NIFTY ACHIEVES 9218 TARGET; 9400 NEXT

NIFTY ACHIEVES 9218 TARGET; 9400 NEXT

WORLD MARKETS                             

US indices gained 0.1%-0.2% ahead of a key meeting between President Donald Trump and Chinese President Xi Jinping.

Xi and Trump will meet Thursday and Friday. Last week, Trump said via Twitter the meeting would not be easy because "we can't have massive trade deficits … and job losses."

Trump hinted at bank deregulation saying his administration will make it easier for banks to lend money, adding they will do a "massive haircut" to Dodd-Frank.

The U.S. trade deficit narrowed in February to $43.56 billion. Factory orders for February rose 1%, in line with expectations.

Treasury yields rebounded, with the 10-year near 2.35% after touching it lowest level since late February.

Brent oil rose 95 cent or 1.8% to $54.07 a barrel and WTI oil gained 1.6% to $51.03.

European markets gained upto 0.5%.

North Korea launched a medium-range ballistic missile from a land-based facility, ahead of a summit between U.S. and Chinese leaders on Thursday and Friday.

AT HOME

Sensex and Nifty soared 1% and 0.7% respectively with Sensex making a record high on closing basis while Nifty made a fresh intraday as well as closing record high. In absolute terms, Sensex added 290 points to settle at 29910 while Nifty finished at 9238, up 64 points. BSE mid-cap and small-cap indices gained 0.7% and 1.3% respectively. Except a 0.9% each cut in Teck, IT and Telecom indices, all the BSE sectoral indices closed in green with Capital Goods index leading the tally, up 3.5%, followed by 2.2% rise in Industrial index.

FIIs net bought stocks and stock futures worth Rs 534 cr and 157 cr respectively but net sold index futures worth Rs 100 cr. DIIs were net buyers to the tune of Rs 33 cr.

Rupee depreciated 13 paise to end at 65.2275/$.

India's Nikkei Manufacturing PMI improved to 52.5 from 50.7 in February, marking the highest level in 5-months.

Ashok Leyland reported 12% rise in March sales at 18682 units. Hero Motocorp sales were 0.6% higher at 6.10 lac units.

Fulfilling a crucial election promise, the Uttar Pradesh government decided to waive off farm loans of upto Rs 1 lakh, in Chief Minister Yogi Adityanath's first Cabinet meeting yesterday. The move is likely to benefit more than 2.25 crore farmers in the state, and is likely to cost the state exchequer Rs 30,729 crore.

The US Citizenship and Immigration Service has released a revised set of H-1B guidelines dated March 31, 2017, which will hit entry-level 'software programmers' and IT companies applying for work visas this H-1B season, which opened Monday.

OUTLOOK

Today morning Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 35 points higher start for our market.

Readers would recall that after Nifty crossed the immediate hurdle of 9130, we had given targets of 9218 followed by 9400.

Nifty on Monday soared 64 poins to finish at 9238, achieving the 9218 target.

9400 continues to be next target to eye.

Immediate support on the hourly chart has moved up to 9160, with the stop-loss of which, trading longs should be held on to.