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Indian markets could open lower, following mostly lower Asian markets today and negative US markets on Wednesday - HDFC Securities 

U.S. stock benchmarks closed lower Wednesday, after benchmark bond yields marched higher and a batch of fresh economic data suggested a more tepid rebound from the COVID-19 pandemic. Technology shares led equities lower as longer-dated Treasury bond yields were nearly 1% higher from a year ago. Bond yields rose on Wednesday after the European Central Bank declined to take action to rein in bond yields.

The yield on the 10- year Treasury note added 5.6 basis points to 1.469%, its second highest level of the year. The IHS Markit US services sector purchasing managers index rose to 59.8 in February, up from 58.3 in January and above the earlier ‘flash’ figure of 58.9. However, the Institute of Supply Management non-manufacturing sector index fell to 55.3 from 58.7.

ADP’s private-payroll data for February showed 117,000 jobs were created in the month, below the 225,000 forecast from economists polled by Dow Jones, and compared with a revised 195,000 in January. A measure of prices paid by companies for inputs (PPI) surged to the highest level in nearly 12-1/2 years.

Shares in Asia-Pacific slipped in Thursday morning trade following overnight declines on Wall Street as bond yields rose again. Asian stocks fell with U.S. futures Thursday after an overnight surge in bond yields once more dragged down shares on Wall Street.

Indian benchmark equity indices on March 03 recovered all of Friday's biggest single-day drop in nine months with gains over the last three trading sessions. At close the Nifty 50 gained 2.2% or 326.5 points to end at 15,245. 43.

In a bullish signal, the Nifty has on March 03 filled the downgap made on Feb 26, though it took longer for the gap to be filled. Now the all time high of the Nifty is in sight being barely 186 points away. With momentum on its side, there may not be too many impediments in Nifty achieving this over the next few days, though Thursday’s trade could be choppy due to negativity in global markets.

Adani Ports to acquire minority stake in Andhra’s Gangavaram Port:

India’s largest private port operator Adani Ports and Special Economic Zone Ltd (APSEZ) acquired 31.5% in Andhra Pradesh's Gangavaram Port Ltd (GPL) from Warburg Pincus. The acquisition is valued at Rs 1,954 crore and subject to regulatory approvals. Adani intends to follow this up by the remaining shares in the port from the promoter family soon.

Kalpataru Power Transmission bags orders worth Rs 1,554 crore:

Kalpataru Power Transmission Ltd (KPTL) said it has won orders worth Rs 1,554 crore. The orders include those from India, CIS and Latin America in the power transmission business. Current year order inflow has reached around Rs 8,000 crore.

Daily Technical View on Nifty

Nifty Trading in Complex Technical Setup

Nifty rose for the third consecutive session to close at 15245. In these 3 sessions Nifty recovered almost 5% from the bottom of 14467 to 15273.

Nifty has closed above the previous top resistance of 15176.5. This move has resulted in to the complex setup for the Nifty on the short term chart, which is not enough to have clear direction view on the index.

SGX Nifty is showing gap down opening of more than 200 points, in Nifty which would again trap the traders who went long in yesterday’s trade.

Support for the Nifty is seen at 14900 Yesterday’s high of 15273 has become resistance for now and unless that is taken out, one should remain cautious Midcap and Smallcap Stock could show resilient move after gap down opening in today’s session

Short term trend of the Market is indecisive atleast for the benchmark indices like Nifty and sensex It would be advisable to remain conservative approach in short term trades and try to square off the trading positions in same session instead of caring it overnight

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