11400 CONTINUES TO BE NEXT IMPORTANT SUPPORT; 11825 IMMEDIATE HURDLE

11400 CONTINUES TO BE NEXT IMPORTANT SUPPORT; 11825 IMMEDIATE HURDLE

WORLD MARKETS

Dow and S & P 500 plunged 4.4% each while Nasdaq collapsed 4.6% on worries that the coronavirus may be spreading in the U.S. The Dow had its worst day since February 2018 while the Nasdaq and S&P 500 posted their biggest one-day loss since August 2011.

The CDC confirmed on Wednesday evening the first U.S. coronavirus case of unknown origin in Northern California, indicating possible “community spread” of the disease. Yesterday, California Gov. said the state is monitoring 8,400 people for coronavirus.

Meanwhile South Korea has confirmed a total of more than 1,700 cases while more than 600 people have contracted the virus in Italy.

Microsoft cut its revenue guidance for its personal computing division as the supply chain is “returning to normal operations at a slower pace than anticipated,”. PayPal also issued a warning about its outlook.

The benchmark 10-year Treasury yield dipped below 1.25%, hitting a record low.

Brent crude fell 2.3% to $52.18 per barrel while WTI fell 3.4% to settle at $47.09, both hitting more than 1-year low.

European markets tumbled 2.7%-3.6%. Euro zone economic sentiment in February came in at 103.5, up from 102.6 in January and beating consensus expectations for a reading of 102.2, while consumer confidence came in at -6.6, up from -8.1 in January.

AT HOME

Benchmark indices fell four tenth of a percent, extending the losing streak to fifth straight day and Nifty closing at the lowest level in four months. Sensex lost 143 points to settle at 39745 while Nifty finished at 11633, down 45 points. Nifty mid-cap and small-cap indices fell 0.8% and 1.3% respectively, extending the losing streak to fourth straight day. Except 0.7% and 0.2% higher Consumer Durables and Healthcare indices respectively, all the BSE sectoral indices ended in red with Realty and Oil & Gas indices leading the tally, down 2.1% and 1.3% respectively.

FIIs net sold stocks and index futures worth Rs 3127 cr and 2200 cr respectively but net bought stock futures worth Rs 726 cr. DIIs were net buyers to the tune of Rs 3498 cr.

Rupee appreciated 3 paise to end at 71.63/$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 1.7-3.3% and SGX Nifty is suggesting about 180 points lower start for our market.

In yesterday's report we had said that 11614, was the next important support, below which, 20-month moving average, placed around 11400, would be the next support. We had also advised holding on to short positions with the stop-loss of 11940.

Nifty broke 11614 support and plunged all the way to 11536, but rebounded from there to end at 11633. The benchmark however is set to open near 11450 today.

11400, where 20-month moving average is placed, continues to be next important support to eye. Below 11400, 11230, the 67% retracement level of the entire 10637-12430 upmove, would be the next support.

Immediate hurdle, after today’s gap down opening, would have moved lower to 11825, with the stop-loss of which, trading shorts can be held on to.

Q3 GDP data will be released today and is expected to show a growth of 4.6%, as against 4.5% growth of Q2 and 6.6% figure of Q3 lat year.

NIFTY NEARS CRUCIAL SUPPORTS; 11940 IS IMMEDIATE HURDLE

NIFTY NEARS CRUCIAL SUPPORTS; 11940 IS IMMEDIATE HURDLE

WORLD MARKETS

After gaining more than a percent in the initial trade, Dow and S & P 500 saw a sustained downward move through rest of the session to end with cuts of 0.5% and 0.4% respectively while Nasdaq gained just 0.2% as the 10-year Treasury yield traded at a record low amid concerns over the coronavirus spreading even further.

After hovering around 1.36% earlier in the day, the 10-year Treasury yield slid to an all-time low of 1.3%  after Bloomberg News cited a Food and Drug Administration official saying the coronavirus was on the cusp of a pandemic.

Brent crude fell $1.52 or 2.7% to settle at $53.43 per barrel, while WTI fell 2.34%, or $1.17, to $48.73 per barrel.

In Europe, FTSE and CAC gained 0.4% and 0.1% respectively while DAX fell 0.1%. French consumer confidence slightly exceeded expectations to remain stable in February at a reading of 104.

AT HOME

Sensex and Nifty nosedived 1% each, extending the losing streak to fourth straight day and closing at the lowest level since 3rd February and 1st February respectively. Sensex settled at 39888, down 392 points while Nifty lost 119 points to finish at 11678. BSE mid-cap and small-cap indices fell 1.3% and 0.8% respectively. Except 0.2% higher Telecom index, all the BSE sectoral indices ended in red with Realty index leading the fall, down 2.2%, followed by 2.1% lower Auto and Capital Goods indices.

FIIs net sold stocks, index futures and stock futures worth Rs 3337 cr, 1262 cr and 1477 cr respectively. DIIs were net buyers to the tune of Rs 2786 cr.

Rupee appreciated 9 paise to end at 71.64/$.

OUTLOOK

Today morning, Nikkei and Hang Seng are down 1.4% and 0.6% respectively while Shanghai is marginally higher. SGX Nifty is suggesting about 30 points lower start for our market.

In yesterday's report we had said that 11684, where 200-DMA was placed, was the next immediate support, upon breach of which, 11614, the bottom made on 3rd February, would be the next crucial support. We had also advised holding on to short positions with the stop-loss of 11985.

Nifty, after achieving 200-DMA target, fell further to 11640 and finally closed at 11678.

11614, the bottom made on 3rd February, continues to be next important support to eye. If 11614 breaks, 20-month moving average, placed around 11400, would be the next support.

Immediate hurdle on the hourly chart has moved lower to 11940, with the stop-loss of which, trading shorts can be held on to.

11684, 11614 ARE DOWNSIDE SUPPORTS; 11985 IS IMMEDIATE HURDLE

11684, 11614 ARE DOWNSIDE SUPPORTS; 11985 IS IMMEDIATE HURDLE

WORLD MARKETS

US indices nosedived 2.8%-3.2%, adding to Monday's steep losses as 10-year Treasury yield hit a record low and health officials warned of a possible coronavirus outbreak in the U.S.

The 10-year US Treasury yield traded at 1.33%, hitting an all-time low. The 30-year U.S. bond yield also reached a record low.

Centers for Disease Control and Prevention (CDC) officials briefed the U.S. on how to get ready if the coronavirus outbreak worsens domestically.

South Korean authorities have confirmed more than 900 cases within the country’s borders. Meanwhile, Italy has been the worst affected country outside of Asia, with more than 200 reported cases. Iran also confirmed at least 12 deaths.

Brent crude tumbled $1.48 to trade at $54.86 per barrel while WTI slipped $1.53 to settle at $49.90 per barrel, extending the losing streak to third straight day.

European markets fell 1.4%-2.4%. German economy grew by 0.6% in 2019, the weakest rate of expansion since the euro zone debt crisis in 2013.

AT HOME

Sensex and Nifty ended lower by 0.2% and 0.3% respectively, extending the losing streak to third straight day. Sensex settled at 40281, down 82 points while Nifty lost 31 points to finish at 11797. BSE mid-cap and small-cap indices fell 0.4% each. BSE Energy index slipped 1.6%, becoming top loser among the sectoral indices, followed by 1.2% lower Oil & Gas and Healthcare indices. Realty and Telecom indices were the top gainers, up 1% and 0.9% respectively.

FIIs net sold stocks and stock futures worth Rs 2315 cr and 1553 cr respectively but net bought index futures worth Rs 1470 cr. DIIs were net buyers to the tune of Rs 1565 cr.

Rupee appreciated 19 paise to end at 71.73/$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.9%-1.6%. SGX Nifty is suggesting about 100 points lower start for our market.

In yesterday's report we had said that 11813, the low made Monday was the immediate support, below which, 11614, the bottom made in early February, would be the next support.

Nifty broke 11813 support and went all the way to 11780 before closing at 11797 and is set to open near 11700 today .

11684, where 200-DMA is placed, is the next immediate support, upon breach of which, 11614, the bottom made on 3rd February, would be the next crucial support.

11985 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

11813 IS THE IMMEDIATE SUPPORT; 12012 IMMEDIATE HURDLE

11813 IS THE IMMEDIATE SUPPORT; 12012 IMMEDIATE HURDLE

WORLD MARKETS

US indices nosedived 3.4%-3.7% as the coronavirus cases outside China surged, stoking fears of a prolonged global economic slowdown. This was the worst fall in 2 years for the Dow and S & P 500, which wiped out 2020 gains for the Dow.

South Korea raised its coronavirus alert to the “highest level” over the weekend, with the latest spike in numbers bringing the total infected to more than 800 — making it the country with the most cases outside mainland China. Outside of Asia, Italy has been the worst affected country so far, with more than 130 reported cases and three deaths.

The benchmark 10-year US note yield fell to 1.369%, putting the key rate close to it all-time low closing around 1.36%. Gold futures jumped 1.7% to around $1,676.60 per ounce to hit its highest level since January 2013.

WTI crude shed 3.65%, or $1.95, to settle at $51.43 per barrel for its worst day since Jan. 8, while Brent crude fell $2.20, or 3.8%, to  $56.30.

European markets tumbled 3.3%-5.4%. German Ifo business climate index for February rose to 96.1 from 96.0 in January, to defy consensus forecasts for a fall to 95.3.

AT HOME

Benchmark indices nosedived 2% to hit 3-week lows as European markets and US futures sank on coronavirus worries as cases outside of China surged over the weekend. Sesnex slipped 806 points to settle at 40363 while Nifty finished at 11829, down 251 points. BSE mid-cap and small-cap indices fell 1.6% each. All the BSE sectoral indices ended in red with the Metal index leading the losses, down 5.7%, followed by 3.3% lower Auto and Telecom indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1161 cr, 1238 cr and 990 cr respectively. DIIs were net buyers to the tune of Rs 516 cr.

Rupee depreciated 27 paise to end at 71.92/$.

OUTLOOK

Today morning, Nikkei and Shanghai are down 3% and 1% respectively while Hang Seng is little changed. US futures are up around a percent. SGX Nifty is suggesting about 50 points higher start for our market.

In yesterday's report we had said that 11990 was the immediate support to eye upon breach of which, 11908, the bottom made last week, would be the next support.

Nifty broke 11990 support and plunged all the way to 11813 before closing at 11829 and is set to open near 11900 today.

11813, the low made yesterday, which roughly coincided with the 67% retracement level of the recent 11614-12247 upmove placed at 11823, is the immediate support to eye. Below 11813, 11614, the bottom made in early February, would be the next support.

12012, the top made yesterday, would act as immediate hurdle.

11908 BELOW 11990; 12152 IS THE IMMEDIATE HURDLE

11908 BELOW 11990; 12152 IS THE IMMEDIATE HURDLE

WORLD MARKETS

US indices fell 0.8%-1.8% on Friday, extending Thursday's losses, after the number of new coronavirus cases escalated, fueling worries over a pronounced global economic slowdown.

China’s National Health Commission said another 889 cases had been confirmed in the mainland, while the death toll rose by 118 to 2,236. South Korea  also reported more than 200 cases. Also, data from the China Passenger Car Association showed auto sales plummeted by 92% in the first two weeks of February.

IHS Markit  said activity in the U.S. services sector hit its lowest level in more than six years, noting confidence was “subdued” to the coronavirus.

Safe haven buying pushed the 30-year bond yield to an all-time low, breaking below 1.9%. Gold hit a fresh seven-year high, gaining more than 1%.

Brent crude fell 1.4% to $58.46 a barrel, while U.S. crude dropped 0.9% to $53.38 a barrel.

European markets fell 0.4%-0.6%. Euro zone composite flash PMI came in at 51.6 in February, up from 51.3 in January and beating forecasts, while manufacturing jumped to 49.1 from 47.9, hitting a 12-month high and significantly exceeding expectations of 47.5. U.K. composite PMI came in at 53.3 in February, beating the forecast of 52.8.

For the week, US indices fell more than 1%. Brent and  U.S. crude rose 1.8% and 2.3% respectively, extending the rising streak to second straight week.

AT HOME

After rising modestly in the morning session, benchmark indices slipped in noon trade to end lower by four tenth of a percent on the last day of the truncated trading week. Sensex settled at 41170, down 152 points while Nifty lost 45 points to finish at 12080. Nifty mid-cap and small-cap indices however rose 0.7% and 0.4% respectively, extending the winning streak to second straight day. BSE Energy index fell 1%, becoming top loser among the sectoral indices, followed by 0.8% lower Oil & Gas and IT indices. Metal and Telecom indices were the top gainers, up 0.9% and 0.6% respectively.

FIIs net bought stocks and stock futures worth Rs 1495 cr and 97 cr respectively but net sold index futures worth Rs 753 cr. DIIs were net sellers to the tune of Rs 700 cr.

Rupee depreciated 13 paise to end at 71.65/$.

For the week, Sensex and Nifty lost 0.2% and 0.3% respectively, breaking two-week winning streak.

OUTLOOK

Today morning, Nikkei is shut while Hang Seng and Shanghai are down 0.9% and 0.3% respectively. SGX Nifty is trading around 11960, suggesting around 120 points lower start for our market when compared to Thursday's close of Nifty future, 12080.

In Thursday's report we had said that 12247, the top made the previous week, was the next upside target/resistance to eye and 12042-12030, the gap created by Wednesday's gap-up opening, would  act as the immediate support zone.

Nifty, after touching a high of 12152, slipped to end at 12080 and is set to open below 12000 today.

11990, the 67% retracement level of the recent 11908-12152 upmove, would be the support to eye in case of today's gap down opening. Upon sustained trading below 11990, 11908, the bottom made last week, would be the next support.

12152, the top made on Thursday, would now work as immediate hurdle.

12272 NEXT UPSIDE TARGET; 12040 IS THE IMMEDIATE SUPPORT

12272 NEXT UPSIDE TARGET; 12040 IS THE IMMEDIATE SUPPORT

WORLD MARKETS

US indices rose 0.4%-0.9%, with the S & P 500 and Nasdaq hitting record highs as tech shares outperformed.

China’s National Health Commission yesterday reported an additional 1,749 cases of the coronavirus nationwide which is the lowest number of newly confirmed cases since late January.

US producer price index (PPI) rose by 0.5% in January, marking its biggest one-month increase since October 2018. Minutes of the latest Fed meeting showed central bank officials think rates will remain at current levels for the time being.  The minutes also reflected the coronavirus was being monitored by the Fed.

Brent crude climbed $1.58, or 2.7%, to $59.33 per barrel, while WTI gained $1.24, or 2.38%, to settle at $53.29 per barrel.

European markets climbed 0.8%-1%. U.K. inflation unexpectedly hit a six-month high in January, with consumer prices rising at an annual rate of 1.8% versus 1.3% in December.

AT HOME

Bulls made a spectacular come back as benchmark indices soared 1.1% each, breaking 4-day losing streak. Sensex settled at 41323, up 428 points while Nifty added 133 points to finish at 12125. NSE Mid-cap and Small-cap indices soared 1.5% and 1.3% respectively, breaking 5-day losing streak. All the BSE sectoral indices ended in green with Energy and Healthcare indices leading the tally, up 2.4% and 2.1% respectively.

FIIs net sold stocks worth Rs 191 cr but net bought index futures and stock futures worth Rs 994 cr and 768 cr respectively. DIIs were net buyers to the tune of Rs 590 cr.

OUTLOOK

Today morning, Nikkei is up nearly a percent and half while Shanghai and Hang seng are little changed. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that 12115 was the immediate hurdle on the hourly chart, a crossover of which is required for a fresh upmove.

Nifty crossed 12115 hurdle and went all the way to 12135 before closing at 12125.

12247, the top made last week, is the next upside target/resistance to eye.

12042-12030, the gap created by yesterday's gap-up opening, would now act as the immediate support zone.

NIFTY REBOUNDS AFTER ACHIEVING 11930 TARGET; 12115 IS THE IMMEDIATE HURDLE

NIFTY REBOUNDS AFTER ACHIEVING 11930 TARGET; 12115 IS THE IMMEDIATE HURDLE

WORLD MARKETS

Dow and S & P 500 fell 0.6% and 0.3% respectively while Nasdaq ended flat, weighing a stark warning from tech giant Apple.

Apple fell 1.8% after cautioning that it does not expect to meet its quarterly revenue forecast, citing slowed production and weakened demand in China as a result of the coronavirus outbreak.

The benchmark 10-year U.S. Treasury yield fell to around 1.55%. Gold futures climbed more than 1% to settle at $1,603.60 per ounce.

Brent crude rose 8 cents to $57.75 per barrel while WTI futures settled unchanged at $52.05.

European markets fell 0.5%-0.8%. On the data front, U.K. employment jumped again in the final quarter of 2019. Germany's ZEW survey showed economic sentiment fell to 8.7 from 26.7 in January, against  expectations of a 21.5 reading.

AT HOME

After falling more than a percent, benchmark indices saw a smart rebound in late noon trade to end lower by just 0.4%. This was however the fourth straight day of fall for both the indices. Sensex settled at 40894, down 161 points while Nifty lost 53 points to finish at 11992. BSE mid-cap and small-cap indices fell 0.5% and 0.4% respectively.  BSE Telecom index tumbled 4.2%, becoming top loser among the sectoral indices, followed by 1.2% lower Metal index. IT and Oil & Gas indices were the top gainers, up 0.5% and 0.2% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 74 cr, 460 cr and 1101 cr respectively. DIIs were net sellers to the tune of Rs 309 cr.

Rupee depreciated 22 paise to end at 71.52/$.

Shree Cements will replace Yes Bank in Nifty from March 27.

OUTLOOK

China's National Health Commission said there was a total of 74185 confirmed cases as of Feb 18 and 2004 people have died so far.

Today morning, Shanghai is down 0.3% while Nikkei and Hang Seng are up 0.4% and 0.2% respectively. SGX Nifty is suggesting about 40 points higher start for our market.

Readers would recall that we had turned our view on Nifty negative after 12100 support was breached and had given targets of 11930 and 11825 after 11990 target was achieved.

Yesterday, Nifty, after achieving 11930 target, fell further to 11908, from where it rebounded to end at 11992 and is set to open above 12000 today.

12115 is the immediate hurdle on the hourly chart, a crossover of which is required for a fresh upmove. If that happens, 12247, the top made last week, would be the next target/resistance to eye.

11908, the low made yesterday, is the immediate support, upon breach of which 11825 would be the next support.

STAY SHORT WITH THE STOP-LOSS OF 12150

STAY SHORT WITH THE STOP-LOSS OF 12150

WORLD MARKETS

US markets were shut yesterday for the President’s Day holiday.

Main European markets gained three tenth of a percent each after China’s central bank cut interest rates in a bid to aid its economy amid the coronavirus outbreak.

The People’s Bank of China announced that it would provide medium-term funding of 200 billion yuan ($29 billion) to commercial lenders and cut its main interest rate by 10 basis points to 3.15%.

Brent crude fell 8 cents to $57.24 a barrel while WTI rose 2 cents to $52.07.

AT HOME

Sensex and Nifty slipped 0.6% and 0.5% respectively, extending the losing streak to third straight day. Sensex lost 202 points to settle at 41055 while Nifty finished at 12045, down 67 points. Nifty mid-cap and small-cap indices tumbled 0.9% and 1.3% respectively, extending the losing streak to fourth straight day. Oil & Gas and Utilities indices fell 2.4% and 2.1% respectively, becoming top losers among the sectoral indices while Consumer Durables index rose 1.6%, becoming top gainer, followed by 0.3% higher IT index.

FIIs net sold stocks and stock futures worth Rs 374 cr and 611 cr respectively but net bought index futures worth Rs 520 cr. DIIs were net sellers to the tune of Rs 154 cr.

Rupee appreciated 10 paise to end at 71.30/$.

OUTLOOK

Apple has warned it may not meet its quarterly revenue forecast because of lower iPhone supply globally and lower Chinese demand as a result of disruptions from the coronavirus outbreak. Owing to this, Apple suppliers in Asia are trading lower this morning.

Asian markets are trading with cuts of 0.2%-1% and SGX Nifty is suggesting about 30 points lower start for our market.

In yesterday's report we had said that 20-DMA, placed around 12060, was the next support, upon breach of which, 11990, the bottom made last week, would be the next important support.

Nifty, after achieving 12060 target, fell further to touch a low of 12037 and finally closed at 12045.

11990, the bottom made last week, continues to be the next important support. If 11990 gets violated, 11930 and 11825, the 50% and 67% retracement levels of the recent 11614-12246 upmove, would be next support levels to eye.

Immediate hurdle on the hourly chart is placed around 12150, with the stop-loss of which, trading shorts can be held on to.

12060, 11990 ARE SUPPORTS; 12272 IS THE HURDLE

12060, 11990 ARE SUPPORTS; 12272 IS THE HURDLE

WORLD MARKETS

Dow ended marginally in the red while S & P 500 and Nasdaq rose 0.2% each after digesting the latest batch of consumer data and earnings.

Core retail sales, which exclude autos, gas, building materials and food services, were unchanged last month.

Nvidia and Expedia shares soared 7% and 11% respectively after  quarterly results beat analyst expectations.

China’s National Health Commission on Friday reported an additional 121 coronavirus deaths nationwide, with 5,090 new confirmed cases of the coronavirus.

Brent crude rose 89 cents or 1.6% to $57.23 per barrel while WTI gained 63 cents or 1.2% to $52.05

In Europe, FTSE and CAC fell 0.6% and 0.4% respectively while DAX ended flat.  Euro zone economic growth slowed as expected to 0.1% in the last quarter of 2019 while a figure for Germany showed its economy stagnated.

For the week, US indices rose 1%-2.2%, extending the winning streak to second-straight week. In Europe, DAX and CAC rose 1.7% and 0.7% respectively but FTSE fell 0.8%. In Asia, Hang Seng and Shanghai climbed 1.5% each but Nikkei eased 0.6%. Brent rose 4.4% and WTI climbed 3.8%, breaking 5-week losing streak.

AT HOME

After rising nearly half a percent in the initial trade, benchmark indices reversed these gains through the session to end lower by half a percent, extending the losing streak to second straight day. Sensex settled at 41257, down 202 points while Nifty lost 61 points to finish at 12113. BSE mid-cap and small-cap indices fell 0.8% and 0.4% respectively. BSE Utilities and Power indices tumbled 2.6% and 2.3% respectively, becoming top losers among the sectoral indices while Telecom index soared 2.5%, becoming top gainer, followed by 0.5% higher energy index.

FIIs net sold stocks and stock futures worth Rs 705 cr and 513 cr respectively but net bought index futures worth Rs 109 cr. DIIs were net buyers to the tune of Rs 220 cr.

Rupee depreciated 11 paise to end at 71.40/$.

The Supreme Court slammed telecom companies for not paying dues worth thousands of crores to the government and summoned their top executives to explain why they did not follow the court's order to pay up. The court asked the operators to deposit the amount by March 17.

January WPI inflation came in at 3.1%.

For the week, Sensex and Nifty gained 0.3% and 0.1% respectively, extending the rising streak to second straight week.

OUTLOOK

Data from Japan revealed that economy shrunk at an annualized pace of 6.3% in the December quarter. On-quarter, GDP fell 1.6%. Owing to this, Nikkei is down 0.6% while Shanghai and Hang Seng are up 0.9% and 0.5% respectively. SGX Nifty is suggesting a flattish start for our market.

In Friday's report we had said that 12100 continued to be immediate support while 12272, the top made on 24th January, continued to be immediate resistance.

Nifty, after touching a low of 12091, closed at 12113.

20-DMA, placed around 12060, is the next support, upon breach of which, 11990, the bottom made last week, would be the next important support.

12272 continues to be upside target/resistance to eye.

12272 CONTINUES TO BE UPSIDE TARGET; 12100 IMMEDIATE SUPPORT

12272 CONTINUES TO BE UPSIDE TARGET; 12100 IMMEDIATE SUPPORT

WORLD MARKETS

US indices fell 0.1%-0.4%, reacting to a jump in reported coronavirus cases and the virus’ possible economic impact

China said it confirmed 15,152 new cases and 254 additional deaths, bringing country’s total death toll to 1,367 as the number of people infected jumped to nearly 60,000, according to the Chinese government.

Cisco fell more than 5% after the company reported another decline in overall revenue. PepsiCo, Alibaba and Applied Materials all reported quarterly earnings that beat expectations.

On the data front, weekly jobless claims rose marginally, but remained near multi-decade lows. The U.S. Consumer Price Index rose 2.5% on a year-over-year basis in January.

Brent crude rose 55 cents, or 1%, to settle at $56.34 per barrel while WTI rose 25 cents, or 0.49%, to $51.42, extending the winning streak to third straight day.

In Europe, FTSE plunged 1.1%, CAC fell 0.2% while DAX was flat.

AT HOME

Benchmark indices fell nearly a fourth of a percent, breaking two-day winning streak. Sensex settled at 41456, down 106 points while Nifty lost 26 points to finish at 12174. BSE mid-cap index fell 0.2% while small-cap index ended flat. BSE Bankex tumbled 1%, becoming top loser among the sectoral indices, followed by 0.8% lower Finance index. Healthcare and Consumer Durables indices were the top gainers, up 0.9% each.

FIIs net bought stocks and stock futures worth Rs 1061 cr and 523 cr respectively but net sold index futures worth Rs 1235 cr. DIIs were net buyers to the tune of Rs 960 cr.

Rupee appreciated 6 paise to end at 71.29/$.

OUTLOOK

China's Hubei province has reported an additional 116 deaths and 4,823 new confirmed cases as of the end of Feb. 13.

Today morning, Nikkei is down 0.6% while Hang Seng and Shanghai are trading with modest gains. SGX Nifty is suggesting a marginally higher start for our market.

In yesterday's report we had said that 12272, the top made on 24th January, continued to be next upside target while 12100 was the immediate support, with the stop-loss of which, trading longs should be held on to.

Nifty touched a low of 12140 before closing at 12174.

12100 continues to be immediate support below which 11990, the low made on Monday, would be the next support.

12272, the top made on 24th January, continues to be next upside target/resistance above which 12430, the top made in January, would be the next level to eye.

Meanwhile, trading longs can be held on to with the stop-loss of 12100.

ONGC, Glenmark Pharma and Sun TV will report their quarterly earnings today.

NIFTY NEARS 12272 TARGET; 12100 IS THE IMMEDIATE SUPPORT

NIFTY NEARS 12272 TARGET; 12100 IS THE IMMEDIATE SUPPORT

WORLD MARKETS

Dow and Nasdaq climbed 0.9% each while S & P 500 rose 0.6% to hit record highs.

China’s National Health Commission reported 97 additional deaths and 2015 new cases of coronavirus with total confirmed cases passing 44,000. However, the pace of new reported cases appears to be slowing down as they hit their lowest levels since late January

WTI crude climbed 2.46%, or $1.23, to $51.17 per barrel while Brent crude rallied 3.3%, or $1.78, to $55.79 as traders eyed deeper production cuts from OPEC, and as China reported the lowest number of new coronavirus cases since the end of January, easing concerns about a drop-off in demand for oil.

European markets rose 0.5%-0.9%. Euro zone manufacturing output plunged more than expected in December, falling 2.1% month-on-month against the expected 1.6% slide.

AT HOME

Benchmark indices climbed 0.8% each, extending the winning streak to second straight day and closing at the highest level since 24th January, marking a 3-week high. Sensex settled at 41566, up 350 points while Nifty added 93 points to finish at 12201. BSE mid-cap and small-cap indices however fell 0.3% and 0.2% respectively. BSE FMCG index surged 1.9%, becoming top gainer among the sectoral indices, followed by 0.8% higher Bankex. Power and Realty indices were the top losers, down 1% and 0.8% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 49 cr, 1145 cr and 444 cr respectively. DIIs were net buyers to the tune of Rs 339 cr.

Rupee depreciated 12 paise to end at 71.35/$.

January CPI hit a 6-year high of 7.59% as food prices remain elevated and fuel & light inflation rose. December IIP contracted 0.3%, weighed by decline in manufacturing, capital goods and consumer durables.

OUTLOOK

China’s Hubei province has reported a spike in the number of new coronavirus cases, after the province said it started to include “clinically diagnosed” cases in its tally.

Asian markets are trading flat to modestly higher and SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that upon crossover of 12172, 12272, the top made on 24th January, would be the next target.

Nifty crossed 12172 hurdle and surged all the way to 12231 before closing at 12201.

12272, the top made on 24th January, continues to be next upside target. Above 12272, 12430, the top made in January, would be the next major target/resistance to eye.

12100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.