11550 IS THE NEXT SUPPORT; 11700 IMMEDIATE HURDLE
WORLD MARKETS
Dow fell 0.2% while S & P 500 and Nasdaq gained 0.1%
and 0.2% respectively, bracing for a busy week of corporate earnings.
US crude surged 2.7% or $1.70 to $65.70 and Brent climbed
2.9% or $2.07 to $74.04 a barrel, both hitting highest level since October 31,
2018, after the Trump administration announced that all oil buyers will have to
end imports from Iran in just over a week or be subject to U.S. sanctions.
US existing home sales for March fell 4.9% to a seasonally
adjusted annual rate of 5.21 million.
Earlier Shanghai composite fell 1.7% after reports
suggested China’s policy-making committee will pursue structural changes to its
economy, rather than add stimulus.
European markets were shut on account of Easter Monday.
AT HOME
Benchmark indices nosedived a percent and third, suffering
worst percentage fall in four months. Sensex settled at 38645, down 495 points
while Nifty lost 158 points to finish at 11594. BSE mid-cap and small-cap
indices fell 1.5% and 1.4% respectively.
Except 0.6% and 0.5% higher IT and Teck indices
respectively, all the BSE sectoral indices ended in red, with Oil & Gas and
Energy indices leading the losses, down 3.2% and 2.7% respectively.
FIIs net bought stocks and index futures worth Rs 73 cr
and 294 cr respectively but net sold stock futures worth Rs 454 cr. DIIs were
net sellers to the tune of Rs 68 cr.
Rupee depreciated 31 paise to end at 69.67/$.
OUTLOOK
Today morning, Asian markets are trading flat to modestly
lower and SGX Nifty is suggesting a flattish start for our market.
In yesterday's report we had said that 11660 was the
immediate support on the hourly chart, with the stop-loss of which trading
longs can be held on to.
Nifty broke this support in the first hour itself and
plunged all the way to 11583 before closing at 11594.
11550, the low made on 11th April, is now the important
support to eye. If that breaks, 34-DMA, placed around 11460, would be the next
level to eye.
11700 is the immediate hurdle on the upside, a crossover
of which is required for a fresh upmove.
Third Phase of General election will be held today. 116
constituencies across 13 states and two union territories will vote for the
same.
No comments:
Post a Comment