Nifty to open flat, eye on TCS, Axis Bank - Consortium

The domestic markets traded in the green throughout today's session. After a firm opening buying activity intensified as a marginally lower than expected inflation number and the government's decision to delay the implementation of GAAR to 2016 buoyed investor sentiments. Nifty eventually settled with a solid gain of 1.22%, while the midcap and small cap indices closed higher by 1.20% and 0.74% respectively. Most of the sectoral indices too managed to close above the dotted line. Realty and IT were the major gainers while auto was the major underperformer. The Rupee also extended gains after the announcement on GAAR.

An upgrade of Infosys post its strong Q3 results and a rally in other IT stocks such as TCS also lent good support to the rally. Infosys shares have surged by about 20% in just two days.

Reality index surged by over 5% with DLF leading the pack with gains. Other reality gainers were DLF (up 7.72%), HDIL (up 5.8%), Unitech (up 4.71%), Prestige Estates (up 4.02%), Sobha Developers (up 3.95%), Indiabulls Real Estate (up 3.92%), Oberoi Realty (up 3.61%), D B Realty (up 3%), Peninsula Land (up 2.2%), Parsvnath Developers (up 1.27%), Sunteck Realty (up 0.86%) and Godrej Properties (up 0.15%), edged higher. PSU banks to gained smartly gained ,with promitent gainers being Union Bank of India (up 5.25%), Bank of India (up 4.81%), Allahabad Bank (up 4.67%), Oriental Bank of Commerce (up 4.58%), Syndicate Bank (up 4.39%), Canara Bank (up 3.91%), UCO Bank (up 3.04%), Punjab National Bank (up 2.85%) and Indian Bank (up 2.81%). Oil sector gaines were led by ONGC which jumped 4.28% to Rs 304.50 hitting 52 week's high.

For the day coming by, markets are likely to mirror cues from global peers and open soft this morning. The result season, both in India and globally, would decide market direction from here on. Among prominent results to watch out for today are Axis Bank.

On Monday, US markets ended mixed with technology shares in the limelight. Dow advanced 19 points to 13,507 while Nasdaq and S&P ended in red.

Nifty started the week on a positive note and has settled above 6000 mark near day's high in a long Bullish candle. The daily RSI has given a positive crossover of its trigger line. Crossover of 6050 levels will edge Nifty further higher towards 6150 levels. In Jan series for Nifty, Highest Call OI is at 6200 and highest Put OI is at 5900 strike which has changed from 5700.

Source : Equity Bulls

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