Bulls did regroup yesterday though stumbled at 17070, a critical frontier that we had marked down yesterday as the one to be toppled before recovery moves are played with more conviction. Hence, while yesterday’s close did not inspire, it still encourages us to open today with upside hopes, and persist with it through the day, as long as above 17020, but may have to wait for a close today above 17140 to put the trend firmly in the 17470 trajectory. Alternatively, a repeat attack on 16918 would assure a new low for the year. This though is not the favoured view as is but deserves attention given the approach of expiry.

– Anand James – Chief Market Strategist at Geojit Financial Services

09:21 AM

Market outlook by Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The current market signals indicate that the worst of the banking crisis is behind us. S&P 500 is now trading above the March 10 level when SVB collapsed. The stock prices of European banks also are improving indicating that there are no fears of contagion now. Doomsayers who predicted that the SVB collapse is a Lehman moment for the banking sector have been proved wrong. But investors have to be cautious since there is some element of uncertainty even after this apparent return to stability. There is a level of certainty regarding growth prospects. The global economy is slowing down; but Asia, particularly India, will outperform. India’s banking system is well regulated, strong and resilient. This period of uncertainty and volatility is the right time to build a good portfolio. High quality stocks with reasonable valuations and good earnings visibility can be accumulated now. Banking, capital goods and telecom are sectors that will post good results in the Q4 results season starting on April 13th. Valuations of IT stocks have become reasonable even though the segment will face headwinds from the US slowdown.

08:11 AM

Asian stocks gain, US treasury yields rise as banking fear eases

Global stocks and U.S. bond yields rose on Tuesday, as a U.S. regulator-backed deal by First Citizens BancShares to buy failed Silicon Valley Bank soothed wider worries about problems in the sector. MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.3% by early morning Hong Kong time. U.S. stock futures, the S&P 500 e-minis, were up 0.21%.

07:38 AM

SGX Nifty signals a positive start

Nifty futures on the Singapore Exchange traded 53 points, or 0.31 per cent, higher at 17,066, signaling that Dalal Street was headed for positive start on Tuesday.

07:38 AM

Tech View: Nifty charts hint at indecisiveness

On the Monthly Option front, Maximum Call OI is at 18,000, then 17,000 strike, while Maximum Put OI is at 17,000, then 16500 strike. Call writing is seen at 17000, then 17250 strikes, while Put writing is seen at 17,000, then 16,800 strikes. Options data suggests an immediate trading range in between 16,800 to 17,200 zones.

07:37 AM

Tokyo stocks open higher

Tokyo shares opened higher Tuesday after the Dow index was lifted by US bank share gains as fears of a crisis in the sector eased.The benchmark Nikkei 225 index rose 0.39 percent, or 108.12 points, to 27,584.99 at the open, while the broader Topix index added 0.33 climbed 0.59 percent, or 11.67 points, to 1,973.51.

07:37 AM

S&P 500 ends up slightly; SVB deal lifts bank shares

The S&P 500 ended slightly higher on Monday as a deal for Silicon Valley Bank’s assets helped to boost bank shares, while a decline in technology-related stocks limited the day’s gains.

07:37 AM

Rupee gains 9 paise against US dollar

The rupee appreciated by 9 paise to close at 82.31 against the US dollar on Monday, as a positive trend in domestic equities and a weak dollar supported investor sentiments.

07:37 AM

Oil prices little changed; supply concerns, banking crisis in focus

Crude prices moved in a narrow range in early Asian trade on Tuesday after rallying in the previous session, with oil markets focused on developments in the banking crisis as well as on supply concerns and indications of strengthening demand.Brent crude futures fell 2 cents to $78.10 a barrel at 0018 GMT. West Texas Intermediate U.S. crude gained 8 cents, or 0.1%, to $72.89.

07:36 AM

Sensex, Nifty on Monday

The 30-share BSE benchmark Sensex rose 127 points or 0.22% to settle at 57,653. The broader NSE Nifty surged 41 points or 0.24% to end at 16,986.