Nifty50 has given a consolidation breakout, suggesting a rise in optimism, on the daily chart. On the higher end, it found resistance around the 14-day moving average, said an analyst. 
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Nifty50 has given a consolidation breakout, suggesting a rise in optimism, on the daily chart. On the higher end, it found resistance around the 14-day moving average, said an analyst. Domestic stock markets are likely to kick off the week on a higher note, thanks to positive global cues. US stock rallied on Friday while Asian markets were mostly up in Monday’s trade. An ease in dollar and crude prices may support investor sentiment in India. Here's what you should know before the opening bell:
Nifty outlook
Jatin Gedia, Technical Research Analyst at Sharekhan said Nifty is in a pullback mode. It has retraced 38.2 per cent of the fall from 181,34 to 17,255. He said there is more steam left to this pullback rally.
“It can extend the rise till 17,700 where resistance in the form of the 50 per cent Fibonacci retracement level (17,695) and the 20 day moving average (17,703) is placed. Considering the recent sharp upmove, a consolidation cannot be ruled out. Overall, we expect the Nifty to trade in the range of 17,700 – 17,200 from short term perspective,” he said.
SGX Nifty signals a positive start
Nifty futures on the Singapore Exchange quoted 68.5 points, or 0.39 per cent, higher at 17,700.50, hinting at a positive start for the domestic market on Monday.
Asian shares rise in early trade
Asian shares rose on Monday morning ahead of an update on the US rate outlook from the US Fed. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.22 per cent. Japan's Nikkei surged 1.23 per cent; Australia's ASX 200 gained 0.60 per cent; New Zealand's DJ jumped 0.88 per cent; China's Shanghai shed 0.10 per cent; Hong Kong's Hang Seng declined 0.40 per cent. and Korea’s Kospi added 0.50 per cent.
Oil prices fall on China outlook
Oil prices opened lower on Monday after China set a modest target for economic growth this year of around 5 per cent, lower than market expectations of 5.5 per cent growth in the world's second- largest oil consumer. Brent crude futures were trading down 50 cents, or 0.6 per cent, at $85.33 a barrel at 0147 GMT. US West Texas Intermediate (WTI) crude futures were down 46 cents, or 0.6 per cent, at $79.22 a barrel.
Dollar flat ahead of Powell testimony
The US dollar made a tentative start to the week on Monday as investors awaited testimony from Federal Reserve Chair Jerome Powell and looked towards for a February jobs report that will likely influence how hawkish the US central bank will be. The dollar index was down 0.057 per cent at 104.56. The Euro was down 0.02 per cent to $1.0632. The Japanese yen strengthened 0.01 per cent to 135.85 per dollar, while sterling was last trading at $1.203, down 0.08 per cent on the day.
US stocks settle higher
Wall Street stocks posted strong gains while Treasury yields and the dollar pulled back on Friday as data pointing to US economic growth boosted risk appetite, even as expectations for rate hikes kept bond yields near multi-year highs. US shares jumped, with the Dow Jones Industrial Average up 1.17 per cent, the S&P 500 1.61 per cent higher, and the Nasdaq Composite adding nearly 2 per cent.
Stocks in F&O ban
No stocks have been put under F&O ban by National Stock Exchange (NSE) for Monday, March 6. Derivative contracts in a security are banned when it crosses 95 per cent of the market-wide position limit (MWPL). No new positions can be created in the derivative contracts of said security. This prohibition is lifted when the open interest in the stock drops below 80 per cent of the MWPL across exchanges.
FPIs buy shares worth Rs 2,090 crore
Provisional data available with NSE suggests FPIs turned net buyers of domestic stocks to the tune of Rs 2,089.92 on Friday. Similarly, domestic institutional investors (DIIs) turned buyers of equities to the tune of Rs 246.24 crore.
Rupee adds 36 paise against dollar
The rupee gained 36 paise to 82.24 against the US dollar in early trade on Friday as fresh foreign fund inflows and a positive trend in domestic equities strengthened investor sentiments. At the interbank foreign exchange, the domestic unit opened at 82.28 against the dollar, then gained ground and rose to 82.24, registering a rise of 36 paise over its previous close.
Note: With inputs from PTI, Reuters and other agencies
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