TRAIL STOP-LOSS TO 22250

 

TRAIL STOP-LOSS TO 22250

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.6%, snapping a 2-session losing streak.

 

Fed Chair Powell, appearing before the House Financial Services Committee, indicated that interest rates will likely come down this year, though the central bank is moving cautiously.

 

Data from ADP showed private companies added 140,000 positions in February, an increase from the upwardly revised 111,000 in January but a bit below the Dow Jones estimate for 150,000.

 

U.S. 10-year treasury yield fell 5 bps to 4.106%. Dollar index slipped 0.4% to 103.35. Gold jumped 0.9% to $2148 per ounce.

 

WTI crude rose 1.2% to settle at $79.13 a barrel and Brent futures added 1.1% to settle at $82.96 a barrel.

 

European markets rose 0.1%-0.8%.

 

AT HOME

 

After falling more than half a percent in the morning, benchmark indices staged a stunning rebound in the noon to end higher by just over half a percent. Sensex settled at 74085, up 408 points while Nifty added 117 points to finish at 22474. Nifty mid-cap and small-cap index fell half a percent while small-cap index nosedived 2% to end at the lowest level after 25th January. Nifty Bank, Healthcare and IT indices gained 0.8% each, becoming top gainers among the sectoral indices, while Media and Realty indices were the top losers, down 2.5% and 1.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 2786 cr and 1396 cr respectively but net sold stock futures worth Rs 450 cr. DIIs were net buyers to the tune of Rs 2150 cr.

 

Rupee appreciated 8 paise to end at 82.82/$.

 

OUTLOOK

 

Today morning, Shanghai is up half a percent while Nikkei and Hang Seng are down 0.7% and 0.2% respectively. GIFT Nifty is suggesting around 60 points higher 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 continued to be 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 22224, rebounded to end at 22474.

 

22600, followed by 22750 continue to be next upside levels to eye; 22300-22250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48636, the record high made on 28th December, is the next upside level to eye; On the way down, 47300 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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