Nifty 8963/Sensex 29048/ Bank Nifty 20663
37 Advances / 14 Declines/ 0 Unchanged
Indian benchmarks kick-off the week on a sanguine note; Sensex reclaims 29000 mark
Indian markets have kicked off the week on a confident note, with the NSE index moving close to breaching a key psychological level of 9,000, while Sensex reclaimed 29,000-mark on Monday. Sentiments got a boost with the GST council moving a step closer towards implementing the goods and services tax (GST) from 1 July, approving two crucial supporting legislations of central GST law (CGST) and the integrated GST (IGST) law for this ambitious tax reform.
It will again meet on 16 March to clear the state GST law (SGST) and the union territory GST law (UTGST). Once all the bills are passed by the council, the Union government will collectively take the bills to the Union cabinet for its approval. Some support also came with the report that foreign investments in the services sector increased 77.6 percent to $7.55 billion in the first nine months of the current fiscal, helped by government steps to improve ease of doing business. However, gains remained capped on rising geopolitical tensions in East Asia, as North Korea fired four ballistic missiles early in the day, while a spat between China and South Korea over missile defence deepened. Meanwhile, Information technology (IT) stocks came under pressure on Monday, following the developments on H1-B visa front in the US. The United States announced that from April 3 it would temporarily suspend the ‘premium processing’ of H-1B visas that allowed some companies to jump the queue as part of its efforts to clear the backlog.
On the global front, Asian equity markets ended mostly higher on Monday, despite the prospects of a likely interest rate hike by the US Federal Reserve later this month as well as slower Chinese economic growth this year. In a speech to the national legislature, Premier Li Keqiang, China's top economic official, trimmed the country's growth target to 6.5% and warned of dangers from global pressure for trade controls as Beijing tries to build a consumer-driven economy and reduce reliance on exports and investment. However, Japanese market declined in thin trade as global geopolitical tensions rose after North Korea fired four missiles, three of which landed in Japan's exclusive economic zone. Meanwhile, European markets fell in a broad decline, after capping their best weekly gain since December, as mining shares dropped with copper prices and Deutsche Bank AG helped drag lenders lower.
Back home, after getting a firm start, the local benchmarks showed some strength in late morning trades, but profit booking tracking weak opening of European markets in noon session took the indices to lower levels, however the market regained its momentum in the final hour of trade and finished the day near intraday highs.
FII Activity (06th March 2017)
The FIIs as per Monday’s data were net buyers in equity and debt segments both, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 5308.64 crore against gross selling of Rs 3880.73 crore. Thus, FIIs stood as net buyers of Rs 1427.91 crore in equities.
In the debt segment, the gross purchase was of Rs 576.41 crore with gross sales of Rs 531.84 crore. Thus, FIIs stood as net buyers of Rs 44.57 crore in debt.
Now what to expect next??
Nifty Future Levels
Support at 8870 and Resistance at 8980—9050
Looks positive and could touch its resistance level of 8980—9050, further upside rally will see on close above 9050, else could touch its support level of 8870 again.
Fresh selling can be initiated below 8870.
Bank Nifty Future Levels
Support at 20500 and resistance at 21025
Looks positive and could touch its resistance level of 21025, further upside rally will see above 21025, else could touch its support level of 20500.
Looks weak below only 20500.
Trade in a range with levels only.
Today's Top Pick
BHEL
We have seen two consecutive upside move in BHEL and shows immense strength on charts
Above 162 …. Rally remain continue till 168---172 and then to 180+++ mark
Support and stop loss below 155.00
More will update soon!!
