17006 CONTINUES TO BE IMMEDIATE SUPPORT

 

17006 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 gained nearly half a percent while Nasdaq fell 0.2% on Friday.

 

Pending Home Sales fell 4.1% in February, its fourth straight month of declines and below expectations of a 1% gain. The University of Michigan’s final March reading of consumer sentiment slipped to 59.4, below the 59.7 estimate and the final February reading of 62.8, while its one-year inflation expectations index was at its highest since November 1981.

 

US 10-year treasury yield jumped 11 bps to 2.48%. Dollar index was little changed at 98.81. Spot gold fell 0.1% to $1955/ounce.

 

Brent crude settled 1.4% higher at $120.65 per barrel, while WTI crude added 1.4% to end the day at $113.90.

 

In Europe, FTSE and DAX inched up 0.2% each while CAC was little changed. Germany’s Ifo Business Climate Index fell sharply in March as the war in Ukraine darkened sentiment.

 

US indices moved up for the second consecutive week with the Dow up 0.3%, the S&P 500 gained 1.8%, and the Nasdaq rallied 2%. Dollar index rose 0.6%. Gold climbed 1.9%. Brent and WTI curde soared 10.6% and 7% respectively.

 

AT HOME

 

Benchmark indices fell four tenth of a percent, extending the losing streak to third consecutive day. Sensex lost 233 points to settle at 57362 while Nifty finished at 17153, down 70 points. Nifty mid-cap and small-cap fell 0.1% and 0.5% respectively. BSE Consumer Durable Goods index tumbled 2.3%, becoming the top loser among the sectoral indices, followed by 1% lower Capital Goods index. Realty index was the top gainer, up 1.2%, followed by 0.3% higher Utilities index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1507 cr, 225 cr and 343 cr respectively. DIIs were net buyers to the tune of Rs 1373 cr.

 

Rupee appreciated 17 paise to end at 76.20/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.7% each while Shanghai is off 1.4%. SGX Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 17490 continued to be next upside level to eye while 17006 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 17076, closed at 17153.

 

17442, the top made last week, is the immediate hurdle, upon crossover of which, 17639 and 17794, the tops made on 10th and 2nd February respectively, would be the next upside levels to eye; 17006, continues to be immediate support, with the stop-loss of which, trading longs can be held on to.