15500 ABOVE 15257; 14942 IS IMMEDIATE SUPPORT

 

15500 ABOVE 15257; 14942 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose half a percent each while Dow inched up 0.1% on Friday.

 

President Joe Biden said Thursday 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. He added the U.S. will have enough supply for 300 million Americans by end of July.

 

Brent and US crude rose 2.1% each to $62.43 and $59.47 a barrel respectively.

 

 10-year Treasury yield rose to 1.2% while that on 30-year bond rose to 2.01%. The dollar index edged up 0.2%. Spot Gold fell 0.6% to $1,815.30 per ounce.

 

European markets rose 0.1%-0.9% with FTSE on the top. The U.K. economy slumped 9.9% in 2020, posting its biggest annual fall in output since modern records began. In the final three months of 2020, however, the GDP rose 1%.

 

For the week, US indices gained 1%-1.7%.

 

AT HOME

 

After rising nearly half a percent, benchmark indices slipped in noon trade to end little changed. Sensex settled at 51544, up 12 points while Nifty lost 10 points to finish at 15163. Nifty mid-cap index fell 0.2% while small-cap index added 0.2%. BSE Telecom and Metal indices tumbled 2% and 1.9% respectively, becoming top losers among the sectoral indices, while Bankex and Finance indices were the top gainers, up 1% and 0.8% respectively.

 

FIIs net sold stocks and index futures worth Rs 37 cr and 733 cr respectively but net bought stock futures worth Rs 22 cr. DIIs were net sellers to the tune of Rs 598 cr.

 

Rupee appreciated 9 paise to end at 72.76/$.

 

For the week, Sensex and Nifty gained 1.6% each, extending the winning streak to second straight week.

 

India's retail inflation in January eased to a 16-month low of 4.06% as compared to 4.59% in December 2020. IIP for December 2020 grew 1% as against contraction of 2.1% in November.

 

OUTLOOK

 

Preliminary reading showed Japan’s economy grew 12.7% on an annualized basis between October and December last year, higher than the estimate of a 9.5% gain.

 

Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on today for holidays. Other Asian markets are trading with gains of 0.5%-1.4% and SGX Nifty is suggesting around 60 points higher start for our market.

 

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

 

Nifty lost 10 points to end at 15163 and is set to open above 15200 today.

 

15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500-15550 would be the next target zone.

 

Immediate support on the hourly chart is placed at 14942, with the stop-loss of which, trading longs can be held on to.