10470, 10535 ARE UPSIDE TARGETS; STAY LONG WITH THE STOP-LOSS OF 10270

10470, 10535 ARE UPSIDE TARGETS; STAY LONG WITH THE STOP-LOSS OF 10270

WORLD MARKETS

Dow and S & P 500 fell 0.6% and 0.1% respectively while Nasdaq, boosted by tech giants Apple and Amazon, gained 0.4%

Trump implemented import tariffs on steel and aluminum. While Canada and Mexico — two key U.S. trade partners — were excluded from the tariffs, markets are worried that other countries could retaliate by imposing tariffs on U.S. goods.

European markets, except a 0.1% lower FTSE, gained upto 0.6%. The commodities sector closed slightly lower as metal prices came under pressure.

AT HOME

Sensex and Nifty soared 1.83% and 1.9% respectively, registering biggest single day gain since October 2016 and May 2016 respectively. Sensex settled 610 points higher at 33918 while Nifty added 194 points to finish at 10421. BSE mid-cap and small-cap indices gained 0.8% and 0.6% respectively. All the BSE sectoral indices ended in green with Telecom and Metal indices leading the tally, up 2.6% and 2.3% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 375 cr, 2398 cr and 982 cr respectively. DIIs were net sellers to the tune of Rs 465 cr.

Rupee appreciated 13 paise to end at 65.04/$.

India's retail inflation, as measured by CPI, fell to 4.4% in February from 5.07% in January on easing food inflation. Core CPI eased to 5.1% from 5.14%.

Factory output, measured by the index of industrial production, rose 7.5% in January, up from 7.1% in December.

OUTLOOK

Today morning, Asian markets are trading with modest cuts and SGX Nifty is suggesting a marginally lower start for our market.

In yesterday's report we had reiterated the view that 10370 is the immediate hurdle, a crossover of which will generate a "Buy" on the hourly chart and 10470, the two-third retracement level of the recent 10632-10141 fall, would be the next upside target if that happens.

Nifty crossed 10370 hurdle and surged all the way to 10433 before closing at 10421 and is set to open marginally lower today.

10470 continues to be immediate upside target above which 10535 would be the next target to eye.

10270 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.