17205 IS NEXT SUPPORT; 17600-17650 IS IMMEDIATE RESISTANCE ZONE

 

17205 IS NEXT SUPPORT; 17600-17650 IS IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices gained 0.2%-0.6% as Treasury yields eased.

 

US 10-year treasury yield fell 3 bps to 3.916%. Dollar index dipped 0.6% to 104.64. Gold inched up 0.4% to $1817 per ounce.

 

Durable goods orders fell in January as consumers pulled back spending on big-ticket items. Pending Home Sales Index jumped 8.1% last month, the biggest increase since June 2020.

 

Brent futures fell 1% to $82.33 a barrel and WTI crude fell 0.8% to settle at $75.71.

 

European markets rose 0.7%-1.7%.

 

AT HOME

 

After falling a percent in the initial trade, Sensex and Nifty recouped more than half of the losses through the session to end lower by 0.3% and 0.4% respectively. Sensex settled at 59288, down 175 points while Nifty lost 73 points to finish at 17392. This was the seventh consecutive negative session for both the indices. Nifty mid-cap and small-cap indices fell 0.7% and 1.1% respectively. Nifty Media and Metal indices were the top losers among the sectoral indices, down 3.9% and 2.4% respectively whereas Realty and Bank indices were the top gainers, up 2.2% and 1% respectively.

 

FIIs net sold stocks and index futures worth Rs 2022 cr and 683 cr respectively but net bought stock futures worth Rs 324 cr. DIIs were net buyers to the tune of Rs 2232 cr.

 

Rupee depreciated 9 paise to end at 82.84/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-0.7% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17353, the low made on the Budget day, was the next support, below which, 17205, the 78.6% retracement level of the 16747-18887 upmove, would be next downside level to eye; We had also said that 17700 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

Nifty, after touching a low of 17299, rebounded to end at 17392.

 

17205, the 78.6% retracement level of the 16747-18887 upmove, is the next downside level to eye; 17600-17650 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39600-39420 is the support area; 40500-40600 is the immediate resistance zone, upon crossover of which, 41000 and 41400 would be next upside targets.

17353 IS NEXT SUPPORT; 17700 IMMEDIATE HURDLE

 

17353 IS NEXT SUPPORT; 17700 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 1% each while Nasdaq tumbled 1.7% on Friday after the Federal Reserve’s preferred inflation gauge showed a stronger-than-expected increase in prices last month.

 

The core personal consumption expenditures price index, the Fed’s preferred measurement of inflation, rose 0.6% in January and 4.7% y-o-y, coming in above expectations. The University of Michigan’s consumer sentiment index came in at 67 for February, slightly outpacing forecast of 66.4.

 

US 10-year treasury yield rose 6 bps to 3.947%. Dollar index rose 0.6% to 105.26. Gold fell 0.7% to $1810 per ounce.

 

Brent as well as WTI crude futures settled 1.2% higher at $83.16 and $76.32 a barrel respectively.

 

In Europe, FTSE fell 0.4% while DAX and CAC dipped 1.7% and 1.8% respectively. The German economy contracted by 0.4% in the fourth quarter last year, with a previous flash estimate showing a 0.2% decline.

 

For the week, US indices fell 2.7%-3.3% for their worst week in 2023.

 

AT HOME

 

Benchmark indices fell quarter of a percent, extending the losing streak to sixth straight day. Sensex settled at 59463, down 142 points while Nifty lost 45 points to finish at 17465. Sensex closed at the lowest level after 27th January while Nifty tumbled to the lowest after 17th October 2022. Nifty mid-cap and small-cap indices fell 0.2% each. Nifty Metal index tumbled 3%, becoming top loser among the sectoral indices, followed by 0.9% lower PSU Bank and Auto indices. Oil & Gas and Consumer Durables indices were the top gainers, up 0.8% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1470 cr, 260 cr and 138 cr respectively. DIIs were net buyers to the tune of Rs 1401 cr.

 

Rupee depreciated 2 paise to end at 82.75/$.

 

For the week, Sensex and Nifty fell 2.5% and 2.7% respectively, suffering the worst weekly cut after the week ended 17th June 2022.

 

OUTLOOK

 

Today morning, Asian markets are trading mixed with modest changes and SGX Nifty is suggesting around 30 points lower start for our market.

 

In Friday's report we had said that 17350, the low made on budget day, was the next downside level to eye while 17850 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty fell to 17421 before closing at 17465.

 

17353, the low made on the Budget day, where 200-DMA is also placed, is the important immediate support, below which, 17205, the 78.6% retracement level of the 16747-18887 upmove, would be next downside level to eye; On the way up, 17700 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39420, the low made on 30th January, is the important immediate support, below which, 38800, the 78.6% retracement level of the 37386-44151 upmove seen after September 2022, would be next downside level to eye. If 38800 also gives way, 38000, around which 20-month moving average is placed, would be next support. On the way up, 40800 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

17350 IS THE IMPORTANT SUPPORT TO EYE; 17850 IS IMMEDIATE HURDLE

 

17350 IS THE IMPORTANT SUPPORT TO EYE; 17850 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices rose 0.3%-0.7%, with the S & P 500 snapping a 4-day losing streak.

 

Weekly jobless claims unexpectedly fell 3,000 to a seasonally-adjusted 192,000. US GDP increased at a revised 2.7% annualized rate in 2022′s fourth-quarter, down from 2.9% reported last month. The fourth-quarter Personal Consumption Expenditures (PCE) price index rose 3.7%, from the first reading of 3.2%, while the core PCE climbed to 4.3%, from the initial estimate of 3.9%.

 

US 10-year treasury yield fell 4 bps to 3.883%. Dollar index inched up 0.1% to 104.585. Gold fell 0.1% to $1822 per ounce.

 

Brent as well as WTI crude futures rose 2% each to to $82.21 and $75.39 a barrel respectively.

 

In Europe, FTSE fell 0.3% but DAX and CAC gained 0.5% and 0.25% respectively.

 

AT HOME

 

Benchmark indices ended lower by quarter of a percent, extending the losing streak to fifth straight day. Sensex settled at 59605, down 139 points while Nifty lost 43 points to finish at 17511. Nifty mid-cap and small-cap indices fell 0.2% and 0.1% respectively. Nifty Realty and Media indices were the top losers among the sectoral indices, down 1.8% each while PSU Bank and Metal indices were the top gainers, up 0.5% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1417 cr, 1246 cr and 615 cr respectively. DIIs were net buyers to the tune of Rs 1586 cr.

 

Rupee appreciated 12 paise to end at 82.73/$.

 

OUTLOOK

 

Data from Japan showed core inflation rose 4.2% in January, the highest in 41 years.

 

Today morning, Nikkei is up 1.2% but Hang Seng and Shanghai are down 1% and 0.2% respectively. SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 17520 was the immediate support, upon breach of which, 17353, the low made on budget day, would be next downside level to eye; We had also advised holding on to short positions with the stop-loss of 17900.

 

Nifty fell to 17455 before closing at 17511.

 

17350, the low made on budget day, is the next downside level to eye; 17850 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39500-39400 is the next support area; 40850 is the immediate resistance, with the stop-loss of which, trading shorts can be held on to.

 

17353 BELOW 17520; 17900 IS IMMEDIATE HURDLE

 

17353 BELOW 17520; 17900 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% and 0.3% respectively while Nasdaq inched up 0.1% after digesting minutes of the latest Fed meeting that showed central bank members are still committed to fighting inflation with rate hikes.

 

The minutes showed inflation remained “well above” the Fed’s 2% target, adding that the labor market is still “very tight, contributing to continuing upward pressures on wages and prices.”

 

US 10-year treasury yield fell 3 bps to 3.927%. Dollar index rose 0.4% to . Gold fell half a percent to $1825 per ounce.

 

Brent crude futures tumbled 2.9% to $80.67 a barrel and WTI futures dropped 3.1% to $73.99 a barrel.

 

In Europe, FTSE and CAC fell 0.6% and 0.1% respectively while DAX ended flat.

 

AT HOME

 

Sensex and Nifty nosedived 1.5% each, extending the losing streak to fourth straight day and suffering the worst cut after 23rd December and 27th January respectively. Sensex closed at the lowest level after the Budget day while Nifty registered weakest close after 19th October. Nifty mid-cap and small-cap indices fell 1.1% each. All the NSE sectoral indices ended in red, with Metal index being the top loser, down 2.6%, followed by 1.9% lower Media and PSU Bank indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 580 cr, 2732 cr and 1152 cr respectively. DIIs were net buyers to the tune of Rs 372 cr.

 

Rupee depreciated 6 paise to end at 82.85/$.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are up 0.4% and 0.2% respectively while Nikkei is shut. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 17720, the bottom made last week, continued to be next downside level to eye and that 17950-18000 was the immediate resistance zone, with the stop-loss of which, trading shorts could be held on to.

 

Nifty plunged to 17529 before closing at 17554. The benchmark is set to open near 17600 today.

 

17520, the 78.6% retracement level of the upmove seen after budget day low, is the immediate support, upon breach of which, 17353, the low made on budget day, would be next downside level to eye; 17900 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39900, the low made yesterday, is the immediate support below which, 39500-39400 would be next support area; 40900-41000 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

17720 IS THE NEXT SUPPORT; 17950-18000 IS THE RESISTANCE ZONE

 

17720 IS THE NEXT SUPPORT; 17950-18000 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices nosedived 2%-2.5% as bond yield surged and the latest batch of retail earnings raised concerns about the state of the consumer.

 

S & P Global's flash US Composite PMI unexpectedly rebounded to an eight-month high of 50.2 from a final reading of 46.8 in January.  U.S. existing home sales fell 0.7% to 4 million units in January, reaching their lowest level in more than 12 years.

 

Home Depot tumbled 7% after posting weaker-than-expected revenue for the fourth quarter. The company also issued a muted outlook.

 

US 10-year treasury yield jumped 11 bps to 3.956%. Dollar index rose 0.4% to $104.17. Gold fell 0.3% to $1835 per ounce.

 

Brent futures fell 1.5% to $82.78 a barrel and WTI fell 0.4% to $76.05.

 

European markets fell 0.4%-0.7%.

 

AT HOME

 

Benchmark indices ended marginally lower after a rangebound buy choppy session, extending the losing streak to third consecutive day. Sensex settled at 60672, down 19 points while Nifty lost 18 points to finish at 17826. Nifty mid-cap and small-cap indices fell 0.4% each. Except a marginally higher FMCG, Financial Services and Consumer Durables indices, all the NSE sectoral indices ended lower, with PSU Bank and Realty indices being the top losers, down 1.8% and 1.2% respectively.

 

FIIs net bought stocks, index futures and stock futurs worth Rs 526 cr, 966 cr and 406 cr respectively. DIIs were net sellers to the tune of Rs 235 cr.

 

Rupee depreciated 7 paise to end at 82.79/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.5% and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 17720, the bottom made last week, is the next downside levels to eye while 18004, the top made Monday, was the immediate hurdle.

 

Nifty, after touching a high of 17925 in the initial trade, slipped to 17800 before closing at 17826. The benchmark is set to open below 17800 today.

 

17720, the bottom made last week, continues to be next downside level to eye; 17950-18000 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 40000 is the next support; 41300-41400 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

17720 IS NEXT SUPPORT; 18004 IMMEDIATE HURDLE

 

17720 IS NEXT SUPPORT; 18004 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US markets were shut yesterday for President's day holiday.

 

In Europe, FTSE inched up 0.1%, DAX was little changed while CAC fell 0.2%. Euro zone consumer confidence increased to -19.0 in February, matching forecasts, but was still well below the long-term average.

 

US 10-year treasury yield rose 2 bps to 3.842%. Dollar index was flat at 103.88. Gold was little changed at $1841 per ounce.

 

Brent crude slid 9 cents to $82.91 a barrel and WTI March future rose 6 cents to $76.40 a barrel.

 

AT HOME

 

Sensex and Nifty slipped 0.5% and 0.6% respectively, extending Friday's half a percent cut. Sensex settled at 60691, down 311 points while Nifty lost 100 points to finish at 17844. Nifty mid-cap index inched up 0.1% while small-cap index fell 0.3%. Except 0.5% and 0.3% higher IT and Auto indices respectively, all the NSE sectoral indices ended lower, with Oil & Gas and PSU Bank indices leading the losses, down 1.1% each.

 

FIIs net sold stocks and index futures worth Rs 159 cr and 689 cr respectively but net bought stock futures worth Rs 725 cr. DIIs were net buyers to the tune of Rs 86 cr.

 

Rupee appreciated 11 paise to end at 82.72/$.

 

 

OUTLOOK

 

Today morning, Shanghai is up 0.2% but Nikkei and Hang Seng are down 0.2% and 0.4% respectively. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 18135, the top made last week, continued to be immediate hurdle while 17850 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty plunged all the way to 17818 before closing at 17844.

 

17720, the bottom made last week, is the next downside levels to eye; 18004, the top made yesterday, is the immediate hurdle, above which, 18135, the top made last week, would be next resistance to eye.

 

For Banknifty, 40000-39800 is the next support area; 41400 is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

18135 CONTINUES TO BE IMMEDIATE HURDLE; 17850 IS IMMEDIATE SUPPORT

 

18135 CONTINUES TO BE IMMEDIATE HURDLE; 17850 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow gained 0.4% on Friday but S & P 500 and Nasdaq fell 0.3% and 0.6% respectively

 

US 10-year treasury yield fell 4 bps to 3.822%. Dollar index fell 0.2% to 103.881. Gold rose 0.3% to $1842 per ounce.

 

Brent crude futures fell 2.5% to $83 a barrel and WTI fell 2.7% to $76.34.

 

European markets fell 0.1%-0.4%

 

For the week, Dow and S & P 500 fell 0.1% and 0.3% respectively, for their third and second negative week in a row respectively. Nasdaq rose 0.6%.  WTI and Brent crude fell 3.9% and 4.2% respectively.

 

AT HOME

 

Benchmark indices slipped half a percent each, snapping a 3-day winning streak. Sensex settled at 61002, down 317 points while Nifty lost 91 points to finish at 17944. Nifty mid-cap and small-cap indices fell 0.8% and 0.6% respectively. Except 0.2% higher Oil & Gas index, all the NSE sectoral indices ended lower, with Realty and PSU Bank indices leading the losses, down 1.8% and 1.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 625 cr, 1079 cr and 1237 cr respectively. DIIs were net sellers to the tune of Rs 85 cr.

 

Rupee depreciated 11 paise to end at 82.83/$.

 

For the week, Sensex and Nifty gained half a percent each.

 

OUTLOOK

 

Today morning, Shanghai is up 0.4%, Nikkei is little changed while Hang Seng is down 0.1%. SGX Nifty is suggesting around 20 points higher start for our market.

 

In Friday's report we had said that 18135, the top made Thursday, which coincided with a trendline adjoining tops made on 30th December and 24th January, was the immediate hurdle while 17850 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty fell to 17884 before closing at 17944.

 

18135, the top made last week, which coincided with a trendline adjoining tops made on 30th December and 24th January, continues to be immediate hurdle; 17850 continues to be immediate support, upon breach of which, 17720 the bottom made last week, would be next downside levels to eye. Meanwhile, trading longs can be held on to with the stop-loss of 17850.

 

In case of Banknifty, upon breach of 40882, which is the low made on Friday as well as during the week, the correction can extend to 40000, where a trendline adjoining bottoms made on 30th January and 1st February is placed; 41979, the top made during the week, which roughly coincided with the top made on the Budget day, is the important immediate hurdle.

 

STAY LONG WITH THE STOP-LOSS OF 17850

 

STAY LONG WITH THE STOP-LOSS OF 17850

 

WORLD MARKETS

 

US indices slipped 1.3%-1.8% as hot inflation report, decline in jobless claims and hawkish comments from Fed officials raised rate hike fears.

 

January’s producer price index bounced to 0.7%, higher than both consensus forecast of 0.4% and the December number, which showed a drop 0.2%. Jobless claims came in at 194,000, compared with expectations of 200,000.

 

St. Louis Fed President James Bullard said he backed a 50 bps interest rate hike at the central bank’s previous meeting and that he would not rule out a rate increase of that magnitude at the March meeting.

 

US 10-year treasury yield rose 6 bps to 3.865%. Dollar index rose 0.3% to 104.10. Gold was flat at $1836 per ounce.

 

Brent crude futures settled at $85.14 a barrel, losing 24 cents and WTI settled at $78.49 a barrel, shedding 10 cents.

 

In Europe, FTSE and DAX inched up 0.2% while CAC gained 0.9%.

 

AT HOME

 

After rising nearly two-third of a percent in the initial trade, benchmark indices gave away most of the gains to end just 0.1% higher. Sensex settled at 61319, up 44 points while Nifty added 20 points to finish at 18035. Nifty mid-cap and small-cap indices however saw decent gains of 0.7% and 1% respectively. Nifty IT and Realty indices were the top gainers among the sectoral indices, up 1.6% and 1.3% respectively while Financial Services index was the top loser, down 0.3%, followed by 0.2% lower Bank and Auto indices.

 

FIIs net bought stocks and stock futures worth Rs 1571 cr and 873 cr respectively but net sold index futures worth Rs 351 cr. DIIs were net buyers to the tune of Rs 1577 cr.

 

Rupee appreciated 8 paise to end at 82.72/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down half a percent each while Shanghai is up 0.3%. SGX Nifty is suggesting around 90 points lower start for our market.

 

In yesterday's report we had said that 18200, the top made on 24th January, continued to be next upside target to eye and that 17850 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18135, reversed to end at 18035. The benchmark is set to open below 18000 today.

 

18135, the top made yesterday, which coincided with a trendline adjoining tops made on 30th December and 24th January, is the immediate hurdle, upon crossover of which, 18200-18250 would be next target area; 17850 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42015 continues to be important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye; On the way down, 41300-41200 is the immediate support area on the hourly chart.