15431 ABOVE 15273; STAY LONG WITH THE STOP-LOSS OF 14862

 

15431 ABOVE 15273; STAY LONG WITH THE STOP-LOSS OF 14862

 

WORLD MARKETS

 

Nasdaq soared 3.7% to post its best day since November as technology shares rebounded amid falling bond yields. S & P 500 climbed 1.4% while Dow inched up 0.1%.

 

Tesla surged 19.6% for its biggest jump since February 2020. Apple and Facebook popped more than 4% each, while Amazon rallied 3.8%.

 

The 10-year Treasury yield slid more than 5 basis points to 1.54% after trading as high as 1.62% on Monday.

 

Meanwhile, House democrats are expected to pass the $1.9 trillion coronavirus relief bill on Wednesday so that Biden can sign it by the weekend. The legislation extends a $300 per week jobless benefit boost and programs expanding unemployment aid to millions more Americans through Sept. 6.

 

Brent crude declined 72 cents, or 1.1%, to $67.52 per barrel while WTI settled $1.04, or 1.6%, lower at $64.01 per barrel.

 

Dollar index dipped 0.5% to 91.95. Spot gold added 2.1% to $1,717.25 an ounce.

 

European markets rose 0.2%-0.6%. The euro zone economy contracted by 0.7% in the final quarter of 2020, down from its previous flash estimate for a 0.6% quarterly contraction.

 

AT HOME

 

Sensex and Nifty climbed 1.2% and 1% respectively, extending the winning streak to second straight day. Sensex settled at 51025, up 584 points while Nifty added 142 points to finish at 15098. Nifty mid-cap and small-cap indices however fell 0.5% and 1% respectively. BSE Bankex and Finance indices climbed 1.9% each, becoming top gainers among the sectoral indices while Metal and Oil & Gas indices were the top losers, down 2.2% and 2% respectively.

 

FIIs net bought stocks and index futures worth Rs 2802 cr and 1735 cr respectively but net sold stock futures worth Rs 1128 cr. DIIs were net buyers to the tune of Rs 1250 cr.

 

Rupee appreciated 33 paise to end at 72.92/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are 1% each while Nikkei is little changed. SGX Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 15273, the top made last week, continued to be the immediate upside level to eye, while 14862, the low made Friday, was the immediate support.

 

Nifty, after a choppy session, closed higher at 15098 and is set to open near 15200 today.

 

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

 

14862, the low made Friday, continues to be immediate support, with the stop-loss of which, trading longs can be held on to.