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ndian markets could open higher, following positive Asian markets today and sharply higher US markets on Monday - HDFC Securities 

U.S. stock-market benchmarks surged Monday, with the S&P 500 booking its best day of gains since June, as a gauge of manufacturing activity showed the economy was picking up steam at the start of the year. The Russell 2000 index of smaller companies surged 3.37%, putting its gain in 2021 at over 15%, compared with the S&P 500's gain of about 4% in the same period

Strategists also attributed the enthusiasm to a cool-down of last week’s rapid rise in bond yields that had unsettled the bullish mood on Wall Street and threatened to offset the easy-money policies implemented by the Federal Reserve.

The Institute for Supply Management said its US manufacturing index rose to 60.8% last month (vs 58.9% forecast) from 58.7% in January, matching a two-year high.

The Reserve Bank of Australia increased its buying of longerdated debt, while the European Central Bank policy maker François Villeroy de Galhau said the ECB “can and must react” against any undue tightening of financial conditions.

India’s GST collection in the month of February stood at Rs 1.13 lakh crore, 7 percent higher year-on-year, but lower than an alltime high of nearly Rs 1.20 lakh crore in January. GST collections were higher than Rs. 1 lakh crore for the fifth straight month.

India's first auction of spectrum in five years attracted Rs 77,146 crore of bids on the opening day on Monday with Reliance Jio Infocomm Ltd., Bharti Airtel Ltd., and Vodafone Idea Ltd. participating in the bidding process - a response that the government said was better than expected.

Asian shares are up on Tuesday as a halt in a recent bond markets sell-off calmed investor nerves and lifted riskier assets, although oil prices were on the defensive on fears of slowing Chinese energy consumption. Analysts expect the Reserve Bank of Australia to hold key rates at a historic low of 0.1% when it announces its policy decision at 0330 GMT.

Indian equity benchmark indices staged a bounce on March 01, starting the new week and new month on a positive note. Finally the Nifty ended almost at its intra day high. At close the NSE Nifty 50 gained 1.6% or 232 points to end at 14,761.

Nifty has made an inside bar after the sell-off seen on Friday. While this is a mildly positive signal, it needs to soon fill the downgap between 14919-15065 to nullify the recent weakness.

Daily Technical View on Nifty

Observation

Nifty showed a sharp pullback of more than 1.5% in the first session of the week

Nifty ended up forming inside bar pattern, which also know as bullish harami candle stick pattern on the daily chart

There is a downward gap in the range of 14919 and 15065, which can act as a resistance zone in the coming days.

Lower top and lower bottom formation is still intact, which indicates that positional trend of Nifty is bearish

Unless Nifty, surpasses the resistance of 15180, trend of the Index remain bearish

However, Midcap and Smallcap indices are in continuation of an uptrend, the same could continue for the coming days too

Power, PSU and Metal Stocks looks good on the chart for the short term.

Approach for the day should be to lighten the long positions on rallies in Nifty index and concentrate more on midcap and smallcap segment for longs

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