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.