GO LONG WITH THE STOP-LOSS OF 10400 FOR 10590, 10638

GO LONG WITH THE STOP-LOSS OF 10400 FOR 10590, 10638

WORLD MARKETS

US indices soared 1.2%-1.7% on Friday as interest rates slipped further from a four-year high to trade near 2.875%.

US crude rose 1.2% to $63.55, a two-week high.

The Federal Reserve's monetary policy report released on Friday indicated "gradual adjustments" in policy ahead, given how policymakers saw the U.S. economy past full employment

In Europe, FTSE fell 0.1% but DAX and CAC gained 0.2% each while Italy surged 0.9%.

For the week, US indices gained 0.4%-1.4% with Nasdaq on the top. European markets gained 0.1%-0.7%. Asian markets rose 0.5%-2.8% with Shanghai on the top.

AT HOME

Benchmark indices soared a percent to end the week on a positive note. Sensex gained 322 points to settle at 34142 while Nifty finished at 10491, up 108 points. BSE mid-cap and small-cap indices climbed 1.5% each. All the BSE sectoral indices ended in green with Metal and Basic Material indices leading the tally, up 3.2% and 2.4% respectively.

FIIs net sold stocks and index futures worth Rs 486 cr and 694 cr respectively but net bought stock futures worth Rs 1292 cr. DIIs were net buyers to the tune of Rs 1514 cr.

Rupee appreciated 32 paise to end at 64.73/$.

For the week, Sensex and Nifty, both gained 0.4% each.

Sun Pharma soared 6% after the company said it had received 3 USFDA observations for Halol Unit and that it will submit response within 15 days.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.5%-1.1% with Nikkei on the top and SGX Nifty is suggesting about 40 points higher start for our market.

In Friday's report, we had reiterated the view that 10500 is the immediate hurdle, a crossover of which will generate a "Buy" on the hourly chart and would pave the way for further upmove. The benchmark, on Friday, surged 108 points to settle at 10491 and is set to open abvoe 10500 today.

A trendline adjoining tops made on 8th and 15th February, presents a resistance around 10590 and that would be the immediate target on the way up. Above 10590, 10638, the top made on 8th February, would be the next important resistance to eye.

Meanwhile, immediate support on the hourly chart is placed around 10400, with the stop-loss of which, trading longs should be held on to.