Nifty to follow cues from Global Market

As the Global Markets embark on what looks like a potential uptrend post ECB meeting, Nifty is expected to follow suit.

Nifty is in short term BUY and would start a fresh upward momentum once if it gives a breakout of its previous month high of 7609.

On Friday, Nifty Future opened at 7485, made a high of 7544. A selling of 97 points was seen in Nifty Future till the low of 7447 and closed at 7520.

As the curtain drew on the International Market on Friday, Global Indices such as Nasdaq, FTSE100, CAC40, DAX closed on the positive side of the graph. This morning the Asian Markets followed the trend. Nikkei 225, Hangseng, Kospi were all seen to start on a positive note.

If Nifty gives a breakout of its previous month high, chances are it might soar upto 7940 which is a strong Resistance Level from the month of January 2016.

Get Nifty Support & Resistance Levels for Today.

Market experts have strong buy signals for FTSE100, S&P 500 and DAX.

In the Domestic Market, the morning session of Nifty shows the Index trading at a narrow range of 40 points. NSE Nifty was up by 68.95 points (0.92 percent) at 7579. Among the Top Nifty 50 gainers are TataMotors, ICICI Bank, Coal India, Ambuja Cement and Bajaj Auto, Bharti Airtel, IDEA, Dr. Reddy are among the days Top losers.

The Consumer Price Index (CPI) and  Wholesale Price Index (WPI) Data of India is due at 12 noon (IST) today.

FII Buy/Sell activity in Index Futures shows that in the last 5 days, FIIs have built long buy positions except for 10^th March 2016. On 10^th March there was a selling of 28 crores by FII. Since March 1st, FIIs have built long positions worth 4161 Crores.

Small Cap Index Outlook

Small Cap Index is trading above the range of 4790 and the next level is at 4858. International markets have shown clear breakout after ECB, we expect Indian markets to give breakout if NIFTY goes above 7609, next target will be 7940 and target for smallcap will be 4926.

Small Cap Index on Friday traded above the range of 70 points, going above 4800, it gave correction from day high of 4826 and closed at day low of 4750. 

We recommend the following Stocks to watch out for Today

Scrip	Sector	LTP	% Fall	% Budget Rise
HIMATSEIDE	TEXTILES AND APPAREL	193.35	-30%	31%
GRANULES	PHARMACEUTICALS	126.2	-27%	19%
LLOYDELENG	HOUSEHOLD GOODS	211.25	-41%	19%
NOCIL	CHEMICALS	45.1	-32%	16%
NILKAMAL	HOUSEHOLD GOODS	1100.5	-23%	13%
SCI	MARINE CONSTRUCTION AND SERVICES	62.9	-39%	15%
TVTODAY	MEDIA AND PUBLISHING	298.95	-10%	1%

• % FALL is movement of share from 4^th Jan to 29^th Feb

• % RISE is movement of share from 29^thFeb to Last Traded Price

Domestic Market awaits the WPI & CPI Data and its impact on Stock Market Today.