NIFTY SET TO ACHIEVE 18150

 

NIFTY SET TO ACHIEVE 18150

 

WORLD MARKETS

 

US indices gained 0.3%-1.9%, with Nasdaq leading the gains

 

Twitter surged 27% for its best day ever after Elon Musk disclosed a 9.2% passive stake in the social media company.

 

Oil, Gold and Dollar rose as Western powers prepared more sanctions against Russia following allegations of civilian massacres in Ukrainian towns.

 

US 2-year Treasury yield inched marginally lower to 2.424%, while the benchmark 10-year Treasury note rose about 4 bps to 2.412%. Dollar index rose 0.4% to 98.986. Spot gold rose 0.4% to $1,933 per ounce.

 

Brent crude ended the day at $107.53 for a gain of 3.01% and WTI crude settled $4.01, or 4.04%, higher at $103.28.

 

European markets rose 0.3%-0.7%.

 

AT HOME

 

Benchmark indices soared 2.2% each, registering best day after 25th February and closing at the highest level after 18th January. Sensex settled at 60611, up 1335 points while Nifty added 382 points to finish at 18053. Nifty mid-cap and small-cap indices gained 1.6% each. All the BSE sectoral indices ended in green, with Finance index and Bankex on the top, rising 4.2% and 3.4% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1152 cr, 1442 cr and 157 cr respectively. DIIs were net buyers to the tune of Rs 1675 cr.

 

Rupee appreciated 25 paise to end at 75.54/$.

 

Shares of HDFC Bank and HDFC surged after announcement of merger of the latter with the former, which will create one of the biggest banks in the world. Under the scheme of amalgamation, shareholders will get 42 shares in HDFC Bank for every 25 shares held in HDFC.

 

OUTLOOK

 

Markets in Hong Kong and mainland China are closed today for a holiday. Nikkei is marginally in the red while SGX Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 17795 was the next upside level to eye, upon crossover of which, 18150 would be the next target and had advised trailing stop-loss in long positions to 17400.

 

Nifty soared to touch a high of 18115 before closing at 18053. The benchmark is set to open near 18150 today.

 

18150, around which a trendline adjoining tops made in October 2021 and January 2022 is placed, continues to be the next target, upon crossover of which, 18350, the top made in January, would be the next upside level to eye; Immediate support on the hourly chart has moved up to 17600, with the stop-loss of which, trading longs can be held on to.

 

39425, the top made in February, is the next target for Banknifty; 36900 is immediate support.