Nifty 8926/Sensex 28864/ Bank Nifty 20868
19 Advances / 32 Declines/ 0 Unchanged
Indian equities sustain uptrend; RIL rallies 11%
Indian benchmark indices edged higher for the fifth consecutive session on Wednesday on account of short-covering by investors ahead of February month F&O expiry on Thursday.
Besides, Index heavyweight Reliance Industries, which helped the markets to remain in green till last, made its presence felt by surging around eleven percent in the session, as investors cheered the company's move to end free telecom services on its Jio platform and start charging customers from April 1. Jio is seeking to retain customers through special prime memberships at a one-time fee of Rs 99 and Rs 303 a month for unlimited voice, data and content. Furthermore, the country's third largest private sector lender, Axis bank, gained as much as 3.9 percent, after the report that the government has no plan as of now to exit Axis Bank via SUUTI.
Sentiments got some support with a private report stating that India's millennial population is a massive disruptive force and driven by this supportive demographics along with government's policy action, Indian economy is likely to reach $ 5 trillion by 2025. Market participants got some comfort as Prime Minister Narendra Modi urged the United States to keep an open mind on admitting skilled Indian workers, in comments that pushed back against Republican President Donald Trump's 'America First' rhetoric on jobs. Moreover, India is likely to pitch for a global agreement to make it easier to travel for work across borders at international fora like the G-20 and BRICS as increasing protectionism in the West has unsettled the country's services industry, which accounts for about 60% in the country's GDP and 28% of total employment.
On the global front, Asian markets ended mostly higher on Wednesday, getting little push from Wall Street's record high overnight, investors awaited the Fed's latest meeting minutes due later in the day for clues about the U.S. central bank's views on interest rates. However, the dollar dipped, reversing an earlier rise made on hawkish comments from Federal Reserve officials. Philadelphia Fed President Patrick Harker said he would likely support a quarter point rate increase at the central bank's March 14-15 meeting if the economy improves further. Further, lower yields on Japanese government bonds weighed on financial stocks, which logged modest declines, while Chinese shares ended higher after official data showed China's housing market continued to cool in January, a welcome sign for policymakers worried about a generalized bubble developing in the market. Meanwhile, European markets climbed, with higher oil prices, upbeat German business climate data and a slew of encouraging earnings updates helping underpin investor sentiments.
Back home, after getting a positive start, the local benchmarks gained further in late morning trades, but the sentiments turned pessimistic in afternoon trades and indices started drifting lower, however the markets regained its momentum in the final hour of trade and finished the day with moderate gains.
FII Activity (22th Feb 2017)
The FIIs as per Wednesday’s data were net sellers in equity segment, while they were net buyers in debt segment, according to data released by the NSDL.
In equity segment, the gross buying was of Rs 7039.61 crore against gross selling of Rs 8993.23 crore. Thus, FIIs stood as net sellers of Rs 1953.62 crore in equities.
In the debt segment, the gross purchase was of Rs 433.00 crore with gross sales of Rs 391.68 crore. Thus, FIIs stood as net buyers of Rs 41.32 crore in debt.
Key Results
Mahindra CIE Automotive Ltd
Rain Industries Ltd
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 mark else could touch its support level of 8830 again.
Below 8870... Will see more downside panic till 8830---8780 and then to 8720 mark.
Bank Nifty Future Levels
Support at 20700 and resistance at 21000
Weekly close above 21000 will take to 21300---21550+++ mark else it could test it's support again.
Trade in a range with levels only.
Today's Top Pick
ICICI Bank
Above 288 it can touch 293—298 and then to 305+ mark.
Support and stop loss below 284.
More will update soon!!
