16757 IS THE IMMEDIATE HURDLE; 16150 IMMEDIATE SUPPORT

 

16757 IS THE IMMEDIATE HURDLE; 16150 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.7%-2.2% on Friday dragged down by losses in Nike and Apple.

 

Russian President Putin said “certain positive shifts” have occurred in the talks between the Kremlin and Ukraine. However, a ceasefire has not been negotiated. Meanwhile, U.S. President Biden called for an end to Russia’s status as a preferred trade partner, while Congress passed a funding bill that includes $14 billion of Ukraine aid.

 

University of Michigan consumer sentiment index sunk to 59.7 in March, down from 62.8 in February and marking the weakest print since September 2011.

 

US 10-year treasury yield rose 1 bps to 2.016%. dollar index jumped 0.6% to 99.13. Spot gold fell 0.3% to $1,991.20 per ounce.

 

Brent crude futures rose $3.34, or 3.1%, to $112.67 a barrel and WTI crude futures rose $3.31, or 3.1%, to $109.33.

 

European markets gained 0.8%-1.4%. UK GDP grew 0.8% month on month in January after a 0.2% decline in December, vastly outstripping expectations of 0.2% growth. German inflation accelerated in February, with harmonized consumer prices rising 5.5% year on year.

 

For the week, Dow fell 2%, extending the losing streak to fifth consecutive week. S & P 500 and Nasdaq plunged 2.9% and 3.5% respectively, falling for the second straight week. Brent and WTI fell 4.8% and 5.7% respectively for their biggest weekly decline since November.

 

AT HOME

 

Benchmark indices ended higher by a fifth of a percent, extending the winning streak to fourth consecutive day. Sensex settled at 55550, up 86 points while Nifty added 35 points to finish at 16630. Nifty mid-cap and small-cap indices gained 0.6% and 0.9% respectively. BSE Healthcare index climbed 2.1%, becoming top gainer among the sectoral indices, followed by 1% higher Oil & Gas index. Auto index was the top loser, down 0.4%, followed by 0.1% lower Telecom, Teck and IT indices.

 

FIIs net sold stocks worth Rs 2264 cr but net bought index futures and stock futures worth Rs 428 cr and 848 cr respectively. DIIs were net buyers to the tune of Rs 1687 cr.

 

Rupee depreciated 28 paise to end at 76.59/$.

 

OUTLOOK

 

Today morning, Nikkei is up a percent while Hang Seng and Shanghai are down 2% and 0.7% respectively as covid wave in China weighed on the sentiment. SGX Nifty is suggesting around 70 points lower start for our market.

 

In Friday's report we had said that 16757, the top made Thursday, which roughly coincided with the top made on 3rd March and 20-DMA, was the immediate hurdle to eye and that 16150 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose 35 points to finish at 16630 and is set to open near 16550 today.

 

16757, the top made last week, which roughly coincided with the top made on 3rd March as well as 20-DMA, continues to be immediate hurdle to eye; 16150 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 35374, the top made last week, is the immediate hurdle while 33700 is the immediate support.