The rupee recovered by 52 paise to close at 70.72 against the dollar on Thursday as investors wagered on de-escalation of tensions between India and Pakistan.

A volatile day for Indian markets as both Sensex and Nifty swung in both direction and closed below their respective support levels. The S&P BSE Sensex gave up 36,000 while the Nifty50 closed below 10800 towards the close of the trade.

The Nifty50 index closed 0.35 percent lower in February series with rollovers seen at 60 percent. The Nifty Future 3-month average rollover stands at 68 percent, data showed.

The good news is that foreign institutional investors (FII’s) net cash flow remained positive for February which was negative in 7 out of the last 12 months. As move into March series, Indo-Pak tension is likely to keep the market volatile.

Indian market started the day on a positive note despite negative global cues but shed most of its gains in the last hour of the trading sessions.

The final tally on D-Street – the S&P BSE Sensex closed 37.99 points lower at 35,867 while the Nifty50 ended at 10,792, down 14 points.

The rupee recovered by 52 paise to close at 70.72 against the dollar on Thursday as investors wagered on de-escalation of tensions between India and Pakistan.

On the institutional front, FPIs were net buyers in Indian markets for Rs 3210 crore, compared to DIIs which were net sellers to the tune of Rs 5240 crore, provisional data showed.

Big News:

The Indian economy grew 6.6 percent in October-December, data released by the Central Statistics Office (CSO) on February 28 showed.

The moderation is in line with an expected slowdown in the second half of the financial year.

"GDP growth rates for Q1 and Q2 of 2018-19 at Constant Prices are 8.0 percent and 7.0 percent respectively," CSO said.

According to the statement, GDP growth during 2018-19 is estimated at 7 percent as compared to 7.2 percent in 2017-18.

Technical View:

Nifty formed a Bearish Belt Hold kind of pattern on daily charts

India VIX fell by 3.29 percent to 18.27 levels.

Three levels: 10784, 10865, 11930

Max Call OI: 11000, 10900

Max Put OI: 10600, 10700

Technical Recommendations:

Here’s what experts have recommended:

Tata Steel: Buy| LTP: Rs 507| Target: Rs 560| Stop Loss: Rs 468| Upside 11%| Time Frame 6 months

Berger Paints: Buy| LTP: Rs 299| Target: Rs 327| Stop Loss: Rs 284| Upside 9% | Time Frame 1 months

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