11796-11624 IS THE IMMEDIATE RANGE

11796-11624 IS THE IMMEDIATE RANGE

WORLD MARKETS

US indices ended with modest gains, with the S & P 500 and Nasdaq hitting fresh record high.

The core personal consumption expenditures index — the Fed’s preferred measure of inflation — remained unchanged in March, as against expected a gain of 1.7%. Earlier, data showed US GDP growth stood at an annualized rate of 3.2% in the first quarter of 2019, beating analyst expectations.

US crude rose 20 cents to $63.50 a barrel while Brent fell 11 cents to $72.04. On Friday, both had fallen nearly 3% after Trump told reporters that he had called OPEC and told the cartel to lower oil prices.

European markets ended with modest gains. Sentiment in the bloc fell to 104.0 points in April, down from 105.6 in March, also marking its 10th consecutive month and its lowest level in more than two years.

The U.S. and China are set to resume trade talks today. U.S. Treasury Secretary Steven Mnuchin said in an interview on Sunday that negotiations between the two economic powerhouses were in “the final laps,”.

AT HOME

Benchmark indices soared nearly a percent to end the week on a positive note. Sensex added 336 points to settle at 39067 while Nifty finished at 11754, up 112 points. BSE mid-cap and small-cap indices however ended with cuts of 0.4% and 0.2% respectively. BSE Metal index and Bankex soared 1.9% and 1.5% respectively, becoming top gainers among the sectoral indices while Auto and Consumer Durable indices were the top losers, down 1.1% and 1% respectively.

FIIs net sold stocks worth Rs 71 cr but net bought index futures and stock futures worth Rs 304 cr and 1022 cr respectively. DIIs were net buyers to the tune of Rs 133 cr.

Rupee appreciated 24 paise to end at 70.01/$.

For the week, Sensex lost 0.2% while Nifty ended flat.

Yes Bank reported highest ever quarterly loss of over Rs 1500 cr. Asset quality as well as slippages too were worst in the history of the bank. Gross NPA ratio rose to 3.22% from 2.1% q-o-q and slippages surged 51% to Rs 3481 cr. Loan growth at 18.7% was the lowest in 3 years.

Hero Motocorpo reported weak numbers as expected. Margins fell for the 4th consecutive quarter, falling 240 bps y-o-y to 13.5%.

OUTLOOK

China's official manufacturing PMI for April has come in below expectation at 50.1 Vs 50.5 in March. Composite PMI is at 53.4 Vs 54. Caixin/Markit manufacturing PMI too has come in below expectation at 50.2.

Today morning, Nikkei is shut, Hang Seng is down 0.2% while Shanghai is up 0.3%. SGX Nifty is suggesting about 30 points higher start when compared to Friday's close of Nifty futures.

On Friday, Nifty traded within the 11796-11624 range made on Thursday and these continue to be immediate resistance-support levels to eye.

Upon crossover of 11796, 11856, the top made last week, would be the next target to eye.

Below 11624, 11550 would be the crucial support to eye.

Traders are advised to hold long positions with the stop-loss of 11624.

Kotak Mahindra Bank and TVS Motors will report their quarterly earnings today.