12160 CONTINUES TO BE IMMEDIATE HURDLE; 11925 IMMEDIATE SUPPORT

12160 CONTINUES TO BE IMMEDIATE HURDLE; 11925 IMMEDIATE SUPPORT

WORLD MARKETS

After starting lower on coronavirus concerns, US indices rebounded through the session to end with gains of 0.6%-1.1%, with the S & P 500 and Nasdaq hitting record highs led by solid gains in tech shares.

Brent crude slipped $1.14, or 2%, to $53.33 per barrel to hit 14-month low, while U.S. WTI fell 75 cents, or 1.5%, to settle at $49.57 per barrel, its lowest level in 13 months.

Main European markets fell 0.2%-0.3%.

AT HOME

Sensex and Nifty fell 0.4% and 0.6% respectively, extending the losing streak to second straight day. Sensex lost 162 points to settle at 40979 while Nifty finished at 12031, down 66 points. BSE mid-cap and small-cap indices fell 0.8% and 0.4% respectively, breaking 5-day winning streak. All the BSE sectoral indices ended in red with Metal and Auto indices leading the losses, down 3.1% and 2.4% respectively.

FIIs net sold stocks and index futures worth Rs 185 cr and 410 cr respectively but net bought stock futures worth Rs 344 cr. DIIs were net sellers to the tune of Rs 736 cr.

Rupee appreciated 15 paise to end at 71.30/$.

OUTLOOK

Today morning, Hang Seng and Shanghai are up 1% and 0.2% respectively, Nikkei is shut while SGX Nifty is suggesting about 40 points higher start for our markets.

In yesterday's report we had said that 12160, the top made last week, continued to be important immediate hurdle while 11925 continued to be immediate support.

Nifty, after touching a low of 11990, rebounded to close at 12031 and is set to open above 12050 today.

11925 continues to be immediate support while 12160, the top made last week, continues to be important immediate hurdle, a crossover of which is required for a fresh upmove.

Meanwhile, trading longs can be held on to with the stop-loss of 11925.

Counting for Delhi Assembly Election will be done today.