NIFTY TAKES OUT 7600 HURDLE; STAY LONG WITH STOP LOSS OF 7479 FOR TARGET OF 7800

NIFTY TAKES OUT 7600 HURDLE; STAY LONG WITH STOP LOSS OF 7479 FOR TARGET OF 7800

WORLD MARKETS                             

Dow climbed 0.7% while S & P 500 and Nasdaq rose 0.4% each on Friday

Nymex Oil, after touching a three-and-a-half-month high of $41 a barrel, eased to settle down 76 cents or 1.9% at $39.44 a barrel.

The preliminary March read on consumer sentiment came in at 90.0, down from 91.7 in February.

European markets, except a 0.2% lower FTSE, gained upto 0.8%.

Gold fell $11 to $1254 an ounce.

For the week, US indices gained 1%-2.3%. In Europe, FTSE and DAX gained 0.8% and 1.2% respectively while CAC lost 0.7%. US dollar index declined more than a percent for the week, its third straight weekly decline. Gold ended lower by 0.4%, its second-straight weekly decline.

AT HOME

It was a good end to the week as benchmark indices soared more than a percent on Friday to close at the highest level since 6th January, 2016. Sensex added 275 points to settle at 24953 while Nifty finished at 7604, up 92 points. BSE mid-cap and small-cap indices gained 0.6% each. Except a 0.8% cut in Healthcare index, all the BSE sectoral indices closed in green with IT and Teck indices leading the tally, up 2.3% and 2.2% respectively.

FIIs net bought stocks and index futures worth Rs 1713 cr and 491 cr respectively but net sold stock futures worth Rs 171 cr. DIIs were net sellers to the tune of Rs 403 cr.

Rupee appreciated 25 paise to end at 66.50/$.

For the week, Sensex and Nifty gained 1% and 1.2% respectively, extending the winning streak to third straight week.

OUTLOOK

Today, Nikkei is shut for a public holiday, Shanghai is up nearly a percent and half, other Asian markets are trading mixed with modest changes and SGX Nifty is suggesting about 10 points lower opening for our market.

Nifty on Friday closed at 7604, decisively taking out 7600 hurdle we have been talking about for quite some time.

Next meaningful target, as we have been mentioning, would come around 7800, where 34-week moving average is placed.

Immediate support on the hourly chart is placed around 7479, with the stop loss of which trading longs should be held on to.