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Indian markets could open mildly higher, following mildly higher Asian markets today and despite negative US markets on Tuesday.  HDFC Securities 

U.S. stocks ended lower on Tuesday, led by technology stocks, a day after major indexes booked their best daily gains in more than three months and global bond yields halted their unsettling rise.

Meanwhile, concerns about bubbles and overvalued parts of the stock market in the U.S. and China were a source of concern for Chinese regulators. Guo Shuqing, chairman of the China Banking and Insurance Regulatory Commission and Party secretary of the central bank warned at a briefing in Beijing that stock values were disconnected with economic fundamentals in the U.S. and Europe The U.S. Senate will start debating President Joe Biden's relief bill this week when Democrats aim to pass the legislation through a maneuver known as "reconciliation," which would allow the bill to pass with a simple majority.

Australia’s gross domestic product rose 3.1% in seasonally adjusted chain volumes terms in the December quarter. That figure beat expectations for a 2.5% rise by economists in a Reuters poll and followed a 3.4% growth in the third quarter. China’s services sector activity grew at its slowest pace in 10 months in February as firms struggled with sluggish demand and high costs, prompting them to cut jobs. The Caixin/Markit services Purchasing Managers’ Index (PMI) fell to 51.5, the lowest since April, from 52.0 in January .

Asian shares edged higher on Wednesday as investors shrugged off concerns that stocks may have rallied too far too fast in the past year, and focused instead on optimism that more imminent U.S. stimulus will energise the global economic recovery.

Indian benchmark equity indices ended higher for the second straight day on Mar 03, after recovering from selloff seen in the morning. At close the NSE Nifty 50 index gained another 1.07% to end at 14,919.

Nifty has entered the downgap area of 14919-15065 raising hopes of further upmove. Advance decline ratio also rose in line with the uppishness in the Nifty. 14782 on the downside is a crucial level to defend.

India's February trade deficit widens to $12.88 bn, imports up 7%: India's trade deficit in goods widened to $12.88 billion in February from $10.16 billion during the same period a year earlier, an increase of 25.84% as per preliminary data released by the government. Merchandise exports fell 0.25% in February from a year earlier to $27.67 billion, while imports were up 6.98% to $40.55 billion.

Daily Technical View on Nifty

Observation

Nifty rose for the second consecutive day to close above 14900 mark.

Thought retracement was sharp, Nifty is till in formation of lower top and lower bottom on the daily chart

Unless We see close above 15180, bearish formation would remain intact There has been downward gap placed in the range of 14019 to 15065, which could provide the resistance in the coming days However midcap and smallcap indices have been showing strong up move. In last 6 sessions Nifty Smallcap and Midcap indices have surged 5.5% each against the rise of 1.66% of Nifty. This shows the dominance of mid-smallcap over large cap in short term. Nifty Midcap and Smallcap Indices have closed at the highest levels of the upward rally started since March 2020. Support for the Nifty is seen at 14760 and 14638 Midcap Stocks from Paper, Sugar, Tea, Coffee and IT should be on radar for gains

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