19296-19650 ARE THE SUPPORT-RESISTANCE LEVELS TO EYE

 

19296-19650 ARE THE SUPPORT-RESISTANCE LEVELS TO EYE

 

WORLD MARKETS

 

U.S. indices gained 0.6%-1.2%, with the S & P 500 and Nasdaq snapping a four-day losing streak.

 

Federal Reserve Governor Michelle Bowman indicated that additional interest rate hikes would likely be needed to rein in inflation.

 

U.S. 10-year treasury yield rose 4 bps to 4.095%. Dollar index inched up 0.1% to 102.08. Gold fell 0.3% to $1936 per ounce.

 

Brent and WTI crude futures fell 0.7% each to $85.63 and $82.24 respectively.

 

European markets ended mixed with marginal changes.

 

AT HOME

 

Benchmark indices rose 0.4% each, extending Friday's pullback. Sensex settled at 65953, up 232 points while Nifty added 80 points to finish at 19597. Nifty mid-cap and small-cap indices rose 0.5% and 0.2% respectively. Nifty Healthcare and Pharma indices surged 2% and 1.6% respectively, becoming top gainers among the sectoral indices while PSU Bank and Media indices were the top losers, down 0.6% and 0.2% respectively.

 

FIIs net sold stock worth Rs 1893 cr but net bought index futures and stock futures worth Rs 636 cr and 1397 cr respectively. DIIs were net buyers to the tune of Rs 1081 cr.

 

Rupee appreciated 10 paise to end at 82.74/$.

 

OUTLOOK

Today morning, Hang Seng and Shanghai are down 2% and 0.5% respectively while Nikkei is up 0.3%. GIFT Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 19296, the low made last week, was the immediate support while 19650-19700 was the immediate resistance zone on the way up.

 

Nifty rose to touch a high of 19620 before closing at 19597.

 

19650, around which a trendline adjoining recent tops is placed, continues to be immediate hurdle, upon crossover of which, 19800-19870 would be next target area; 19296, the low made last week, continues to be immediate support.

 

For Banknifty, 45300 continues to be immediate hurdle; 44279, the low made last week, continues to be immediate support.

 

Hindalco and Coal India will report their quarterly earnings today.

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