16400 IS THE IMMEDIATE HURDLE; 15671 IMMEDIATE SUPPORT
WORLD MARKETS
US indices fell
0.3%-0.7%, continuing to assess a surge in commodity prices and high inflation
while the war in Ukraine continues.
Oil prices jumped as
President Biden announced a ban on Russian fossil imports including oil in
response to the country’s invasion of Ukraine. WTI crude popped as much as 7%
before closing 3.6% higher at $123.70 per barrel. Brent jumped 7.7% before
closing 4.3% higher at $123.21.
US 10-year treasury yield
jumped 9 bps to 1.847%. Dollar index eased 0.2% to 99.08. Spot gold surged 2.7%
to $2,051 per ounce.
In Europe, FTSE inched up
0.1%, DAX was little changed while CAC fell 0.3%.
AT HOME
After falling more than a
percent, benchmark indices reversed and soared 2% from the bottom in late noon
trade to end higher by a percent, snapping 4-day losing streak. Sensex settled
at 53424, up 581 points while Nifty added 150 points to finish at 16013. Nifty
mid-cap and small-cap indices rose 1.2% and 1.5% respectively. BSE Realty and
IT indices were the top gainers among the sectoral indices, up 3.2% and 2.4%
respectively while Metal and Oil & Gas indices slipped 1.9% and 1%
respectively, becoming top losers.
FIIs net sold stocks,
index futures and stock futures worth Rs 8143 cr, 1008 cr and 987 cr
respectively. DIIs were net buyers to the tune of Rs 6490 cr.
Rupee appreciated 5 paise
to end at 76.91/$.
OUTLOOK
Today morning, Asian
markets are trading with gains of 0.6%-1.1% and SGX Nifty is suggesting a
marginally higher start for our market.
In yesterday's report we
had said that 15600 continued to be next downside level to eye while 16500 was
the immediate hurdle on the hourly chart.
Nifty, after touching a
low of 15671, rebounded to end at 16013.
Immediate hurdle on the
hourly chart has come down to 16400; 15671, the low made yesterday, is the
immediate support.
34200 is the immediate
hurdle for Banknifty; 32155, the low made yesterday, is immediate support.
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