STAY LONG WITH THE STOP-LOSS OF 9110

STAY LONG WITH THE STOP-LOSS OF 9110

WORLD MARKETS                             

US indices gained 0.3%, with Nasdaq posting a record close, amidst upward revision in GDP and rising oil. Financials and energy stocks gained the most.

U.S. fourth-quarter gross domestic product was revised up to a growth of 2.1% year-on-year, higher than the initial estimate of 1.9%. Weekly jobless claims fell by 3,000 to 258,000.

WTI crude rose 1.7% to $50.35, it's highest in 3-weeks after Kuwait Oil Minister said his country was in support of extending the OPEC production cut deal.

Dollar index gained more than half a percent to reach 100.55, extending the winning streak to third straight day.

European markets, except a 0.1% lower FTSE, gained 0.4%.

AT HOME

Benchmark indices gained a third of a percent on the expiry day of the March derivative series, extending the winning streak to third straight day. Nifty closed at fresh record high. Sensex added 116 points to settle at 29647 while Nifty finished at 9174, up 30 points. BSE mid-cap and small-cap indices gained 0.4% and 1% respectively. BSE Realty and Consumer Durable indices were the top gainers among the sectoral indices, rising 2.2% and 1.4% respectively while IT and Metal indices fell 0.3% and 0.2% respectively.

FIIs net bought stocks and index futures worth RS 68 cr and 1244 cr respectively but net sold stock futures worth Rs 1542 cr. DIIs were net buyers to the tune of Rs 1702 cr.

Rupee appreciated 4 paise to end at 65.0925/$.

In the March derivative series, Sensex and Nifty gained 2.6% each.

The Parliament yesterday passed the Finance Bill 2017, even as the Lok Sabha rejected the amendments to the Bill suggested by the Rajya Sabha.

OUTLOOK

Today morning Nikkei is up about 0.6%, other Asian markets are little changed and SGX Nifty is suggesting about 15 points higher start for our market.

After Nifty crossed the immediate hurdle of 9130, we have been working with the immediate target of 9218, the top made in the middle of March. Nifty yesterday touched a high of 9183 before closing at 9174, moving towards this target.

9218 continues to be immediate upside target above which 9420 would be the next major target to eye.

Immediate support on the hourly chart has moved up to 9110, with the stop-loss of which trading longs should be held on to.