NIFTY ACHIEVES 9273 TARGET, 9350 NEXT

NIFTY ACHIEVES 9273 TARGET, 9350 NEXT

WORLD MARKETS                             

US indices climbed 0.6%-1.1% on the back of strong earnings announcements and on expectations for U.S. President Donald Trump's impending tax reforms. Nasdaq crossed the 6000 mark for the first time ever.

McDonald's and Caterpillar climbed after reporting solid earnings and contributed the most in Dow.

The national home price index jumped 5.8% in February more than the expected 5.7% rise. New home sales rose 5.8% to 621,000 in March, above expectations. Consumer confidence held at 120.3 for April.

WTI crude gained 33 cents or 0.7% to $49.56, snapping a six-day losing streak. Brent gained a percent to $52.15.

Dollar index fell about 0.3% to 98.72, marking a five-month low.

European markets gained upto 0.6%.  French business showed no signs of concern over the ongoing presidential race with sentiment stable at 104 in April.

AT HOME

Repeating Monday's big upmove, benchmark indices climbed a percent today with Nifty hitting a fresh record high. Sensex soared 287 points to settle at 29943 while Nifty finished at 9307, up 89 points. BSE mid-cap and small-cap indices added 1.1% and 0.6% respectively. All the BSE sectoral indices closed higher with Telecom and Realty indices leading the tally, up 2.6% and 1.3% respectively.

FIIs net bought stocks and stock futures worth Rs 179 cr and 1806 cr respectively but net sold index futures worth Rs 805 cr. DIIs were net buyers to the tune of Rs 998 cr.

Rupee appreciated 18 paise to end at 64.26/$.

Wipro reported better-than-expected earnings but Q1 guidance disappointed. IT services revenue rose 2.7% q-o-q to USD 1955 mn. Rupee revenue rose 1.6% to Rs 13402 cr and consolidated profit grew by 7.2% to Rs 2267 cr. The company guided for sequential revenue growth of negative 2% to 0% for Q1FY18. The company declared 1:1 bonus.

OUTLOOK

Today morning Asian markets are trading with gains of upto half a percent and SGX Nifty is suggesting about 15 points higher start for our market.

After Nifty took out the immediate hurdle of 9200, we had said that 9273, the top made in early April, is the immediate target above which 9350 would be the next target to eye.

Nifty yesterday soared to 9309 before closing at 9307, achieving the 9273 target and moving towards 9350.

9350 continues to be the immediate target above which 9470 would be the next level to gun for.

Immediate support on the hourly chart has moved up to 9170, with the stop-loss of which trading longs should be held on to.

Axis Bank will report its quarterly earnings today.