22850 IS THE NEXT UPSIDE LEVEL TO EYE; 22500-22450 IMMEDIATE SUPPORT ZONE

 

22850 IS THE NEXT UPSIDE LEVEL TO EYE; 22500-22450 IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq rose 0.1% and 0.3% respectively ahead of the release of key U.S. inflation data.

 

U.S. 10-year treasury yield fell 6 bps to 4.366%. Dollar index was flat at 104.11. Gold rose 0.6% to $2353 per ounce.

 

Japan’s corporate inflation rate came in at 0.8% for March, its third straight month of increase and in line with expectations.

 

WTI crude futures fell 1.4% to settle at $85.23 a barrel and Brent futures lost 1.1% to settle at $89.42 a barrel.

 

European markets fell 0.1%-1.3%.

 

AT HOME

 

After gaining nearly half a percent and hitting fresh highs in the initial trade, benchmark indices slipped to end marginally in the red. Sensex settled at 74683, down 58 points while Nifty lost 23 points to finish at 22642. Nifty mid-cap index fell 0.3% while small-cap index rose 0.3%.Nifty Media index was the top loser among the sectoral indices, down 1.3%, followed by 0.8% lower PSU Bank and Consumer Durables indices. Metal index was the top gainer, up 1.1%, followed by half a percent higher Realty index.

 

FIIs net sold stocks worth Rs 593 cr but net bought index futures and stock futures worth Rs 2485 cr and 1022 cr respectively. DIIs were net buyers to the tune of Rs 2257 cr.

 

OUTLOOK

 

Today morning, Hang Seng is up a percent while Nikkei and Shanghai are down 0.5% and 0.2% respectively. GIFT Nifty is suggesting nearly 90 points higher start for our market.

 

In yesterday's report we had said that 22800-22850 was the next target area while 22500-22450 was the immediate support zone.

 

Nifty, after hitting a high of 22768, slipped to end at 22642 and is set to open near 22700 today.

 

22850, around which upper end of a rising channel formation is placed, is the next upside level to eye; 22500-22450 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 50500 is the next major target to eye; 48100-48000 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.