke the swing bottom of 21042, which will now act as resistance on the upside while 20850 will act as support.


Trading ideas :RECLTD (Buy above 167.5, for Target of 172, Stop Loss at 165.5): Stock last week broke out from a rising trend line on daily charts connecting previous two peaks. Stock couldn't convert the breakout with follow up buying and instead retested the trend line on the daily charts. In yesterday's trade REC witnessed smart recovery in second half with increase in traded volumes. This accentuates our bullish stance on the stock. We advise to Buy REC above Rs 167.5, Stop Loss at Rs 165.5 and Target of Rs 172.

Derivative Snippets: Nifty remains resilient as support level of 9100 holds for the 4 thday in a row. Index ATM/OTM call and put option strikes continue to remain under selling pressure as a long weekend before the March F&O nears.

D-Mart shimmered all day along, posting 117% gains on debut.

FIIs were net buyers in cash market segment to the tune of Rs 1663 crore.

FII’s index future long/short ratio at 3.3x.

Nifty Movers: The top gainers on Nifty were Axis Bank up by 1.72%, HCL Technologies up by 0.67%, Idea Cellular up by 0.11% and Power Grid up by 0.10%.

On the flip side, Hindalco down by 2.95%, BhartiAirtel down by 2.60%, BHEL down by 2.49%, Tata Motors down by 1.94% and Ultratech Cement down by 1.92% were the top losers.

Top Sectoral& Stock Screening:  The losing sectoral indices on the BSE were Metal down by 1.71%, Consumer Durables down by 1.65%, Telecom down by 1.59%, Basic Materials down by 1.32% and Auto down by 1.29%, while there were no gainers.

The top gainers on the Sensex were Axis Bank up by 1.68% and Power Grid up by 0.05%.



 On the global front: On the global front, Asian shares were trading in red, as growing doubts about US President Donald Trump’s economic growth agenda prompted investors to dump risky assets and to rush to safe havens such as gold and government bonds.


Global Signals:The Asian markets were trading in red; Nikkei 225 decreased 366.24 points or 1.88% to 19,089.64, Hang Seng decreased 355.79 points or 1.45% to 24,237.33, Taiwan Weighted decreased 68.68 points or 0.69% to 9,903.81, Jakarta Composite decreased 30.07 points or 0.54% to 5,513.03, Shanghai Composite decreased 25 points or 0.77% to 3,236.61, FTSE Bursa Malaysia KLCI decreased 15.08 points or 0.86% to 1,739.59 and KOSPI Index decreased 12.21 points or 0.56% to 2,166.17.