TRAIL STOP-LOSS TO 22150

 

TRAIL STOP-LOSS TO 22150

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.6% and 0.2% respectively while Nasdaq inched up 0.1%.

 

The Institute for Supply Management (ISM) said U.S. manufacturing grew for the first time in 1-1/2 years in March.

 

U.S. 10-year treasury yield rose 11 bps to 4.313%, reacting to Fed Chair Powells comments on Friday that economic growth remains strong and inflation is still above target. Dollar index rose 0.4% to 104.96. Gold climbed 0.8% to $2251 per ounce.

 

WTI crude futures rose 0.6% to settle at $83.71 a barrel and Brent futures rose 0.5% to settle at $87.42 a barrel.

 

European markets were shut today for Easter Monday.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.6% respectively, extending the winning streak to third straight session and hitting fresh record highs. Sensex settled at 74014, up 363 points while Nifty added 135 points to finish at 22462. Nifty mid-cap and small-cap indices surged 1.7% and 3.3% respectively, extending the winning streak to sixth and seventh session respectively. Except 0.2% and 0.1% lower Auto and FMCG indices respectively, all the NSE sectoral indices ended higher, with Media and Realty indices on the top, up 4.7% and 4.4% respectively.

 

FIIs net sold stocks worth Rs 522 cr but net bought index futures and stock futures worth Rs 275 cr and 1020 cr respectively. DIIs were net buyers to the tune of Rs 1208 cr.

 

OUTLOOK

 

Today morning, Hang Seng is up 2.5% while Nikkei and Shanghai are up 0.4% and 0.2% respectively. GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 22526 was the immediate hurdle, upon crossover of which, 22750, would be the next upside level to eye and had advised trailing stop-loss in longs to 22100.

 

Nifty rose to touch a high of 22529 before closing at 22462.

 

22750, around which upper end of a rising channel formation is placed, is the next upside level to eye; Immediate support on the hourly chart has moved up to 22150, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47662, the 78.6% retracement levels of recent 48161-45828 fall, is the immediate hurdle, upon crossover of which, 48161, the top made on 6th March, would be next upside level to eye; 46900 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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