15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.2% while S & P 500 and Nasdaq fell 0.1% and 0.3% respectively as shares of Apple fell.

 

The 10-year Treasury yield topped 1.30%, it's highest in a year. The dollar index gained 0.21% to 90.508. Spot gold fell 1.2% to $1,796.50 an ounce.

 

Brent crude slid 22 cents to $63.08 per barrel while US WTI crude futures gained 54 cents, or 0.9%, to $60.01 per barrel.

 

Bitcoin surpassed $50,000 to a hit record high as it continued to gain credibility among companies and investors.

 

In Europe, except a flat CAC, other markets fell 0.1%-0.7%. Euro zone GDP fell by 0.6% q-o-q in the final quarter of 2020. Previous flash estimates had suggested a 0.7% fall. Eurozne employment grew 0.3% between October and December. German ZEW economic sentiment index unexpectedly climbed to 71.2 points in February from 61.8 the previous month.

 

WHO on Monday listed AstraZeneca and Oxford University’s COVID-19 vaccine for emergency use, widening access to the relatively inexpensive shot in the developing world.

 

AT HOME

 

After opening higher by around three fourth of a percent, benchmark indices gave away all the gains through the session to end flat to marginally lower. Sensex settled at 52104, down 50 points while Nifty ended flat at 15313. Nifty mid-cap and small-cap indices however gained 0.4% and 0.1% respectively. BSE Power and Utilities indices surged 3.4% and 3.3% respectively, becoming top gainers among the sectoral indices while IT and Teck indices were the top losers, down 1% and 0.8% respectively.

 

FIIs net bought stocks worth Rs 1144 cr but net sold index futures and stock futures worth Rs 608 cr and 770 cr respectively. DIIs were net sellers to the tune of Rs 1560 cr.

 

OUTLOOK

 

Today, Nikkei and Hang Seng are trading with cuts of 0.7% and 0.2% respectively while Shanghai continues to be shut due to Lunar New Year holidays. SGX Nifty is suggesting around 90 points lower start for our market.

 

Just to recall, we have been positive on Nifty after 14075 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had reiterated the view that 15500-15550 continued to be the next target zone and had advised trailing stop-loss in long positions to 15080.

 

Nifty, after touching a top of 15431, slipped to end at 15313 and is set to open below 15250 today.

 

15080, continues to be immediate support on the hourly chart while 15500-15550 continues to be the upside target zone. Meanwhile, trading longs can be held on to with the stop-loss of 15080.