Daily Market Updates:
Domestic Markets:
Trends in the SGX Nifty indicate a negative to neutral start for the broader index in India with a loss of 48 points. The Nifty futures were trading around 17,577 levels on the Singaporean exchange. Among sectors, the FMCG index was up by 1.36% and the IT index appreciated by 1.20%. Whereas, the PSU Bank index & Auto index was down by 0.79% & 0.55% accordingly. The midcap and the smallcap indices rose 0.03% & 0.48% respectively. IT index has formed a big bullish body candlestick pattern and closed with a gain of 1.20%.
Global Markets:
During the regular session on Wednesday, the Dow added nearly 80 points, to close at 33,482. The S&P 500 fell by 0.25 percent, to close at 4090 also snapping a recent string of four consecutive winning sessions and the Nasdaq Composite dropped by 1.07 percent to close at 11,996. The pan-European Stoxx 600 index provisionally closed 0.16 percent lower, with sectors and major bourses pointing in different directions. Germany’s DAX index shed 0.5 percent and France’s CAC 40 fell 0.4 percent, while the U.K.’s FTSE 100 rose 0.4 percent as the defensive and energy stocks that dominate the index gained. Japan’s Nikkei 225 led losses in the region as it slid 1.08 percent and the Topix lost 0.91 percent. Elsewhere, the South Korean Kospi fell 0.68 percent, while the Kosdaq saw a smaller loss of 0.64 percent. The Australian S&P/ASX 200 slipped 0.2 percent. Hong Kong’s Hang Seng index was 0.58 percent down, while the Hang Seng Tech index was 1.5 percent lower. Mainland Chinese markets were also lower, as the Shanghai Composite shed 0.37 percent and the Shenzhen Component was down 0.45 percent.
Technical Outlook:
The whole day nifty showed strength and traded in higher top higher bottom formation. As a result, it has formed a big bullish body candlestick pattern and closed above the psychological level of 17500 which is positive for the index. Moreover, nifty has managed to sustain above 200 simple DMA and 50 simple DMA which are placed at 17499 and 17531 levels. Overall moving average suggests that the short to long-term trend is positive. Weekly and daily candlestick pattern indicates bullish bias in the near term. On the upper side, the potential reversal zone placed around 17689 to 17669 levels, coinciding with the upper band of the channel pattern. Whereas 17500 may act as the nearest support.
Things that will decide the Market today
SGX NIFTY signals a negative start for the Indian Market
- Nifty futures on the Singapore Exchange traded 40 points lower to 17,584, signalling that the Indian Stock Market is headed for a negative start.
US indices end in a mix
- The after-effect of the jobs data for the month of February’23 seemed to have a reverse impact on the US Stock Market on Wednesday, as investors shifted away from growth stocks amid signs that the U.S. economy is weakening. The Dow Jones Industrial Average surged at 80.34 points, to close at 33,482.72, while NASDAQ and S&P500 dipped brought down by tech-heavy stocks.
RBI meeting
- The Reserve Bank of India is expected to increase the repo rate for 7th time in a row today, with a 25 basis points move to take the repo rate to a stragering 6.75%, the highest in 7 years!
Daily Fundamental and Technical Picks
Fundamental Picks (for more than a year)
ICICI Bank – Target – 1,150 (30%)
TATA MOTORS – Target – 540 (27%)
COAL INDIA – Target – 275 (24%)
SUN PHARMA – Target – 1,220 (22%)
HUL – Target – 3,100 (20%)
Technical pick (For 2-3 days)
ITC
Previous close – 386
Target – 395
Potential upside – 3%
Joshi's Corner 