TRAIL STOP-LOSS TO 17500

 

TRAIL STOP-LOSS TO 17500

 

WORLD MARKETS

 

Dow rose 0.3%, S & P 500 ended flat while Nasdaq fell 0.4% ahead of Wednesday's key inflation data.

 

US 10-year treasury yield rose 1 bps to 3.43%. Dollar index fell 0.4% to 102.14. Gold rose 0.6% to $2003 per ounce.

 

Brent as well as WTI crude futures rose 2.1% each to $85.57 and $81.48 a barrel respectively.

 

Main European markets gained 0.4%-0.9%.

 

Data from China showed consumer inflation in March rose at its slowest pace since September 2021.

 

AT HOME

 

Benchmark indices gained nearly half a percent, extending the winning streak to seventh straight session. Sensex settled at 60157, up 311 points while Nifty added 98 points to finish at 17722. Nifty mid-cap and small-cap indices gained 0.5% and 0.4% respectively.

 

Nifty Metal and PSU Bank indices were the top gainers among the sectoral indices, up 1.8% and 1.6% respectively while IT and Consumer Durables indices were the top losers, down 1.3% and 0.4% respectively. Kotak Mahindra Bank and JSW Steel surged 4.6% and 3.8% respectively, becoming top Nifty gainers whereas TCS and Infosys dipped 1.8% each, becoming top losers. BSE advance-decline ratio stood at 1.8:1.

 

FIIs net bought stocks, index futures and stock futures worth Rs 343 cr, 2193 cr and 1104 cr respectively. DIIs were net sellers to the tune of Rs 264 cr.

 

Rupee depreciated 15 paise to end at 82.13/$.

 

Kotak Mahindra Bank surged on expectation of increase in MSCI weight increase, which might lead to an inflow of $690 million, after recent shareholding showed drop in foreign shareholding in the bank.

 

JSW Steel rose after the company reported its highest ever quarterly consolidated crude steel production at 6.58 million tonnes for Q4 FY23.

 

IT stocks fell ahead of quarterly earnings on expectation of a muted growth in the January-March quarter on account of banking crisis in their largest markets.

 

IMF cut India's FY24 GDP growth forecast to 5.9% from an earlier estimate of 6.1%.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.5% and 0.3% respectively while Hang Seng is down 0.7%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17700-17750 continued to be important resistance zone while immediate support on the hourly chart has moved up to 17450, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17748, closed at 17722.

 

18135, the top made in February, is the next big target to eye; 17500 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

41671, followed by 42015, the tops made in March and February respectively, are the upside levels for Banknifty; 40900-40700 is the support zone.

 

India's March CPI and February IIP data will be released today.

 

TCS will report its quarterly earnings today.