As earnings season draws to a close this week

The market recently corrected sharply due to weak global cues, and the imposition of dividend distribution tax on equity oriented mutual funds & long term capital gains. It, however, managed to break the fall, and tried to recover with support from bargain hunting and bounce-back in global peers.

Last week, the market lost 3 percent and ended over its one-month low at 34,005.76 on the Sensex, but recovered nearly 300 points to end at 34,300.47 on Monday. In fact, the broader markets recovered faster than frontline indices as investors got an opportunity to buy quality stocks on sharp correction.

This recovery may continue but consolidation is majorly seen in short term as the market will watch out for stability in global peers before sharp recovery, so further correction can't be ruled out, experts suggest.

As we are near the fag end of the earnings season and most of major corporate earnings already priced in, and no major event lined up in the offing, the market is likely to take cues from globe, according to experts.

"We feel global cues will continue to dominate our market trend, in absence of any major event. Nifty may see some bounce or consolidate further however sustainability at higher level seems difficult," Jayant Manglik, President, Religare Broking said.

Traders should use further recovery to reduce existing longs and creating fresh shorts, he advised.

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CAPITALSTARS NIFTY FUTURES & BANK NIFTY FUTURES OVERVIEWS - 12 FEB 2018

CS NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES2: 10620

RES 1:10550

SUP1:10400

SUP2:10320

CS BANK NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES 2: 25950

RES 1: 25800

SUP1: 25450

SUP2: 25380

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Sensex, Nifty fall more than 1%; post biggest weekly drop since August 2017

The markets are expected to remain choppy as investors adjust their asset allocations amid rising interest rates Relief was short-lived for investors as Indian stocks tripped again on Friday amid fresh declines in global equities with Wall Street entering a ‘correction zone’, a 10 per cent drop from its peak.

The Dow Jones index’s second 1,000-point, or 4-per cent-plus, correction on Thursday triggered risk aversion among investors. Most Asian and European markets fell over 2 per cent. The fall in domestic equities was relatively subdued with the benchmark Sensex declining 407.4 points, or 1.2 per cent, to close at 34,005.76, the lowest since January 3.The Nifty50 index slipped 121 points, or 1.2 per cent, to 10,455. A day earlier, the benchmark indices had rebounded 1 per cent as some investors had resorted to value buying in beaten-down stocks. The Sensex ended the week with 3 per cent losses, its worst weekly decline since August 2017.The markets are expected to remain choppy as investors adjust their asset allocations amid rising interest rates. The 10-year US Treasury note — a key indicator for inflation and interest rates — has climbed by almost 50 basis points to nearly 2.9 per cent, the most in four years. Investors fear rising bond yields will prompt the US Federal Reserve to aggressively raise interest rates. This could shrink the liquidity that has splashed around emerging markets like India in the past few years.

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CAPITALSTARS NIFTY FUTURES & BANK NIFTY FUTURES OVERVIEWS - 09 FEB 2018

CS NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES2: 10550

RES 1:10480

SUP1:10300

SUP2:10220

CS BANK NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES 2: 27800

RES 1: 25700

SUP1: 25350

SUP2: 25250

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Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
CapitalStars Investment Adviser: SEBI Registration Number: INA000001647