Markets are likely to remain volatile ahead of February series monthly expiry on Thursday, as traders will rollover positions in the F&O segment to March series 2020.
The
S&P BSE Sensex breached 40,000 marks briefly in the intraday trade on February 26 but bounced back, while
the Nifty50 was trading around its 200-day exponential moving average placed
around 11,720.
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Sectorally, selling pressure was seen
in telecom, auto, realty, power, and metal indices.
The Indian currency gained in early trade. The rupee opened higher by 13 paise at
71.75 per dollar against the previous
close of 71.88.
Top 5 factors that could be weighing on markets:
Weak
Asian markets
Asian stocks fell on 26 February,
causing losses in US markets overnight.
The sharp selloff pushed yields at the
safe-haven treasury to record the ascent. S&P 500 & both Dow Jones industrial averages
shed more than 3 percent in their fourth.
Yields on 10-year and 30-year US funds
reached record lows and close to gold Concerns about the economic impact of
the coronavirus outbreak rose safely - Haven Property, a Reuters report said.
Chinese shares declined by 1.3%.
Shares in South Korea, surprised by a sudden increase in virus the infection briefly hit a two-month
low, it said.
- US coronavirus warning
The World Health Organization says
that the epidemic in China is at its peak, but it is a matter of concern its spread in other countries is
accelerating and investors are likely to maintain the lead.
The report states that the virus
originated in China and spread to about 30 countries.
Slowdown
in Asian economies Effects of coronavirus, outbreaks are
likely to manifest as more than China the major economies of the region are
expected to either slow down or stop.
Many Asian economies, which were
limiting growth due to spillover effects so far the 18-month-long US-China trade the dispute was dealt a blow by the outbreak, which has been closed.
- Technical
View
The Nifty, which formed a candle of
doubt on the daily chart on the previous day opened on February 27, with a gap around
11,720 to reclaim its critical support.
The major support on the daily chart
is 200- DMA placed at 11,684.
The Supertrend indicator indicated
sales on the daily chart. Last time it indicated a sell on
January 28 and the Nifty tested 11,600 levels Before backing up.
On the Nifty monthly options front,
the maximum Put OI is at 11,800 followed by 11,700
Strike while maximum Call OI is at
12,000 followed by 12,200 strikes.
Markets are inaccuracy mode and are
likely to serve as significant support for the 11,600 indexes.
"Level 11,600 is the prime area
for bulls as mentioned move.
“A recovery of 12,000 is likely to act
as a resistance zone. The market is expected to remain or unstable with the direction.
Merchants should increase their pay point of view.
F&O
Expiry on Thursday
Markets are likely to remain volatile ahead of
February series expiry on February 27, as traders will roll over positions in the futures and options
(F&O) to March series 2020.Get More: -
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