16824 CONTINUES TO BE IMMEDIATE SUPPORT; 17450 IMMEDIATE HURDLE

 

16824 CONTINUES TO BE IMMEDIATE SUPPORT; 17450 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices nosedived 2.4%-4%, extending their April sell-off, as market sentiment continues to be rattled by interest rates, inflation, slowing growth and the war in Ukraine.

 

US 10-year treasury yield fell 10 bps to 2.726%. Dollar index jumped 0.6% to 102.30,  Spot gold rose 0.4% to $1,904.36 per ounce.

 

Brent crude futures settled 2.6% higher at $105 per barrel and WTI settled the day 3.2%, or $3.16, higher at $101.70 per barrel.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 1.2% and 0.5% respectively.

 

AT HOME

 

Sensex and Nifty climbed 1.4% and 1.5% respectively, snapping a 2-day losing streak. Sensex settled at 57356, up 776 points while Nifty finished at 17200, up 246 points. Nifty mid-cap and small-cap indices rose 1.6% and 1.2% respectively. All the BSE sectoral indices ended higher, with Power and Realty indices on the top, up 3.6% and 3.5% respectively.

 

FIIs net sold stocks worth Rs 1174 cr but net bought index futures and stock futures worth Rs 232 cr and 1400 cr respectively. DIIs were net buyers to the tune of Rs 1644 cr.

 

Rupee appreciated 11 paise to end at 76.58/$.

 

OUTLOOK

 

Today morning, Nikkei is down 1.7% while Hang Seng and Shanghai are off 0.3% and 0.1% respectively. SGX Nifty is suggesting around 200 points lower start for our market.

 

In yesterday's report we had said that 16824, the low made last week, continued to be immediate support while 20-DMA, placed around 17450 continued to be immediate hurdle.

 

Nifty rose to touch a high of 17223 before closing at 17200. The benchmark is set to open near 17000 today.

 

16824, the low made last week, continues to be immediate support; 20-DMA, placed around 17450 continues to be immediate hurdle.

 

For Banknifty, 35511, the low made Monday, which roughly coincided with the 50% retracement level of the 32155-38765 upmove, is the immediate support, below which, 35016, the low made on28th March, would be next downside level to eye; 36900-37000 is the resistance zone.

 

Bajaj Auto and HUL will report their quarterly earnings today.