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.
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