17795-18252 CONTINUES TO BE BROAD RANGE

 

17795-18252 CONTINUES TO BE BROAD RANGE

 

WORLD MARKETS

 

US indices climbed 0.8%-1.8% ahead of U.S. inflation data on Thursday, with the consensus forecast calling for a slight easing in price pressures.

 

US 10-year treasury yield fell 8 bps to 3.545%. Dollar index was little changed at 103.256. Gold eased 0.1% to $1875 per ounce.

 

Brent as well as WTI crude futures jumped 3.1% each to $82.56 and $77.45 a barrel respectively.

 

European markets rose 0.4%-1.2%.

 

AT HOME

 

Benchmark indices ended marginally in the red after yo-yoing between positive and negative territory through the session. Sensex settled at 60105, down 10 points while Nifty lost 18 points to finish at 17895. Nifty mid-cap and small-cap indices fell 0.3% and 0.05% respectively. BSE FMCG and Utilities indices were the top losers among the sectoral indices, down 1% and 0.8% respectively while Metal and Capital Goods indices were the top gainers, up 0.8% and 0.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3208 cr, 102 cr and 193 cr respectively. DIIs were net buyers to the tune of Rs 2431 cr.

 

Rupee appreciated 21 paise to end at 81.58/$.

 

OUTLOOK

Today morning, Hang Seng and Shanghai are up 1% and 0.2% respectively while Nikkei is little changed. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 17795, the low made last week, was the next support for Nifty while 18252, the top made last week, was the important immediate hurdle.

 

Nifty, after touching a low of 17824, rebounded to end at 17895.

 

17795, the low made last week, continues to be next support for Nifty; 18252, the top made last week, continues to be important hurdle.

 

For Banknifty, 41569, the bottom made in December, is the next support; 42700-42800 is the immediate resistance zone.