14977 BELOW 15078; 15250 IS THE IMMEDIATE HURDLE

 

14977 BELOW 15078; 15250 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% each while Nasdaq slipped 0.7% after a worse-than-expected reading on jobless claims as well as weak guidance from Walmart. 

 

First-time filings for jobless claims totaled 861,000 last week, the highest in a month and above the estimate of 773,000. Other data showed the homebuilding market slowing amid high lumber prices and a significant jump for import prices.

 

Brent crude fell 0.64% to settle at $63.93 while WTI crude futures slid 1.01% to settle at $60.52 a barrel. Data from EIA showed Crude inventories fell by 7.3 million barrels in the week to Feb. 12, higher than the expected decline of 2.4 million barrels.

 

Treasury Secretary Janet Yellen said a large Covid relief package is still needed for a full recovery in the U.S.

 

US 10-year Treasury yield fell 1.1 bps to 1.286%, while that on the 30-year bond rose 0.9 bps to 2.076%. The dollar index fell 0.33% to 90.601. Spot gold inched 0.1% lower to $1,774.21 per ounce.

 

European markets fell 0.2%-1.4%

 

AT HOME

 

Sensex and Nifty slipped 0.7% and 0.6% respectively, extending the losing streak to third straight day. This was the first three-day losing streak this month. Sensex settled at 51324, down 379 points while Nifty lost 90 points to finish at 15119. Nifty mid-cap and small-cap indices however bucked the trend, rising 0.5% and 1% respectively. BSE Oil & Gas and Utilities indices surged 4.2% and 3.9% respectively, becoming top gainers among the sectoral indices while Auto index and Bankex were the top losers, down 1.4% and 1.2% respectively.

 

FIIs net bought stocks worth Rs 903 cr but net sold index futures and stock futures worth Rs 18 cr and 1195 cr respectively. DIIs were net sellers to the tune of Rs 1217 cr.

 

Rupee appreciated 9 paise to end at 72.65/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1% and SGX Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had reiterated the view that 15080 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 15078, closed at 15118 and is set to open near yesterday's low today.

 

A breach of 15078, the low made yesterday, would confirm a "Sell" on the hourly chart and pave the way for further correction. 14977, the low made last week, would be the next downside target if that happens. 

 

15250, the top made yesterday, would now act as immediate hurdle.