US indices hit fresh all time highs as oil prices
continue pullback with energy stocks joining the rally. US Dollar hits
September lows as bearish bets mount on the currency with bond yields also
seeing some weakness.
Asian indices opened in the green for another day with
most indices now trading at fresh highs. With US Dollar weakness most ETF flows
are gathering further momentum with Asian indices seeing strong inflows into
equity markets. Despite overbought conditions the trend seems strongly upwards
as liquidity surges to highest levels in 2017.
Nifty hit 9900 before closing marginally lower as profit
booking set in late on Friday. For today expect a strong start above 9900 with
profit taking again expected in second half as local mutual funds book profit.
Corporate results will be the key as large cap stocks report earnings this
week. For today PSU banks and Gas utilities could see upside while profit
booking could emerge in Metals and FMCG counters.
Technical view: Nifty
finds strong support around 9850 while 9935 will act as resistance on the
upside. Bank Nifty finds support around 23750 while 24100 will act as initial
resistance on the upside.
Derivative Snippets
In the last trading session, Nifty took a breather as the
index hinted marginal profit booking. Nifty 9800CE witnessed short covering,
while 9800PE saw fresh short build-up, indicating a continued upward momentum.
Bank Nifty 24000CE added fresh long position.
DIIs were net buyers in cash market segment to the tune of Rs
674 Cr.
FII’s long/short ration stands at 2x.
Corporate Snippets:
Britannia is scouting for profitable growth
opportunities, especially in the bakery segment, to strengthen its position as
a leading food company in the country, according to the company's annual
report. (ET)
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CS GOLD (DEC) OVERVIEW: TREND : SIDEWAYS RESIST 2: 29500 RESIST 1: 29400 SUP 1: 29100 SUP 2: 29000
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