10095 CONTINUES TO BE IMMEDIATE SUPPORT; 10227 IMMEDIATE HURDLE

10095 CONTINUES TO BE IMMEDIATE SUPPORT; 10227 IMMEDIATE HURDLE

WORLD MARKETS

US indices tumbled 1.4%-3% with Nasdaq leading the losses after technology stocks took a beating.

Technology stocks were pressured by a media report that the Trump administration was considering using an existing emergency law to limit Chinese investment in technologies regarded as sensitive.

Facebook fell 4.9% after Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days. Nvidia slipped 7.8% on news that it is temporarily suspending self-driving tests. Tesla tumbled 8.2% after the U.S. National Transportation Safety Board announced it would investigate a fatal crash that took place last week. Twitter fell 12% after short-seller Andrew Left said he is betting against the stock.

Dollar index gained about a third of a percent to trade at 89.31.

Oil fell after data showed a surprising increase in crude inventories with Brent future down 1% at $70.11 and WTI down 30 cents at $65.25 a barrel.

European markets gained 1%-1.6%.

AT HOME

Sensex and Nifty gained 0.3% and 0.5% respectively, extending the winning streak to second straight day. Sensex settled at 33174, up 108 points while Nifty added 53 points to finish at 10184. BSE mid-cap and small-cap indices climbed 1.1% and 1.4% respectively. Except a 1.4% lower Telecom index, all the BSE sectoral indices ended in green with Metal and Basic Material indices leading the tally, up 1.7% and 1.4% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 1063 cr, 355 cr and 575 cr respectively. DIIs were net buyers to the tune of Rs 2173 cr.

Rupee depreciated 11 paise to end at 64.97/$.

OUTLOOK

Today morning, Nikkei is down nearly 2% while Hang Seng and Shanghai are off about 0.8% each. SGX Nifty is suggesting about 40 points lower start for our market.

After Nifty crossed the immediate hrudle of 10130, we had given a target of 10227, which was the top made last week. Nifty, after touching a high of 10208, closed at 10184 and is set to open with a gap down.

10195 continues to be immediate support on the way down, with the stoop-loss of which trading longs can be held on to. 10227 continues to be immediate upside target as well as hurdle, a crossover of which is required for a fresh upmove.

Indian markets will remain shut tomorrow and day after on account of Mahavir Jayanti and Good Friday respectively.

US EQUITIES SURGE ON EASING TRADE WAR WORRIES; 10227 NEXT UPSIDE TARGET FOR NIFTY

US EQUITIES SURGE ON EASING TRADE WAR WORRIES; 10227 NEXT UPSIDE TARGET FOR NIFTY

WORLD MARKETS

US indices surged 2.7%-3.3%, with the Dow posting its biggest one-day percentage gain since August 2015, as trade tensions between the U.S. and China appeared to ease.

Media reports suggested that U.S. and Chinese officials are working to improve U.S. access to China's markets and also, China has offered to buy more semiconductors from the U.S. to help cut its trade surplus with the U.S.

Dollar index fell about half a percent to 89.02.

European markets fell 0.5%-0.8% as several European Union nations expelled Russian diplomats in a show of solidarity with the U.K. which had expelled Russian diplomats after the country determined that the Kremlin was responsible for the poisoning of an ex-spy on British soil.

AT HOME

Benchmark indices soared just under a percent and half, registering biggest single day gain since 12th March. Sensex jumped 470 points to settle at 33066 while Nifty finished at 10130, up 132 points. BSE mid-cap and small-cap indices gained 1.2% and 0.7% respectively. BSE Bankex, Metal index and Finance index gained 2.3% each, becoming top gainers among sectoral indices while IT and Oil & Gas indices were the top losers, down 0.7% and 0.3% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 741 cr, 2015 cr and 39 cr respectively. DIIs were net buyers to the tune of Rs 2018 cr.

Rupee appreciated 14 paise to end at 64.86/$.

The government yesterday unveiled a Rs 2.88 lakh crore market borrowing roadmap for the first half of FY19, which would be 22.6% lesser than Rs 3.72 lakh crore raised during the same period last financial year. This would amount to 48% of government's budgeted amount for the full fiscal year and is the lowest first-half borrowing in the last 10 years in percentage terms.

OUTLOOK

Today morning, Asian markets are trading with gains of 1%-1.7% and SGX Nifty is suggesting about 30 points higher start for our market.

In yesterday's report we had mentioned that 10130 is the immediate hurdle a crossover of which is required for a fresh upmove.

Nifty yesterday touched a high of 10143 before closing at 10130 and is set to open above 10150 today.

10227, the top made last week, is the next upside target to eye. 10315, where a trendline adjoining tops made in late February and mid-March is placed, would be the next target.

Meanwhile, 10095 is the immediate support on the hourly chart, with the stop-loss of which, existing longs should be held on to.

9800 BELOW 9950; 10130 IMMEDIATE HURDLE

9800 BELOW 9950; 10130 IMMEDIATE HURDLE

WORLD MARKETS

US indices tumbled 1.8%-2.4% with the Dow closing at its lowest level since November.

In response to US imposing tariffs on up to $60 billion in Chinese imports, China's commerce ministry proposed a list of 128 U.S. products as potential retaliation targets, adding that it could also take legal action under World Trade Organization rules.

WTI crude rose 2.5% to $65.88 a barrel after the Saudi energy minister said OPEC would need to keep coordinating supply cuts with non-member countries including Russia into 2019.

European markets fell 0.4%-1.8%.

For the week, US indices nosedived 5.7%-6.5%, suffering biggest weekly loss since January 2016. European markets fell 3.4%-4.1%. In Asia, Nikkei nosedived 4.9% while Shanghai and Hang Seng fell 3.6% and 3.8% respectively.

Both Brent and WTI rose more than 5% for the week.

AT HOME

Sensex and Nifty plunged a percent and fifth to close at the lowest level since 23rd October and 11th October 2017 respectively, marking a five-month low. Sensex lost 410 points to settle at 32596 while Nifty finished at 9998, down 117 points. BSE mid-cap and small-cap indices nosedived 1.4% and 1.5% respectively. Except a 0.2% higher IT index, all the BSE sectoral indices ended in red with Realty and Metal indices leading the tally, down 3.3% and 2.9% respectively.

FIIs net bought stocks worth Rs 1628 cr but net sold index futures worth Rs 2010 cr and 239 cr respectively. DIIs were net sellers to the tune of Rs 935 cr.

Rupee appreciated 10 paise to end at 65.01/$.

For the week, Sensex and Nifty lost 1.7% and 1.9% respectively, extending the losing streak to fourth straight week.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.5%-1% and SGX Nifty is suggesting about 20 points lower start for our market.

After Nifty broke the 10033 support, we have been working with the downside target of around 9800, where the trendline adjoining bottoms made in February and December 2016, is placed.

Nifty, on Friday, touched a low of 9951 before closing at 9998 and is set to open lower today.

9950, the bottom made on Friday, also coincides with the lower band of weekly bollinger and hence is an immediate support to eye. Upon breach of 9950, 9800, as mentioned above, would be the downside target as well as crucial support to eye.

Meanwhile, immediate hurdle on the hourly chart has moved lower to 10130, with the stop-loss of which, trading shorts should be held on to.

US EQUITIES TUMBLE ON TRADE WAR FEARS; NIFTY SET TO BREAK 10033 SUPPORT

US EQUITIES TUMBLE ON TRADE WAR FEARS; NIFTY SET TO BREAK 10033 SUPPORT

WORLD MARKETS

US indices nosedived 2.4%-2.9% on fears of a potential trade war.

President Trump signed an executive memorandum that would implement tariffs on up to $60 billion in imports from China. The tariffs largely focus on technology sector goods and were intended to penalize China for, according to the Trump administration, stealing intellectual property.

In another high-profile departure from the White House, Trump yesterday replaced national security advisor HR McMaster with hardline Fox News pundit and former UN ambassador John Bolton.

On the back of safe haven buying, the 10-year treasury yield posted its biggest one-day drop since September of last year as investors bid up bond prices, while gold gained 0.5%.

WTI oil fell 1.3% to $64.30/barrel.

The Bank of England held rates steady, although two policymakers unexpectedly dissented and voted for an immediate rate hike. This sent sterling to a fresh seven-week high against the dollar, before reversing to trade lower.

European markets lost 1.2%-1.8%.

AT HOME

After gaining about half a percent in the initial trade, benchmark indices reversed these gains through the session to end with cuts of 0.4%. Sensex lost 130 points to settle at 33006 while Nifty finished at 10115, down 40 points. BSE mid-cap and small-cap indices tumbled 0.8% and 1% respectively. Except 0.8% and 0.4% higher Consumer Durable and Metal indices respectively, all the BSE sectoral indices ended in red with Telecom and Realty indices leading the losses, down 1.3% each.

FIIs net bought stocks, index futures and stock futures worth Rs 161 cr, 224 cr and 611 cr respectively. DIIs were net buyers to the tune of Rs 410 cr.

Rupee ended at 65.10/$, appreciating 10 paise compared to previous close.

OUTLOOK

Today morning, Nikkei is down nearly 4% while Hang Seng and Shanghai are off about 3%. SGX Nifty is suggesting about 110 points lower start for our market.

For past couple of sessions we have been mentioning that 10033, the bottom made in December 2017, is the important support, upon breach of which Nifty can plunge to 9800, where a trendline adjoining bottoms made in February and December 2016 is placed.

Nifty yesterday closed at 10115 and a gap down opening today is likely to take it below the 10033 mark. A breach of the low made in first hour, would further accentuate selling pressure and 9800, as mentioned above, would be the next meaningful support to eye if that happens.

Immediate resistance, after today's gap down opening, would have moved lower to 10170, with the stop-loss of which, trading shorts should be held on to.

10033 CONTINUES TO BE IMPORTANT SUPPORT; 10300 IMMEDIATE HURDLE

10033 CONTINUES TO BE IMPORTANT SUPPORT; 10300 IMMEDIATE HURDLE

WORLD MARKETS

US indices ended with cuts of 0.2%-0.3%, digesting Fed decision.

Fed raised rates by 25 basis points to a range of 1.5% to 1.75% as was widely expected. The central bank indicated that it still expected three hikes this year, but upgraded its projection for the benchmark rate in 2019 to 2.9%, up from a 2.7% projection released in December. Growth forecasts for this year and the next were also raised.

The benchmark 10-year yield broke above 2.9% before retreating to trade at 2.887%. The two-year yield also slipped from a nine-year high. Dollar index fell about half a percent to 89.78.

WTI crude surged 2.6% to $65.17, a 6-week high, after surprise drop in US as U.S. commercial crude stockpiles unexpectedly fell by 2.6 million barrel.

European markets, except a flat DAX, fell 0.2%-0.5%.

AT HOME

After gaining more than a percent in the morning, benchmark indices gave away more than half of the gains in the noon trade to end higher by 0.3%-0.4%. Sensex settled at 33136, up 139 points while Nifty added 31 points to finish at 10155. BSE mid-cap and small-cap indices rose 0.2% and 0.3% respectively. BSE Telecom index soared 2.4%, becoming top gainer among the sectoral indices, followed by 0.6% higher Finance and Capital Goods indices. Metal and Healthcare indices were the top losers, down 0.5% each.

FIIs net bought stocks and stock futures worth Rs 98 cr and 1245 cr respectively but net sold index futures worth Rs 1292 cr. DIIs were net buyers to the tune of Rs 198 cr.

Rupee depreciated 1 paise to end at 65.21/$.

The cabinet approved the centrally-sponsored Ayushman Bharat-National Health Protection Mission (AB-NHPM), which will provide a health insurance cover of Rs 5 lakh per family per year.

Sun Pharmaceutical said it got US FDA approval for its much awaited psoriasis drug Ilumya.

OUTLOOK

Today morning, Shanghai if flat but Hang Seng and Nikkei are up 0.5% and 0.8% respectively. SGX Nifty is suggesting about 50 points higher start for our market.

Nifty, after nearly achieving the downside target of 10033 on Tuesday, rebounded to close at 10155 yesterday and is set to open around 10200 today.

10300, as mentioned yesterday, continues to be immediate hurdle, a crossover of which will generate a "Buy" on the hourly chart and will pave the way for further upmove. 10480, the top made last week, would be the next target if that happens.

10033 continues to be important support to eye.

NIFTY NEARLY ACHIEVES 10033 TARGET; 10300 IS THE IMMEDIATE HURDLE

NIFTY NEARLY ACHIEVES 10033 TARGET; 10300 IS THE IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.2%-0.5% as the Federal Reserve started a two-day monetary policy meeting, with most market participants expecting a rate hike.

Dollar index gained about half a percent to settle at 90.42, a three-week high. Treasury yields rose with the benchmark 10-year note yield at 2.885% and the short-term two-year yield at 2.341%.

WTI oil surged 2.2% to $63.40/barrel, its highest levels in three weeks on concerns about Saudi-Iranian tensions and falling Venezuela output. Brent rose 2.1% to $67.41.

European markets rose 0.2%-0.7%.

AT HOME

Sensex and Nifty ended higher by 0.2% and and 0.3% respectively after a choppy trade to break four-day losing streak. Sensex settled at 32997, up 74 points while Nifty finished 30 points higher at 10124.  BSE mid-cap index gained 0.2% but small-cap index fell 0.2%. BSE IT and Teck indices climbed 1.3% and 1.2% respectively, becoming top gainers among sectoral indices while Oil & Gas and Energy indices were the top losers, down 0.8% and 0.7% respectively.

FIIs net bought stocks and stock futures worth Rs 344 cr and 797 cr respectively but net sold index futures worth Rs 1516 cr. DIIs were net buyers to the tune of Rs 731 cr.

Rupee depreciated 3 paise to end at 65.20/$.

OUTLOOK

Today, Nikkei is shut while Hang Seng and Shanghai are up 1% and 0.3% respectively. SGX Nifty is suggesting about 15 points higher start for our market.

Readers would recall that we had given downside targets of 10140 followed by 10033 after immediate support of 10270 was taken out. Nifty yesterday touched a low of 10049, nearly achieving the second target and vindicating our view.

10033, the bottom made in December 2017, from where a big, rally till 11171 happened in less than two months, continue to be important support to eye. Upon decisive breach of 10033, next meaningful support will come only around 9800, where a trendline adjoining bottoms made in February and December 2016, is placed.

On the way up, 10300 is the immediate hurdle, a crossover of which is required for a fresh upmove. 10490, the top made last week, would be the next target if that happens.

Fed, at the end of its two-day policy meeting, is widely expected to raise rates by 25 bps today. Markets will also look for clues about whether the central bank will stay on track to hike three times this year or if it expects to further tighten policy.

NIFTY MOVES TOWARDS 10033 TARGET AFTER ACHIEVING 10141; 10315 IMMEDIATE HURDLE

NIFTY MOVES TOWARDS 10033 TARGET AFTER ACHIEVING 10141; 10315 IMMEDIATE HURDLE

WORLD MARKETS

US indices nosedived 1.4%-1.8% with Nasdaq posting its worst day since February 8 as decline in Facebook pressured the technology sector.

Facebook plunged 6.8%, its worst fall since March 2014, after reports said political analytics firm Cambridge Analytica was able to collect data on 50 million people's profiles without their consent.

Also pressuring market were twitter posts by Trump on Sunday morning where he accused special counsel Robert Mueller of hiring "hardened Democrats" to probe alleged ties between his 2016 presidential campaign and Russia

Sterling firmed after the U.K. and the European Union reached an agreement on the transition period, according to which the former will stay in the group until the end of 2020.

European markets tumbled 1%-1.7%. Basic resources stocks led the drop amid heightened fears of a trade war.

WTI crude fell 28 cents to $62.06 a barrel.

AT HOME

Sensex and Nifty slipped 0.8% and 1% respectively, extending the losing streak to fourth straight day and closing at the lowest level since 6th December, 2017, marking a 3-1/2 month low. Sensex lost 253 points to settle at 32923 while Nifty finished 101 points lower at 10094. BSE mid-cap and small-cap indices nosedived 1.6% and 2% respectively. All the BSE sectoral indices ended in red with Telecom and Realty indices leading the tally, down 3.4% and 3% respectively.

FIIs net bought stocks worth Rs 292 cr but net sold index futures and stock futures worth Rs 31 cr and 324 cr respectively. DIIs were net sellers to the tune of Rs 192 cr.

Rupee depreciated 24 paise to end at 65.18/$, a four-month low.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.2%-0.8% and SGX Nifty is suggesting about 25 points lower start for our market.

Readers would recall that after Nifty broke immediate support of 10270, we had given downside target of 10140 and had also said that in the event of 10140 not holding, next support will come around 10033, where the bottom made in December 2017, is placed.

Nifty yesterday plunged to 10075 before closing at 10094, achieving the first target and moving towards the second.

10033 continues to be next important support to eye. Below 10033, next meaningful support will come around 9800, where the trendline adjoining bottoms made in February and December 2016, is placed.

Meanwhile, immediate resistance on the hourly chart has moved to 10315, with the stop-loss of which, existing shorts should be held on to.

10160-10140 IS THE IMMEDIATE SUPPORT ZONE; 10370 IMMEDIATE HURDLE

10160-10140 IS THE IMMEDIATE SUPPORT ZONE; 10370 IMMEDIATE HURDLE

WORLD MARKETS

Nasdaq ended flat while Dow and S & P 500 gained 0.3% and 0.2% respectively

Economic data was mixed. Housing starts declined 7% in February, a bigger-than-expected fall. Building permits fell 7.7% last month. Consumer sentiment rose to a level not seen since 2004 in March, according to a preliminary reading from the University of Michigan. The Labor Department said job openings increased to 6.3 million in January, a record.

Media report suggested that Trump has decided to remove national security advisor H.R. McMaster from the U.S. administration.

The Russian ruble hit a one-month low against the dollar Friday, amid escalating tensions between the Kremlin and the West and an election in Russia on Sunday.

WTI oil rose 1.9% to $62.34 a barrel.

European markets gained 0.3%-0.8%. Euro zone consumer prices grew less than expected in February. The bloc of 19 countries sharing the single currency saw inflation at 0.2 percent month-on-month and 1.1 percent year-on-year

US indices were the worst performer, losing 1%-1.5%. In Europe, FTSE fell 0.8% but CAC and DAX rose 0.4% and 0.2% respectively. In Asia, Shanghai was down 1.1% but Nikkei and Hang Seng climbed 1% and 1.6% respectively. India ended with modest cuts.

AT HOME

Benchmark indices nosedived nearly a percent and half, registering biggest single day fall since 6th February. Sensex settled 510 points lower at 33176 while Nifty finished at 10195, down 165 points. BSE mid-cap and small-cap indices lost 1.1% and 1% respectively. All the BSE sectoral indices ended in red with Metal and Oil & Gas indices leading the tally, down 2.3% and 2.1% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 150 cr, 2222 cr and 270 cr respectively. DIIs were net sellers to the tune of Rs 771 cr.

Rupee depreciated 1 paise to end at 64.94/$.

For the week, Sensex and Nifty lost 0.4% and 0.3% respectively, extending the losing streak to third straight week on political worries.

According to balance of payments data released by the Reserve Bank of India, India's CAD stood at $13.5 billion or 2% of GDP in Q3FY18, compared with $8 billion or 1.4% of GDP in the year-ago quarter.

OUTLOOK

Today morning, Nikkei is down more than a percent while Hang Seng and Shanghai are down 0.4% each. SGX Nifty is suggesting about 30 points lower start for our market.

In Friday's report we had reiterated that 10270 is the immediate support, a breach of which would generate a "sell" on the hourly chart and 10141, the bottom made on 7th March, would be the next target to eye.

Nifty broke 10270 support and plunged all the way to 10180 before closing at 10220 and is set to open below 10200 today.

200-DMA has now moved up to 10160 which makes 10160-10140 immediate support zone. In the event of 10140 not holding, next support will come around 10033, where the bottom made in December 2017, is placed.

Meanwhile, immediate resistance on the hourly chart is placed around 10370, with the stop-loss of which, trading shorts can be held on to.

NIFTY EXTENDS CONSOLIDATION WITHIN 10470-10270 RANGE

NIFTY EXTENDS CONSOLIDATION WITHIN 10470-10270 RANGE

WORLD MARKETS

Dow gained 0.5% but S & P 500 and Nasdaq fell 0.1% and 0.2% respectively amid lingering trade war concerns.

Wall Street Journal reported that the White House was looking to impose tariffs on at least $30 billion of Chinese imports. However, White House National Trade Council Director Peter Navarro said that the U.S. could implement tariffs on imports without causing a trade war.

U.S. stocks were also pressured by news that special counsel Robert Mueller had subpoenaed President Donald Trump's businesses.

Dollar index gained about a third of a percent to reach 90.13 after Larry Kudlow, the incoming top White House economic advisor, said he favored a stronger dollar.

European markets gained 0.1%-0.9% with DAX on the top. U.K. decided to expel 23 Russian diplomats, over the chemical weapon attack on Russian former double agent in the English city of Salisbury.

AT HOME

Benchmark indices ended lower by nearly half a percent after a choppy trade. Sensex lost 150 points to settle at 33685 while finished at 10360, down 51 points. BSE mid-cap and small-cap indices however, gained 0.5% and 0.8% respectively. BSE Energy and Oil & Gas indices tumbled 1.2% and 1% respectively, becoming top losers among sectoral indices while Consumer Discretionary Goods & Services and Industrial indices were the top gainers, up 0.3% and 0.2% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 705 cr, 733 cr and 678 cr respectively. DIIs were net buyers to the tune of Rs 256 cr.

Rupee depreciated 11 paise to end at 64.93/$.

India trade deficit in February narrowed to a five-month low of $12 bn from $16.3 bn in January. Exports rose 4.5% y-o-y while imports rose 10.4%.

OUTLOOK

Today morning, Asian markets are trading with cuts of upto half a percent and SGX Nifty is suggesting about 40 points lower start for our market.

Nifty is in a consolidation mode after achieving 10470 target on Tuesday. As we have been mentioning 10470 is the two-third retracement level of the 10631-10141 fall, a crossover of which is required for a fresh upmove. If that happens, 10535 and 10631 would be the subsequent targets to eye.

On the way down, 10270 continues to be immediate support, a breach of which would generate a "sell" on the hourly chart and would pave the way for further correction. 10140 would be the next major support in that case.

10470-10270 CONTINUES TO BE IMMEDIATE RANGE

10470-10270 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

Dow and S & P 500 tumbled 1% and 0.6% respectively while Nasdaq lost 0.2% amid concerns over heightened trade tensions.

Boeing dropped 2.5%, contributing the most to the Dow's decline, after a report said President Trump wishes to slap $60 billion of tariffs on Chinese goods and markets feared China could target the aerospace giant in retaliation.

Trump yesterday tweeted "We cannot keep a blind eye to the rampant unfair trade practices against our Country!"

US retail sales declined for a third straight month as against the expectation of a 0.3% rise. Producer price index rose 0.2% last month. Core PPI — which excludes volatile food, energy and trade service prices — rose 0.4%. 

Yields on 10-year treasurys fell to 2.817%, their lowest level since early March.

US oil rose 25 cents to $60.96 and Brent rose 28 cents to 64.92/$.

European markets, except a 0.1% higher DAX, ended with modest cuts. Basic resources gained on the back of strong industrial production data in China.  Euro zone industrial production dropped in January by 1% month-on-month — more than markets were expecting, mainly due to a lower energy output.

AT HOME

After falling just under a percent in the first half, benchmark indices recouped most of the losses in second half to end just modestly lower. Sensex settled 21 points down at 33836 while Nifty finished at 104111, down 16 points. BSE mid-cap and small-cap indices gained 0.3% and 0.1% respectively. BSE Oil & Gas and Telecom indices tumbled 0.9% each, becoming top losers among sectoral indices while Bankex was the top gainer, up 0.6%, followed by 0.3% higher Consumer Durable index.

FIIs net sold stocks, index futures and stock futures worth Rs 259 cr, 218 cr and 309 cr respectively. DIIs were net sellers to the tune of Rs 432 cr.

Rupee appreciated 7 paise to end at 64.82/$.

In a blow to the BJP ahead of the 2019 general elections, the party lost bypolls to all three Lok Sabha seats it contested, including its bastion Gorakhpur, and Phulpur in Uttar Pradesh, besides Araria in Bihar.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.2%-0.8% and SGX Nifty is suggesting about 50 points lower start for our market.

Readers would recall that we had given target of 10470, which is the two-third retracement level of the recent 10631-10141 fall. Nifty, after achieving the same on Tuesday, slipped to 10336 yesterday before closing at 10410 and is set to open around 10350 today.

10270, as mentioned yesterday, continues to be immediate support, a breach of which would generate a "sell" on the hourly chart and would pave the way for further correction. 10140 would be the next major support in that case.

On the way up, a decisive crossover of 10470 is required for a fresh upmove and if that happens, 10535 followed by 10631, would be the subsequent targets to eye.