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EQUITY RESEARCH LAB: DERIVATIVE REPORT 1st MARCH
PUBLISHED BY:-EQUITY RESEARCH LAB
NIFTY FUTURENifty skid 0.50 per cent on Monday in a volatile trade. Sensex slipped 152.30 points at 23,002, while Nifty dipped 42.70 points at 6987.05. The focus of the Budget have been the rural poor, infrastructure and handling the perilous state of PSU banks. The government has taken the initiative of giving a fillip to investments by increasing spending on roads and other infrastructure; leaving more in the hands of panchayats will stimulate rural demand. There is still enough legroom for increasing the amount earmarked for recapitalisation of PSU Banks. Keeping fiscal deficit under check will give headroom to RBI to cut rates much earlier than anticipated. Incentives to new manufacturing units, digitization of land records across states and further enhancement of social security schemes are key positives. Markets can lead to a big short covering rally in March.
Technical views:Nifty future closed at 7008.95 on Monday. Nifty may be trade in between the7000-7500 range in march series. March series started with maximum open interest at 7500 call and 7000 put. Below the level of l one short Fall may be seen in nifty future, Nifty future may be taste new level of 6800-6700.
2NIFTY DAILY CHART
BANK NIFTY FUTUREBank Nifty rose 216 point (1.56%) and closed at 13989.35 on Monday . bank nifty shown consolidated movement in the full trading session. ICICI BANK (2.84%) and KOTAK BANK(2.38%) is the top gainers in bank nifty future.
Technical views:Bank nifty shown technically recovery trend in daily time frame . But bullish trend in bank nifty will be seen above the level of 15700-15800. bank nifty may be shown new level of 13500-13400.
BANK NIFTY DAILY CHART
USD/INRThe rupee recovered 3 paise to 68.59 against the US currency in late morning deals, following sustained bouts of dollar selling from banks and exporters. The rupee resumed lower at 68.69 from last Friday's closing level of 68.62 at the Interbank Foreign Exchange Market (Forex) here today. It slid further to 68.74 on heavy bouts of dollar demand before quoting at 68.59 at 1030 hours. It moved in a range of 68.74 and 68.57 during the morning trade. Meanwhile, the dollar index was down 0.14 percent at 98.02 against a basket of six currencies in early trade.
USDINR STRATEGY R1 68.80 R2 68.97
Pivot Point 68.58 S1 68.41 S2 68.19
EUROPEAN MARKETEuropean markets closed flat on Monday with. The DAX is down by 0.19% while France's CAC 40 is up 0.90% and London's FTSE 100 is up 0.02%.
ASIAN MARKETAsian markets finished broadly lower today with shares in China leading the region. The Shanghai Composite is down 2.86% while Hong Kong's Hang Seng is off 1.30% and Japan's Nikkei 225 is lower by 1.00%.