16410 BELOW 16809; 17300 CONTINUES TO BE IMMEDIATE HURDLE

 

16410 BELOW 16809; 17300 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices plunged 1.4%-2.6%, with the Dow closing at its lowest level of the year amid escalating tensions between Russia and Ukraine.

 

Ukraine declared a state of emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy. The U.S. said it will impose additional sanctions against Russia, and the U.K. said it’s ready to do the same.

 

US 10-year treasury yield climbed 3.8 basis points to 1.986%. Dollar index inched up 0.1% to 96.20. Spot gold gained 0.4% to $1,906.58 per ounce.

 

Brent crude rose $1.48, or 1.5%, to $98.32 a barrel and WTI crude futures settled 19 cents higher at $92.10 per barrel.

 

In Europe, except a flat FTSE, other markets fell 0.1%-0.6%. The GfK consumer sentiment index from Germany came in at -8.1 heading into March, from -6.7 points in the previous month.

 

AT HOME

 

After rising three-fourth of a percent in the initial trade, benchmark indices fell more than that in rest of the session to end marginally in the red, extending the losing streak to sixth conseutive day. Sensex settled at 57232, down 68 points while Nifty lost 28 points to finish at 17063. Nifty mid-cap and small-cap indices however gained 0.6% and 1.2% respectively, snapping 5-day and 4-day losing streak respectively. BSE Realty index climbed 3.2%, becoming top gainer among the sectoral indices, followed by 1.4% higher Consumer Durables index. Energy index was the top loser, down half a percent, followed by quarter of a percent lower Auto and Capital Goods indices.

 

FIIs net sold stocks worth Rs 3417 cr but net bought index futures and stock futures worth Rs 79 cr and 1361 cr respectively. DIIs were net buyers to the tune of Rs 3024 cr.

 

Rupee appreciated 32 paise to end at 74.55/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.4% and SGX Nifty is suggesting around 250 points lower start for our market.

 

In yesterday's report we had said that 17300 was the immediate hurdle on the hourly chart while 16843, the bottom made Tuesday, was the immediate support.

 

Nifty, after touching a high of 17220, slipped to end at 17063. The benchmark is set to open near 16800 today.

 

16809, the bottom made last week, is the immediate support to eye, upon breach of which, 16410, the low made in December, would be the next downside level to eye; 17300 continues to be immediate hurdle on the hourly chart.

 

36651, the low made last week, continues to be immediate support for Banknifty, upon breach of which 36375, the bottom made on 24th January, would be the next downside level to eye; 38054, the top made Monday, continues to be immediate hurdle.