Nifty is in consolidating range of 14800-15200 since last 4-5 trading sessions. The chart pattern suggests that if Nifty breaks and sustains above 15100 then it would witness fresh buying action which could lead Nifty towards 15200-15300, however, if Nifty breaks below 14900 level it would witness selling which would lead the index towards 14800-14700 levels. Nifty is trading above 20 and 50 day SMA’s indicating positive bias in the short to medium term.: Rajesh Palviya, Head – Technical & Derivatives Research, Axis Securities Ltd
Markets are witnessing choppy trading for the past few sessions, with bulls and bears fighting it out for control. Positive global triggers have supported the overall trend, however, India VIX, the volatility indicator, has risen from the recent lows of 20, indicating marginal increase in investor concern. Overall, the expiry is likely to witness enhanced volatility, with a broader-range for Nifty seen between 14800 – 15200 for the current weekly expiry. Maximum OI for the weekly series is seen at 15100 CE & 15000 PE: Aamar Deo Singh, Head, Advisory at Angel Broking
Global bourses are showing strength since the last couple of days and hence, our market is refusing to correct. But at the same time, FIIs have started some selling which is not letting our market breakout in the upward direction. Basically, we are trapped in a range of 14900-15200. So, if there is no major action in global markets for next two days, then expiry is likely to pan out somewhere in the range of 14950-15150: Sameet Chavan, Chief Technical Analyst, Angel Broking
The MTAR stock is expected to be listed on the exchanges on the 16th of March and if grey market premiums are anything to go by then it is going to be nothing short of a bumper listing. One of the reasons for the expected bumper listing is that it is one of a kind company with no comparable peers. The company caters to marquee clients like ISRO, DRDO, NPCIL, Bloom Energy and Rafaeland is uniquely positioned to benefit from the Government’s focus on the defence sector and make in India initiative. We are positive on the long-term prospects of the company.: Jyoti Roy – DVP- Equity Strategist, Angel Broking Ltd
BSE Sensex and Nifty 50 may remain range-bound. With weekly expiry tomorrow instead of Thursday, the index may stay range-bound as per options data. 15k has maximum put OI whereas 15100 has max Call OI. So, unless there are any other cues to deal with, we may stay largely range-bound: Milan Vaishnav, CMT, MSTA, Consulting Technical Analyst and founder of Gemstone Equity Research & Advisory Services
Craftsman Automation Ltd Rs 824- crore IPO (initial public offering) will open for subscription on March 15, 2021. The company has fixed price band at Rs 1,488-1,490 per share of face value of Rs 5 each. The public issue comprises a fresh issue of equity shares worth Rs 150 crore and offer-for-sale (OFS) of up to 45.21 lakh equity shares by promoters and existing shareholders.
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Major Emerging market currencies have weakened due to dollar rebound and sustainable rise in US yields above 1.5%. If it continues, it will further add pressure to global equities and riskier currencies as the flight of capital will take off towards the US dollar. Seeing the global sell-off in equities, the domestic market also witnessed FII outflows of nearly $1.03bn in March, thereby pressuring USDINR pair. So far, the Rupee has been backed by inflows on account of various IPO’s, stake sale and bond issues. However, depreciation seems steady and overall the near term range shall be within 72.80-74.00 levels.: Amit Pabari, managing director, CR Forex Advisors
MTAR Technologies Rs 596-crore initial public offering (IPO), which was subscribed a massive 201 times, will finalise the basis of the allotment of the IPO on Wednesday, March 10, 2021. The public issue received a robust response from investors across all categories with qualified institutional buyers (QIBs) subscribing their portion 165 times. Non-institutional investors subscribed their reserved portion 651 times and retail individual investors (RIIs) 28 times. In the grey market on Tuesday, MTAR Technologies shares were seen trading with a premium of Rs 505 per share over the IPO price.
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We are treading towards the upper end of the Nifty range which is 15300. If we get past that, we would be out of the choppy zone and can then aim at achieving 15500-15600 on the index. Until then we will be stuck in this band between 14800-15300. A good support lies at 14800 and as long as that is not violated, the overall trend continues to remain bullish.: Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments
As of now, markets have shrugged off the initial scare triggered by the rising bond yields. Bulls are back in action in the mother market US. But in India continuous FII selling is preventing the markets from scaling new highs. Markets are likely to consolidate. Investors may utilize dips to buy high-quality names in private sector banking, insurance, IT, cement and autos. For mid- small-caps, there is more room to appreciate.: V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
Index heavyweights such as HDFC Bank, Housing Development Finance Corporation, ICICI Bank, Reliance Industries Ltd (RIL) and Axis Bank were among top index contributors.
ONGC, Power Grid Corporation of India and Infosys were the only losers on the BSE Sensex index.
All the Nifty sectoral indices were trading in the positive territory. Nifty Bank index jumped 500 points or 1.63 per cent, while Nifty Financial Services surged 1.77 per cent.
Top BSE Sensex gainers were UltraTech Cement, HDFC Bank, Axis Bank, Bajaj Finance, ICICI Bank, IndusInd Bank and Housing Development Finance Corporation.
BSE Sensex jumped over 450 points or 0.89 per cent to 50,941, while the broader Nifty 50 index surged 141 points or 0.94 per cent to 15,100 on Tuesday.
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COMEX gold trades mixed near $1687/oz after a 1.2% decline yesterday. Gold trades near June 2020 lows weighed down by firmness in US dollar, higher bond yields and continuing ETF outflows. However, supporting price is progress on US stimulus and increased inflation expectations and geopolitical tensions. Gold may remain under pressure unless there is a major correction in US dollar index or bond yields: Ravindra Rao, VP- Head Commodity Research at Kotak Securities
BSE Sensex jumped over 100 points or 0.26 per cent to 50,573 in the pre-opening session on Tuesday.
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The Nifty is in consolidation mode. Further directional cues are likely to emerge on a move beyond the 14862-15111 range. A close below 14862 is likely to lead to a correction towards the 50 day SMA which is currently at 14610. On the upside, crucial resistances to watch for signs of strength are at 15203.: Subash Gangadharan, Senior Technical & Derivative Analyst, HDFC Securities
Despite Covid-19 disruptions hitting businesses globally, Primary markets in India witnessed strong activity in the ongoing financial year 2021. Typically, IPO listings depend on the secondary markets and as a matter of fact, there were no new IPO launches or stock market listings in the first half but the second half of the financial year rewarded investors as equities made a resounding recovery. According to Prime Database, eighteen of the 23 IPOs so far this year saw first-day gains. That represents 78% of the total stock listings in the financial year 2021 as compared to only 69.23% of the total 13 IPOs in the financial year 2020 and 53.3% of the 15 IPOs in financial year 2019 saw listing gains.: Vaibhav Agrawal, Chief Investment Officer, Teji Mandi
Domestic gold and silver prices could start lower this Tuesday morning tracking overseas prices. Technically, MCX Gold April could see a downside pressure up to 43990-43750 levels. Resistance is at 44340-44560 levels. Technically, If MCX Silver May trades below 66000 levels, we could witness the Bearish momentum to continue up to 65100-64300 levels. Resistance is at 66400-67230 levels. MCXBULLDEX March could trade within the range of 13920-14150 levels.: Sriram Iyer, Senior Research Analyst at Reliance Securities
International gold prices fell on Monday to a nine-month low, as the dollar and U.S. Treasury yields kept rising, prompting investors to dump the non-yielding metal. Domestic gold fell on Monday, while silver ended with small gains on Monday tracking overseas prices. The dollar climbed to a three-month peak, while the U.S. 10-year Treasury yield held near a more than one-year high on Monday. Meanwhile, the U.S. House of Representatives will take up by Wednesday the Senate version of the coronavirus relief package. Reflecting investor sentiments, SPDR Gold Trust ETF holdings fell 0.5% to 1,063.43 tonnes on Monday from 1,069.26 tonnes on Friday.: Sriram Iyer, Senior Research Analyst at Reliance Securities
Nifty futures were trading 89 points or 0.59 per cent up at 15,071 on Singaporean Exchange in early trade on Tuesday, indicating a gap-up opening for BSE Sensex and Nifty 50. In the previous session, NSE’s Nifty failed to hold the 15,000 mark on closing. According to a technical analyst, markets may fall further until indices cross 15280/51540 levels.
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Asian stock markets were trading lower on Tuesday. Japan’s Nikkei 225 index dropped 0.09 per cent. South Korean shares too fell sharply, with the Kospi down 1.98 per cent.
Foreign portfolio investors bought stocks worth $750.02 million in March so far. On Friday, they sold stocks worth $246.9 million. The flows from foreign portfolio investors have been impacted on account of increased volatility in the stock markets after bond yields globally have started seeing a spike. This is unlikely to trigger a huge selloff in the Indian markets, according to experts.
Nifty futures were trading 52 points or 0.35 per cent up at 15,034 on Singaporean Exchange, indicating a gap-up opening for BSE Sensex and Nifty 50 on Tuesday.
The markets on Monday ended marginally higher after stocks pared their gains because of weak cues from the Asian markets. The rise of crude oil prices after geopolitical tensions in the Gulf also made investors dump risky assets. The Nifty rose 18.1 points (0.12%) to close at 14,956.2 while the Sensex gained 35.75 points (0.07%) to 50,441.07.
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The Centre may no longer be able to postpone a cut in auto fuel taxes with the Brent crude surging more than 2% on Monday to approach $71/barrel, following a missile attack on Saudi Aramco’s facilities and improved outlook on the recovery of the global economy.
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