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Indian markets could open lower, following lower Asian markets today and sharply negative US markets on Thursday. - HDFC Securities 

US stock benchmarks on Thursday fell for a third day, led by technology stocks, as Federal Reserve Chairman Jerome Powell said he was monitoring the recent rise in bond yields but added that the rise in inflation expected this year was unlikely to last and current monetary policy remained appropriate.

His remarks failed to soothe jittery bond markets, with the 10- year Treasury yield rising back above 1.50%. The 10-year U.S. Treasury note climbed to 1.55%, up around 8 basis points from where it traded at the end of Wednesday and the highest levels in about a year.

At The Wall Street Journal Jobs Summit, Powell said he would be concerned about a disorderly move in the bond market, but suggested that it had yet to have a material impact on financial conditions.

Stocks had initially traded relatively strongly after initial jobless claims in for the week ended Feb. 27 rose 9,000 to 745,000 which was a smaller rise than the 750,000-760,000 estimates expected. The Nasdaq Composite Index on Thursday was down nearly 10% from its recent peak, a move which is usually defined as market correction. Tech stocks are particularly sensitive to rising yields because their value rests heavily on future earnings, which are discounted more deeply when bond returns go up.

A closely watched gauge of expected stock-market volatility jumped Thursday to around its highest level since the end of January as a tech-led selloff dragged major benchmarks sharply lower. The CBOE Volatility Index is known by its ticker symbol "VIX", rose 5.07 points to 31.44, a gain of nearly 18%.

U.S. factory orders rose 2.6% in January as manufacturers continued to lead the way for the U.S. economic recovery. Orders for durable goods made to last at least three years climbed an unrevised 3.4% last month. Orders for nondurable goods such as clothing and groceries rose a slower 1.9%.

Oil futures rose after OPEC said it will roll over current production cuts through April, sending the U.S. benchmark gained $2.55, or 4.2%, to settle at $63.83 a barrel.

Wipro Ltd. agreed to acquire London based consulting firm Capco for $1.45 billion, in its biggest p

Asian stocks skidded on Friday as rising U.S. Treasury yields again rattled equity investors while hoisting the dollar to a three-month high, which in turn dragged the Japanese yen to an eight-month trough.

Daily Technical View on Nifty

Nifty in Indecision Mode

Nifty opened gap down with 180 odd points, fell further in the early morning trade and hit a low at 14980.

From the low of 14980, Nifty recovered 222 points towards 15202 in the mid session. From the high it again witnessed profit booking of more than 100 points to finally settle at 15080

Nifty is passing through indecision mode, where lot of whipsaws are happening and it has become difficult to take one side directional view It would be advisable not to take overnight trading positions.

SXG Nifty is down more than 150 points and due to that Nifty would open below yesterday’s low 14980.

Directional move is expected to come only when Nifty breaks the positional range of 14600 -15275.

However, Nifty Midcap and Smallcap indices are looking extremely strong on the charts and there is no sign of bearish trend reversal seen as of yet.

Breadth of the Market is very strong

For the day support is placed at 14865, while resistances are placed at 14980 and 15202.

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