CAPITALSTARS - Indices trade flat, Nifty tests 10,600 level

The benchmark indices were trading flat taking cues from its Asian counterparts.

Back home, market participants will look forward to key economic data such as  Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and Gross Domestic Product (GDP) to be released on Wednesday.

In the global markets, Asian shares extended their recovery on Tuesday, hitting a three-week high as US borrowing costs eased ahead of Federal Reserve Chairman Jerome Powell’s highly-anticipated first congressional testimony later in the day.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.3 per cent, building on its bounce from a two-month low touched on Feb 9.

Japan's Nikkei rose 1.0 per cent to three-week highs.

On Wall Street, the S&P 500 advanced 1.18 per cent on Monday helped by fall in US bond yields.

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MARKETS LIVE: Nifty trades above 10,500; auto stocks gain; OBC tanks 11%

The domestic indices were trading higher on Monday taking cues from its Asian counterparts.

Later this week, the market participants will look forward to key economic data such as Nikkei Markit Manufacturing Purchasing Managers Index (PMI), Fiscal Deficit and Gross Domestic Product (GDP).

In the global markets, Asian markets were in a guardedly upbeat mood on Monday, heading into an event-packed week headlined by US inflation data and the first House testimony by the new head of the Federal Reserve.

A modest improvement in risk appetite saw the safe-haven yen lost ground, while MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.3 per cent.

Japan’s Nikkei climbed 1.4 per cent and E-Mini futures for the S&P 500 rose 0.1 per cent.

The gains followed Wall Street, where the Dow ended Friday up by 1.39 per cent, while the S&P 500 gained 1.60 per cent and the Nasdaq 1.77 per cent.

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CAPITALSTARS - Expiry Week: Market seen consolidation; FII sells Rs 5781.98cr equity, IT index up over 3%

Indian indices seen a consolidation for the week ended February 23 amid no major cues from domestic as well as international markets.

Equity benchmarks have been oscillating within last two weeks’ broad range of 10600-10300, indicating consolidation after the recent sharp decline of 8%.

The index rebounded from the oversold territory and is under the process of forming base near the lower band of broader consolidation range around 10300.

Going forward, we expect the market to consolidate and form a good base in the range of 10300–10600. However, we believe this consolidation will make markets healthier and offer an incremental buying opportunity, said Dharmesh Shah of ICICIDirect.com Research.

On the F&O expiry day, both the indices closed with a marginal loss. However, on Friday the indices closed with 1 percent gain.

In the last week, Nifty50 gained 38.75 points, closed at 10,491.05 and Sensex was up 131 points, closed at 34,142.10.

The foreign investors sold equities worth Rs 5781.98 crore. However, domestic institutions bought Rs 5972.69 crore worth of equities in last week.

India's volatility index (India VIX) shed 13.3 percent last week. S&P BSE Midcap index was down 0.24 percent, S&P BSE Smallcap index was down 0.22 percent, while S&P BSE largecap index was up 0.29 percent.

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CAPITALSTARS NIFTY FUTURES & BANK NIFTY FUTURES OVERVIEWS - 23 FEB 2018

CS NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES2: 10520

RES 1:10450

SUP1:10350

SUP2:10300

CS BANK NIFTY FUTURES (FEB ) OVERVIEW

TREND BULLISH

RES 2: 25350

RES 1: 25250

SUP1: 24920

SUP2: 24820

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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