22600, 22750 ARE UPSIDE LEVELS TO EYE; 22100 IS IMMEDIATE SUPPORT

 

22600, 22750 ARE UPSIDE LEVELS TO EYE; 22100 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 1% each while Nasdaq tumbled 1.6% as Apple led technology stock lower.

 

Apple slipped almost 3% on the back of a report that found iPhone sales plunged in China in the first six weeks of 2024.

 

Data from ISM showed U.S. services industry growth slowed a bit in February amid a decline in employment. Separately, new orders for U.S.-manufactured goods dropped more than expected in January.

 

U.S. 10-year treasury yield fell 6 bps to 4.154%. Dollar index was little changed at $103.77. Gold rose 0.6% to $2128 per ounce.

 

WTI crude futures fell 0.8% to settle at $78.15 a barrel and Brent futures fell 0.9% to settle at $82.04 a barrel.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 0.1% and 0.3% respectively. Business activity in the euro zone showed signs of recovery last month.

 

AT HOME

 

After falling more than half a percent, benchmark indices recouped lot of the losses to end lower by quarter of a percent. Sensex settled at 73677, down 195 points while Nifty lost 49 points to finish at 22356. This was the first negative session in last five for both the indices. Nifty mid-cap and small-cap indices fell 0.3% and 1.2% respectively. Nifty IT and Media indices were the top losers among the sectoral indices, down 1.6% and 1.4% respectively while PSU Bank index surged 2.6%, becoming top gainer, followed by 1.4% higher Auto index.

 

FIIs net bought stocks worth Rs 574 cr but net sold index futures and stock futures worth Rs 1401 cr and 4537 cr respectively. DIIs were net buyers to the tune of Rs 1835 cr.

 

Rupee ended unchanged at 82.89/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.2% while Nikkei and Shanghai are down 0.4% and 0.2% respectively. GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 22600, followed by 22750 continued to be next upside levels to eye while 22100 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 22269, rebounded to end at 22356.

 

22600, followed by 22750 continue to be next upside levels to eye; 22100 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above yesterday's high of 47738, 48636, the record high made on 28th December, would be next upside level to eye; On the way down, 46800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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