21831 BELOW 21900; 22250-22300 IS THE IMMEDIATE RESISTANCE ZONE

 

21831 BELOW 21900; 22250-22300 IS THE IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.8%.

 

U.S. 10-year treasury yield rose 1 bps to 4.324%. Dollar index inched up 0.1% to 103.58. Gold rose 0.2% to $2160 per ounce.

 

Oil prices climbed to a four-month high on on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent futures rose 1.8% to settle at $86.89 a barrel, while WTI crude rose 2.1%, to settle at $82.72.

 

European markets ended flat to modestly lower.

 

AT HOME

 

After falling half a percent in the morning, benchmark indices recouped all the losses and some more to end marginally higher. Sensex settled at 72748, up 105 points while Nifty added 32 points to finish at 22055. Nifty Mid-cap and small-cap indices however fell 0.4% and 0.6% respectively. Nifty Metal and Auto indices climbed 2.5% and 1.3% respectively, becoming top gainers among the sectoral indices while IT index tumbled 1.6%, becoming top loser, followed by half a percent lower FMCG index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2051 cr, 179 cr and 606 cr respectively. DIIs were net buyers to the tune of Rs 2261 cr.

 

Rupee depreciated 3 paise to end at 82.91/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.7% each while Shanghai is off 0.1%. GIFT Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 21831, followed by 21667, which are the 50% and 61.8% retracement levels of the 21137- 22526 upmove seen since 24th January, were the next downside levels to eye while 22350 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 21916, rebounded to end at 22055 but is set to open below 22000 today.

 

Nifty has been taking support near 21900 level for past four sessions and that is the immediate support to eye, upon breach of which, 21831, followed by 21667, which are the 50% and 61.8% retracement levels of the 21137- 22526 upmove seen since 24th January, would be next downside levels to eye; 22250-22300 is the immediate resistance zone.

 

For Banknifty, 46000, the is immediate support, upon breach of which 45661, the bottom made on 29th Feb., would be next downside level to eye. On the way up, 47000 is the immediate hurdle on the hourly chart.

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