10095 CONTINUES TO BE IMMEDIATE SUPPORT; 10227 IMMEDIATE HURDLE

10095 CONTINUES TO BE IMMEDIATE SUPPORT; 10227 IMMEDIATE HURDLE

WORLD MARKETS

US indices tumbled 1.4%-3% with Nasdaq leading the losses after technology stocks took a beating.

Technology stocks were pressured by a media report that the Trump administration was considering using an existing emergency law to limit Chinese investment in technologies regarded as sensitive.

Facebook fell 4.9% after Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days. Nvidia slipped 7.8% on news that it is temporarily suspending self-driving tests. Tesla tumbled 8.2% after the U.S. National Transportation Safety Board announced it would investigate a fatal crash that took place last week. Twitter fell 12% after short-seller Andrew Left said he is betting against the stock.

Dollar index gained about a third of a percent to trade at 89.31.

Oil fell after data showed a surprising increase in crude inventories with Brent future down 1% at $70.11 and WTI down 30 cents at $65.25 a barrel.

European markets gained 1%-1.6%.

AT HOME

Sensex and Nifty gained 0.3% and 0.5% respectively, extending the winning streak to second straight day. Sensex settled at 33174, up 108 points while Nifty added 53 points to finish at 10184. BSE mid-cap and small-cap indices climbed 1.1% and 1.4% respectively. Except a 1.4% lower Telecom index, all the BSE sectoral indices ended in green with Metal and Basic Material indices leading the tally, up 1.7% and 1.4% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 1063 cr, 355 cr and 575 cr respectively. DIIs were net buyers to the tune of Rs 2173 cr.

Rupee depreciated 11 paise to end at 64.97/$.

OUTLOOK

Today morning, Nikkei is down nearly 2% while Hang Seng and Shanghai are off about 0.8% each. SGX Nifty is suggesting about 40 points lower start for our market.

After Nifty crossed the immediate hrudle of 10130, we had given a target of 10227, which was the top made last week. Nifty, after touching a high of 10208, closed at 10184 and is set to open with a gap down.

10195 continues to be immediate support on the way down, with the stoop-loss of which trading longs can be held on to. 10227 continues to be immediate upside target as well as hurdle, a crossover of which is required for a fresh upmove.

Indian markets will remain shut tomorrow and day after on account of Mahavir Jayanti and Good Friday respectively.