15273-14873 CONTINUES TO BE IMMEDIATE RANGE

 

15273-14873 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

After hitting an intraday record, Dow ended higher by a percent on optimism about the economic comeback from the pandemic. S & P 500 and Nasdaq however slipped 0.5% and 2.4% respectively

Banks, airlines, cruise lines and retailers all rose on hopes of a sharp economic rebound after Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, which is set to include another round of stimulus checks. Also, the Centers for Disease Control and Prevention said Monday that people who’ve been fully vaccinated against Covid-19 can meet safely indoors without masks. The announcement came after the U.S. reached 3 million vaccinations over the weekend.

10-year Treasury yield hit a high of 1.613% and last traded at 1.598%. The yield on the 30-year Treasury bond rose to 2.323%. The dollar index rose 0.53% to 92.38, its highest level in three-and-a-half-months. Spot gold fell 1.1% to $1,681.41 per ounce, its lowest in 9 months.

After hitting a high of $71.38, Brent crude reversed to end lower by$1.12, or 1.61%, at $68.24 per barrel. U.S. crude settled $1.04, or 1.57%, lower at $65.05 per barrel, after hitting a high of $67.98 earlier. The initial surge in prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday.

European markets gained 1.3%-3.3%, with Germany’s DAX leading the gains and hitting an intraday record high.

 

AT HOME

After rising more than a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally higher. Nevertheless, this was the first positive session after two consecutive red days. Sensex settled at 50441, up 36 points while Nifty added 18 points to finish at 14956. Nifty mid-cap and small-cap indices rose 0.3% and 0.4% respectively. BSE Capital Goods and Oil & Gas indices climbed 1.8% and 1.6% respectively, becoming top gainers among the sectoral indices while Realty index was the top loser, down 0.9%, followed by 0.4% lower FMCG and Telecom indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1494 cr, 858 cr and 113 cr respectively. DIIs were net buyers to the tune of Rs 484 cr.

Rupee depreciated 24 paise to end at 73.25/$.

OUTLOOK

Today morning, Shanghai is down more than a percent while Hang Seng and Nikkei are off 0.5% and 0.2% respectively. SGX Nifty however, is suggesting around 40 points higher start for our market.

In yesterday's report we had said that 15273, the top made last week, was the immediate hurdle while 14862, the low made Friday, was the immediate support.

Nifty, after touching a high of 15111 in the initial trade, slipped to end at 14956. The benchmark is set to open near 15000 today.

15273, the top made last week, continues to be the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye.

14862, the low made Friday, is the immediate support, upon breach of which, 14800-14760 would be the next support zone.