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INDIAN EQUITY MARKET OUTLOOK - 19 Mar 2018

equity tips
Nifty struggles below 10,200, midcaps underperform; PSU banks slip

Benchmark indices opened the week mildly higher amid volatility and mixed Asian cues on Monday. Political uncertainty after TDP exit from NDA government last week seems digested by the market.

The 30-share BSE Sensex was up 60.89 points at 33,236.89 and the 50-share NSE Nifty was up 21.40 points at 10,216.60.

Vedanta, Aurobindo Pharma, Dr Reddy's Labs, Cipla, Sun Pharma, GAIL, Yes Bank and HUL were early gainers.

HPCL, BPCL, IOC, Hero Motocorp, Axis Bank and Tech Mahindra were early losers Nifty Midcap was up 42 points.

Traders are advised to stay cautious as the possibility of Nifty slipping its crucial support level of 10,000 looks higher. In the event of a fresh sell-off for the current week in the wake of US Fed policy, strong support is placed around 10,141 levels which was recorded on March 7, suggest experts.

The rupee depreciated by 9 paise against the US dollar to 65.03 against as the greenback firmed up ahead of US Federal Reserve's policy meet this week.

A strong dollar and sustained foreign fund outflow weighed on the domestic unit amid rising current account deficit in the December quarter,

The current account deficit rose to 2 percent of the GDP at USD 13.5 billion in the December quarter, up from USD 8 billion or 1.4 percent in the year-ago period, on the back of higher trade deficit, RBI data showed.

On Friday, the rupee had ended 1 paisa lower at 64.94 against the US dollar.

Investment & trading in securities market is always subjected to market risks, past performance is not a guarantee of future performance.
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