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.