11572 IS THE NEXT HURDLE; 11311 IMMEDIATE SUPPORT

11572 IS THE NEXT HURDLE; 11311 IMMEDIATE SUPPORT

WORLD MARKETS

Dow rose 0.6% while S & P 500 and Nasdaq climbed 0.7% each as treasury yields stabilised.

Benchmark 10-year treasury yield, after touching a high of 2.454%, eased to end at 2.422%.

Housing starts fell 8.7% in February, widely missing expectations. Building permits declined, but at a slower rate than forecast by economists. Consumer confidence declined in March to 124.1 from 131.4 in February.

US oil rose 1.9% to $59.94 a barrel while Brent was up 70 cents at $67.89.

European markets gained 0.3%-0.9%.  U.K. lawmakers voted to seize control of the Brexit process on Monday evening, taking it away from Prime Minister Theresa May’s government. French GDP grew 0.3% in the final three months of last year. Meaning the economy grew 1.6% over the course of 2018. French industrial morale unexpectedly fell in March.

AT HOME

Benchmark indices soared more than a percent, with Nifty breaking 3-day losing streak. Sensex settled at 38233, up 424 points while Nifty added 129 points to finish at 11483. BSE mid-cap and small-cap indices gained 1.1% and 0.7% respectively. Except 0.6% and 0.4% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green with Bankex and Energy indices leading the tally, up 2.2% and 2.1% respectively.

FIIs net bought stocks worth Rs 999 cr but net sold index futures and stock futures worth Rs 1883 cr and 702 cr respectively. DIIs were net sellers to the tune of Rs 197 cr.

Rupee appreciated 7 paise to end at 68.86/$.

OUTLOOK

Today morning, Nikkei is down 0.7%, Hang Seng is flat while Shanghai is up 0.5%. SGX Nifty is suggesting about 15 points higher start for our market.

In yesterday's report we had said that 11311, the low made on Monday, was the immediate support while 11470 was the immediate hurdle on the way up.

Nifty soared 129 points to finish at 11483, crossing this hurdle.

11572, the top made last week, is now the next important resistance to eye, upon crossover of which, 11760, the top made in August 2018, would be the next hurdle.

11311, the bottom made on Monday, continues to be immediate support.