22600, 22750 CONTINUE TO BE UPSIDE TARGETS; 22100 IMMEDIATE SUPPORT

 

22600, 22750 CONTINUE TO BE  UPSIDE TARGETS; 22100 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.4%.

 

Apple fell 2.5% after getting hit with a European Union antitrust fine of nearly $2 billion. Tesla dropped more than 7% after announcing new price discounts and incentives late last week.

 

U.S. 10-year treasury yield rose 3 bps to 4.217%. Dollar index was flat at 103.83. Gold surged 1.5% to $2114 per ounce, it's highest ever close.

 

Oil prices fell after oil cartel OPEC+ agreed to extend voluntary output reductions until the second quarter. Brent fell 0.9% to settle at $82.80 a barrel, while WTI futures lost 1.5% to settle at $78.74 per barrel.

 

In Europe, FTSE and DAX fell 0.6% and 0.1% respectively while CAC rose 0.3%.

 

China’s “Two Sessions” meeting got under way, with investors watching out for its economic plans after the country projected a GDP growth target of “around 5%” for 2024. The country also expects the inflation rate to increase to “around 3%.”

 

AT HOME

 

It was a quiet session as benchmark indices ended flat to marginally higher after trading in a narrow range through the session. Sensex settled at 73872, up 66 points while Nifty added 27 points to finish at 22405. Nifty mid-cap index rose 0.2% while small-cap index fell half a percent. Nifty Oil & Gas index surged 1.9%, becoming top gainer among the sectoral indices, followed by 0.4% higher Financial Services and Private Bank indices. Media and IT indices were the top losers, down 1.8% and 0.8% respectively.

 

FIIs net sold stocks and stock futures worth Rs 564 cr and 325 cr respectively but net bought index futures worth Rs 1270 cr. DIIs were net buyers to the tune of Rs 3543 cr.

 

Rupee appreciated 1 paise to end at 82.89/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.4% and GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 22600, followed by 22750 were the 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 high of 22440, closed at 22405.

 

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

 

For Banknifty, 47736, the 78.6% retracement level of the 48636-44429 fall seen since 28th December, is the next upside target; On the way down, 46600 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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