Markets open with over 0.5 per cent gains. Sensex rises over 100 points, Nifty edges above 6,300, up 34 points.
Bharti Infratel soars 7 per cent
Sarvendra Srivastava says expect a gap up open in markets today, but 6,350-6,358 remain a psychological hurdle. Maintain targets at 6,450. Bank Nifty likely to outperform, buy with targets of 11,800-12,000 with stop loss at 10,684.
Top trading picks,
1) Axis Bank: Buy with a target of 1410 and a stop loss of 1254.
2) State Bank of India: Buy with a target of 1650 and a stop loss of 1514.
3) DLF: Buy with a target of 147 and a stop loss of 134.9
4) Reliance Infra: Buy with a target of 385 and a stop loss of 349.4.
Nifty futures trading 0.6 per cent or 37.50 points higher at 6,366. Spot Nifty at 6,297.95, just 115 points off from all-time high of 6,215.
Market analyst Sanjeev Bhasin says, “Markets could open strong today, but profit taking in the second half of trade is possible. Investors should be cautious as markets tend to consolidate around these levels last seen in December 2013. Banks, auto may witness buying today, while pharma and IT may see some pressure today.”
Asian stocks rose and the dollar held firm in early trade on Wednesday amid easing of tension in Ukraine.
“As long as the situation does not worsen in the Ukraine over the next 24 hours, investors will start to shift their focus to the outlook for the US labour market,” Kathy Lien, managing director at BK Asset Management in New York, said in a note to clients.
On Wall Street on Tuesday, Putin’s remarks helped the S&P 500 attain another record closing high. The dollar index edged up to 80.150, moving away from Friday’s two-month low of 79.688.
Indian stock markets rose more than 1 per cent on Tuesday and are likely to open gap up on Wednesday after remarks from Russian President Vladimir Putin allayed fears of an imminent military conflict in Ukraine.
The BSE Sensex turned positive for the year yesterday helped by buying from overseas investors, who bought shares worth Rs. 186 crore on Tuesday, extending their buying streak to the 13th day.
The BSE Sensex rose 1.26 per cent, or 263.08 points, to end at 21,209.73 on Tuesday, its biggest daily percentage gain since January 13. The Nifty rose 1.23 per cent, or 76.50 points, to end at 6,297.95 on Tuesday, just 6 points away from turning positive for 2014, also marking its biggest single-day gain since January 15.