NIFTY ENDS FEBRUARY SERIES WITH 6.2% CUT; 10276-10500 CONTINUES TO BE IMMEDIATE RANGE

NIFTY ENDS FEBRUARY SERIES WITH 6.2% CUT; 10276-10500 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

Dow and S & P 500 gained 0.7% and 0.1% respectively while Nasdaq fell 0.1%. The close was off the day high as concerns over higher interest rates lingered.

The 10-year yield traded off its four-year high at 2.921 percent.

Oil prices rose following a surprise reported decline in U.S. crude stocks. WTI crude rose 1.8% to $62.77 and Brent rose 1.5% to $66.39 a barrel.

Minutes from the European Central Bank's January meeting reflected that it could take another look at its policy "early this year

In Europe CAC gained 0.1% while FTSE, DAX and Italy fell 0.4%, 0.1% and 0.8% respectively.

AT HOME

Benchmark indices ended marginally in the red after the usual expiry day volatility. Sensex lost 25 points to settle at 33819 and Nifty finished at 10382, down 15 points. BSE mid-cap and small-cap indices fell 0.5% and 0.4% respectively. BSE Oil & Gas and Power indices tumbled 1.5% and 1.1% respectively to become top losers among sectoral indices while Realty and IT indices were the top gainers, up 0.7% and 0.6% respectively.

FIIs net sold stocks and index futures worth Rs 2335 cr and 1746 cr respectively but net bought stock futures worth Rs 1687 cr. DIIs were net buyers to the tune of Rs 1059 cr.

Rupee depreciated 28 paise to end at 65.05/$.

For the February derivative series, Nifty lost 6.2%.

OUTLOOK

Today morning, Shanghai is flat while Nikkei and Hang Seng are up 0.2% and 0.8% respectively. SGX Nifty is suggesting a flattish start for our market.

At the risk of repeating, Nifty is in a consolidation mode after touching a bottom of 10276 on 6th February. 10276-10638, the lower and upper boundaries of this consolidation range, are important support and resistance levels to eye. A decisive breach of 10276 can lead to next leg of correction and 200 DMA, placed around 10090, would be the next major support if that happens.

10500 is the immediate hurdle before 10638.