15257-14920 CONTINUES TO BE IMMEDIATE RANGE

 

15257-14920 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.4% and 0.2% respectively to hit record highs while Dow ended flat.

 

Weekly jobless claim number came in at 793,000, worse than the expected number of 760,000.

 

President Joe Biden said his administration has secured deals for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the U.S. total to 600 million

 

Brent crude fell 26 cents, or 0.4%, to $61.21 a barrel, snapping 9-session winning streak while U.S. crude settled 44 cents, or 0.8%, lower at $58.24 per barrel, falling for the first time after eight consecutive up days.

 

The yield on the benchmark 10-year Treasury note rose to 1.163%, while that on the 30-year Treasury bond fell to 1.95%. Dollar index was flat at 90.42. Spot gold fell 0.9% to $1,826.00 per ounce

 

In Europe, DAX and FTSE rose 0.8% and 0.1% respectively while CAC was little changed.

 

AT HOME

 

Benchmark indices gained four tenth of a percent to snap two-day losing streak and hitting fresh record high on closing basis. Sensex settled at 51531, up 222 points while Nifty added 66 points to finish at 15173. Nifty mid-cap index rose 0.2% while small-cap index surged 1.8%. BSE Energy index soared 3.1%, becoming top gainer among the sectoral indices, followed by 1.6% higher Telecom index. Capital Goods index slipped 1%, becoming top loser, followed by 0.4% lower Consumer Durables and Auto indices.

 

FIIs net bought stocks and index futures worth Rs 944 cr and 2 cr respectively but net sold stock futures worth Rs 285 cr. DIIs were net sellers to the tune of Rs 708 cr.

 

Rupee depreciated 1 paise to end at 72.85/$.

 

OUTLOOK

 

Markets in China and Hong Kong are shut today for the holiday. Nikkei is down 0.4%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 15257, the top made Tuesday, continued to be immediate hurdle while 14950-14920 continued to be immediate support zone.

 

Nifty rose to close at 15173.

 

15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500 would be the next upside target.

 

14950-14920 continues to be immediate support zone.

 

Trading longs can be held on to with the stop-loss of 14920.