NIFTY CONSOLIDATES AFTER FOUR DAY RUNUP; STAY LONG WITH THE STOP LOSS OF 8700

NIFTY CONSOLIDATES AFTER FOUR DAY RUNUP; STAY LONG WITH THE STOP LOSS OF 8700
WORLD MARKETS
US indices ended modestly higher, with the S & P 500 setting fresh record, on encouraging reports out of Greece.
Reports suggested that Greece intends to ask for an extension of its loan agreement with the euro zone on Wednesday.
European markets ended mixed as fears over Greece’s debt problems continued to make investors nervous. On Monday evening, talks between Greek Finance Minister and his euro zone counterparts over managing the country’s debt crisis broke down. The main bone of contention seemed to be a proposal for a six-month extension of its international bailout package, which Athens described as “unacceptable.”
The German Zew Economic Sentiment Index for February improved to 53.0 from 48.4 in January.
                                                             
AT HOME
After gaining nearly three fourth of a percent in the initial trade, benchmark indices gave away most of the gains through rest of the session to end just marginally higher. Sensex settled at 29122, up 27 points while Nifty gained 4 points to finish at 8809. BSE mid-cap index ended marginally lower while the small-cap index ended a tad higher. BSE FMCG and Realty indices gained the most among the sectoral indices, rising 1.8% and 1% respectively while Oil & Gas and Consumer Durable indices lost 1% each, becoming top losers.
India’s wholesale price index for January came in at negative 0.39% vs expectation of 0.15%. November WPI has been revised to negative 0.17% from zero.
FIIs net sold stocks and stock futures worth Rs 183 cr and 390 cr respectively but net bought index futures worth Rs 512 cr. DIIs were net buyers to the tune of Rs 281 cr.
Rupee appreciated 4 paise to end at 62.155/$.
OUTLOOK
Today morning Asian markets are trading with modest gains and SGX Nifty is suggesting a flattish start for our market.
After four up days, it was a consolidation time on Monday as Nifty, after touching a high of 8870 in the initial trade, cooled off through rest of the session to end at 8809, gaining just four points compared to previous close.
8700 continues to be immediate support on the way down, with the stop loss of which trading longs should be held on to. On the way up, 8997, the top made in January, continues to be the target.

Ambuja Cement will report its quarterly earnings today.
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