NIFTY ENDS FEBRUARY SERIES WITH 6.2% CUT; 10276-10500 CONTINUES TO BE
IMMEDIATE RANGE
WORLD MARKETS
Dow and S & P 500 gained 0.7% and 0.1% respectively
while Nasdaq fell 0.1%. The close was off the day high as concerns over higher
interest rates lingered.
The 10-year yield traded off its four-year high at 2.921
percent.
Oil prices rose following a surprise reported decline in
U.S. crude stocks. WTI crude rose 1.8% to $62.77 and Brent rose 1.5% to $66.39
a barrel.
Minutes from the European Central Bank's January meeting
reflected that it could take another look at its policy "early this year
In Europe CAC gained 0.1% while FTSE, DAX and Italy fell
0.4%, 0.1% and 0.8% respectively.
AT HOME
Benchmark indices ended marginally in the red after the
usual expiry day volatility. Sensex lost 25 points to settle at 33819 and Nifty
finished at 10382, down 15 points. BSE mid-cap and small-cap indices fell 0.5%
and 0.4% respectively. BSE Oil & Gas and Power indices tumbled 1.5% and
1.1% respectively to become top losers among sectoral indices while Realty and
IT indices were the top gainers, up 0.7% and 0.6% respectively.
FIIs net sold stocks and index futures worth Rs 2335 cr
and 1746 cr respectively but net bought stock futures worth Rs 1687 cr. DIIs
were net buyers to the tune of Rs 1059 cr.
Rupee depreciated 28 paise to end at 65.05/$.
For the February derivative series, Nifty lost 6.2%.
OUTLOOK
Today morning, Shanghai is flat while Nikkei and Hang Seng
are up 0.2% and 0.8% respectively. SGX Nifty is suggesting a flattish start for
our market.
At the risk of repeating,
Nifty is in a consolidation mode after touching a bottom of 10276 on 6th
February. 10276-10638, the lower and upper boundaries of this consolidation
range, are important support and resistance levels to eye. A decisive breach of
10276 can lead to next leg of correction and 200 DMA, placed around 10090,
would be the next major support if that happens.
10500 is the immediate
hurdle before 10638.
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