10560 ABOVE 10480; TRAIL STOP-LOSS TO 10380

10560 ABOVE 10480; TRAIL STOP-LOSS TO 10380

WORLD MARKETS

US indices soared 0.8%-1.2% as concerns over Syria eased and bank shares popped ahead of earnings.

In a tweet, Trump said: "Never said when an attack on Syria would take place. Could be very soon or not so soon at all! ...".

BlackRock posted earnings per share and revenue that surpassed expectations. Delta Air Lines reported quarterly earnings that beat estimates, despite rising costs. Citigroup, J.P. Morgan Chase and Wells Fargo are among the companies scheduled to report today.

Weekly jobless claims fell by 9,000 last week to 233,000. Import prices remained unchanged in March.

US crude rose 25 cents to $67.07 a barrel.

In Europe, FTSE ended flat while other markets rose 0.6%-1.3%.

AT HOME

Benchmark indices gained about half a percent, extending the winning streak to sixth straight day and closing at the highest level since 28th February. Sensex settled at 34101, up 160 points while Nifty added 41 points to finish at 10458. BSE mid-cap and small-cap indices however lost 0.1% and 0.3% respectively. BSE IT and Teck indices soared 3.2% and 2.5% respectively, becoming top losers among the sectoral indices while Realty and Metal indices tumbled 1.8% and 1.4% respectively, becoming top losers.

FIIs net bought stocks, index futures and stock futures worth Rs 369 cr, 315 cr and 245 cr respectively. DIIs were net sellers to the tune of Rs 616 cr.

Rupee appreciated 6 paise to end at 65.25/$.

India's retail inflation fell to a 5-month low of 4.28% in March from 4.4% in February. Core inflation however rose to 5.37% from 5.17%. Industrial production grew at 7.1% in February v/s 7.5% in January.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.5%-1.1% and SGX Nifty is suggesting about 30 points higher start for our market.

Nifty yesterday gained 41 points to end at 10458, taking out the 10420-10440 resistance zone we had talked about yesterday.

A higher start today would achieve 10480 target which we had said would be the immediate target once this resistance zone is cleared. Above 10480, 10560, the 50% retracement level of the entire 11171-9951 fall, would be the next target as well as the resistance to eye.

Meanwhile, immediate support on the hourly chart has moved up to 10380, with the stop-loss of which, existing longs should be held on to.

Infosys will report March quarter earnings after market hours today where the dollar revenue growth of 2% and constant currency growth of 1% QoQ is expected. Adjusted net profit is expected to fall around half a percent to Rs. 3679 cr. The company is expected to meet its full year (FY18) constant currency growth guidance of 5.5-6.5% and dollar revenue growth of 6.5-7.5% with margin at around 24% (guidance of 23-25%). The financial year 2018-19 guidance will be closely watched as it will be the first guidance from the new CEO Salil Parekh.