Pre Open Thoughts: Showing Resilience!!
Ø As long as you derive inner help and comfort from anything, keep it. You can take some comfort from the fact that the Indian indices have been showing resilience. The trend is likely to stay intact though it appears to be consolidation time for the markets after central bank action lifted the sagging spirits briefly.
Ø Asian markets are mostly down following the overnight declines in Europe. US indices finished flat. All eyes will be on today's EU leaders’ summit. Watch out for fresh developments from Europe besides PMI data and the US monthly jobs report later in the week.
Ø The good news is that FIIs have been net buyers in the last couple of sessions. Another encouraging tiding is that food inflation remains to be softened lately. With a host of results being announced today stock-specific activity will be seen.
Ø Back home The political scene is likely to stay heated as state elections have kicked off. Manipur voted over the weekend while Punjab and Uttarakhand will go to polls today. Goa elections are slated for March 3.
Ø According to systems the Nifty may face some resistance between 5210 and 5220 while short-term support is expected around 5050. We advocate caution at current levels.
Ø On currency front has been going through a churn as well, with the Rupee trading at a four week high. Watch out for stocks that derive a majority of their earnings from exports. For instance, the IT and Pharma companies.
Results Today: 3M India, Allahabad Bank, Balrampur Chini, EID Parry, ENIL, GHCL, Glenmark Pharma, GMDC, Havells India, Indiabulls Financial, Indian Bank, Ingersoll Rand, Kansai Nerolac, LIC Housing, Mahindra Lifespaces, National Fertilizers, Novartis India, OBC, Punjab & Sind Bank, PVR, Uniphos Enterprise, United Phosphorus and Zee Learn.
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