14745 IS IMMEDIATE SUPPORT; 15060 IMMEDIATE HURDLE

 

14745 IS IMMEDIATE SUPPORT; 15060 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices rose 0.5%-1%, with Dow and S&P closing at record highs amid optimism over the economic reopening and clawing back some of their recent losses by big tech companies.

 

The New York Empire State Manufacturing Index climbed to 17.4 for March.

 

Brent crude futures for May slid 34 cents to $68.88 per barrel, while U.S. WTI crude for April settled 0.34% lower at $65.39 per barrel.

 

The yield on the benchmark 10-year Treasury note eased to 1.604% while that on the 30-year Treasury bond dipped to 2.355%. Spot gold rose 0.2% to $1,729.94 per ounce.

 

European markets fell 0.2%-0.3%.

 

China’s industrial output surged 35.1% in January-February, beating expectations.

 

AT HOME

 

After plunging nearly 2%, Sensex and Nifty saw a smart rebound in late noon trade to end lower by 0.8% and 0.7% respectively. Sensex settled at 50395, down 397 points while Nifty lost 101 points to finish at 14929. Nifty mid-cap and small-cap indices fell 0.7% and 0.8% respectively. BSE Energy and Finance indices slipped 1.2% each, becoming top losers among the sectoral indices while Metal index climbed 1.5%, becoming top gainer, followed by 1% higher Power index.

FIIs net sold stocks, index futures and stock futures worth Rs 1101 cr, 497 cr and 801 cr respectively. DIIs were net sellers to the tune of Rs 750 cr.

Rupee appreciated 31 paise to end at 72.47/$.

India's February WPI inflation came in at 4.17%, the highest in 27 months and up from 2.03% in January.

OUTLOOK

 

Today morning, Nikkei is up 0.7% while Hang Seng and Shanghai are higher by four tenth of a percent. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 14862, the bottom made on 5th March, which also roughly coincides with the 34-DMA, was the next important support to eye.

 

Nifty broke this support in first hour itself and plunged all the way to 14745, but rebounded from there to end at 14929.

 

14745, the low made yesterday, which also coincides with two-third retracement level of the recent 14467-15336 upmove, is the immediate support to eye.

 

15060 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.