Indian markets are expected to make a gap-up opening as cues from global peers are optimistic. The SGX Nifty indicates that the Nifty could surge as much as 117 points at the opening bell and open around 10,613. However, a crucial event will unfold today as the RBI will announce its monetary policy, about which the consensus is that status quo on rates will continue. 

The Nifty might open below its 100-day EMA. Going ahead, the zone of 10,300-10,330 is a very crucial support area for the Nifty and a move below 10,300 would open up for correction up to the level of 10,200. On the other hand, the area of 10,400-10,450 will remain critical resistance zone. Top stocks for the day: Brigade Enterprises, Oil India, Vijaya Bank, MOIL, PNB, Tata Motors, La Opala, EMAMI and Endurance Technologies. 

Key benchmark indices may open with sharp losses following biggest sell-off in the financial markets across globe from Asia to Europe to the United States since 2016  on concerns of inflation. The SGX Nifty indicates that the Nifty could tumble 358 points at the opening bell and open around 10,337.  

The RSI has dropped sharply lower and, at present, it is placed around 48 level. In the last couple of instances, we have witnessed a drop of up to the levels of 33-35 on the RSI and, from thereon, Nifty has witnessed a reversal. Hence, this could mean a possibility of more weakness in the short term in the Nifty. Top stocks to watch out: Bharti Airtel, GAIL, Speciality Restaurants, Cera Sanitaryware, Tata Steel, Avenue Supermarts, GMR Infrastructure, NBCC and Uflex. 

India’s benchmark equity indices are expected to open significantly lower, tracking a sharp sell-off in the US and Asian markets over concerns of rising bond yields. The SGX Nifty indicates that Nifty could open around the level of 10,611 with a gap-down of 107 points.  

In the coming session, we believe the low of ‘high wave candle’ i.e. 10,879 is a crucial support and a follow through move below this level may trigger further sell-off up to levels of 10,800. On the other hand, the level of 11,121 would be a crucial level to watch out for and any follow through move above this level would once again open the gates for all-time high levels. Top stocks to watch out: Lupin, Info Edge, Grasim Industries, Zee Media, Gammon Infra and Hinduja Ventures.

The benchmarks indices are likely to make a pessimistic start on weak global cues. The SGX Nifty indicates that the Nifty may open significantly lower at 10,931 with losses of 117 points.  

Going forward, immediate support for the index is placed in the region of 10,970-10,990, followed by 10,900. On the upside, the level of 11,172 would be crucial to watch, as a move above this level would lead to an extension of the current leg of the upmove. Top stocks to watch out: Godrej Properties, Bharti Airtel, Hindustan Copper, Fortis Healthcare, Time Technoplast, Wipro, Phillips Carbon Black, Nocil and SBI. 

Indian equity benchmarks are expected to make a muted start on Thursday, and until the Union Budget proposals start rolling in, we expect range-bound movement and lots of volatility would be seen with the progress of the session. The big question is whether the FM would maintain the reformist fervour or he would prefer to add a tinge of populism to the budget. The Lok Sabha election in 2019 and the some crucial state elections coming up this year could see the budget tilting more towards populism.  

Going forward, the zone of 10,980-11,000 is a crucial support zone for the index. On the upside, Nifty reacted from the day’s high, i.e. 11,121, and this level may act as a resistance, followed by 11,172. Top stocks to watch out: BEL, KPIT, Syndicate Bank, MIRC Electronics, Welspun Enterprises, Bajaj Auto, Tube Investments of India and Mahindra and Mahindra.