The Wednesday’s expiry trading session in the Indian equity markets was on expected lines as anticipated in the morning post. The question on top of everyone is whether this time the Nifty is going to scale above 15500 Levels in the indian equity markets.
On Wednesday morning, the Indian equity markets opened up on account of positive global cues and during the day the markets did dip 80-90 points giving all an opportunity to buy.
As expected, the morning session belong to I.T. And Banking stocks with
In the Late afternoon session, the Metals Sector gained tremendous strength and lifted the nifty again to near of 15200 levels.
In the Post noon session, the bulls made a comeback on the back of this strong support from the Metal Stocks along with I.T Sector which gained momentum as the U.S Markets indices futures was trading in positive territory.
Finally, at the closing bell, the Nifty closed strongly above 15000 levels at 15174 levels (+76), the Sensex at 51279(+254) and the bank nifty closed at 35938(+72).
The Stocks of the day where the I.T. Stocks and Metals Stocks which showed tremendous strength throughout the day with Tech Mahindra, Infosys, TCS, HCL TECH, Tata Steel , JSW Steel ,HEG, Graphite, Leading the way.
On the other hand, The PSU banks were subdued and the weakness in this sector continued in today’s trading session. Also weakness was seen in Reliance, Maruti, IOC, and Bank of Baroda.
To sum up, with positive bullish sentiments back in the U.S. Markets, the Indian equity markets seems to be poised to make upwards movement towards new highs.
The Sector with bullish sentiments seems to be the I.T Sector, the Metals Sector and to a certain extent the Banking sector.
If nifty stays above 15250 levels for some time on Friday’s morning session, most analysts expect strong short covering to happen .They expect the nifty in such a situation to bounce back to 15350-400 levels which has a strong resistance.
The U.S. Markets closed on Friday with strong positive cues as Dow Jones closed in at 32,485 (+188), S&P at 3939 (+40) whereas NASDAQ closed in at 13398 (+328).
For the coming week, most analysts believe that Indian markets will be trending higher with the positive global markets cues pushing the Indian equity markets higher.
The Foreign institutional investors sold on Wednesday Rs 15 Crores whereas Domestic institutional investors bought Rs 447 Crores.
FII’s buying will have to continue for the bulls to take the nifty above 15400 levels to new highs. Most analysts are expecting FII’s buying to push the nifty towards 15400 levels and above in the near term.
Most experts expect the indices to continue to trend upwards on Friday with 15350-400 nifty levels closing acting as a resistance zone on the upside.
The downward movement will happen in case of nifty decisively breaking the 14900 levels and starts to trade for a considerable time below those levels.
The Cues from the global markets in the afternoon session on Friday also will be a deciding factor in the closing of Indian equity markets.
There seems to be a strong possibility of the Banking and financial sector gaining strength and Bank nifty making a break out above 36400-36600 levels.
The private banks like Axis Bank, Kotak Bank, HDFC bank, Rbl Bank, Bandhan Bank, Icici Bank, Indusind Bank, will look to move further up from Wednesday’s closing.
PSU Banks like Bank of Baroda, Canara Bank, Karnataka Bank; Bank of Maharashtra; Indian overseas Bank has been subdued for few days now and will look to contribute to the bank nifty moving upwards.
NBFC’S –PEL, Mahindra and Mahindra Financial Services, Bajaj Twins, Shriram Transport Finance too will be strong candidates for positive up move.
The I.T Majors like Tech Mahindra, Wipro, Infosys, TCS and HCL Tech were strong and the same positive outlook continues for the Friday’s trading day.
Cement stocks like ACC, Grasim , Shree Cement , Dalmia Bharat ,Ramco Cement are likely to show strength from here on and the broader market looks to contribute to the upwards momentum in the markets.
Pharma stocks like Lupin, Dr Reddy’s, Divi’s Lab, Cipla, Sun Pharma, and Cadila are expected to do good picks in the near term.
Also Maruti, Tata Motors, Ashok Leyland, Gujarat Pipavav, are expected to regain the positive up move in the near term.
The general Sentiments in the market seemed to be more positive and the traders will be watching keenly the global cues to take the markets to new highs in the coming days.
The stocks to keep an eye on in the Indian equity markets will be the I.T Sector, Banking Sector, NBFC Sector , Pharma Stocks, FMCG Stocks, and Cement sector Stocks.
Graphite, Deepak Nitrate, Tata Power, Torrent Power, Reliance, M&M, Shriram Transport, Tata Motors, Ashok Leyland, Adani Port.
#Stocks to Watch for Trading from LakshmiShree in-house Technical Expert Ansul Jain-
12th March Stock Picks — Axis Bank , Bajaj Finance ,Eicher Motors & Escorts.
(Watch YouTube Video Analysis here - https://youtu.be/UslDvpKdsIk )
After a positive trading day on wednesday, the view is that the Indian equity Markets will be looking to further move upwards towards 15300-400 Nifty levels in the near term.
The positive cues from the US Markets will emboldened the Bulls to take the markets towards 15300-15400 levels…
Best wishes for a Profitable Cheerful Friday in the Indian equity markets!
INDIAN EQUITY MARKETS THIS FRIDAY MORNING
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