14995-14959 IS THE SUPPORT ZONE

 

14995-14959 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

US indices fell 0.4%-2.7%, with Nadaq leading the losses on the back of resurgence in bond yields.

 

The 10-year Treasury yield climbed to a high of 1.49% while 30-year Treasury yield advanced to 2.271%. Spot gold settled 1.2% lower at $1,717.67 per ounce, after falling to its lowest since June 2020 at $1,701.40 earlier in the session.

 

Data from ADP showed private payrolls increased by 117,000 in February, below the expected 225,000. The ISM Nonmanufacturing Index came in at 58.7, meeting estimate.

 

Brent crude rose $1.75, or 2.8%, to $64.45 a barrel while WTI crude settled 2.6% higher at $61.28 per barrel, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.

 

Main European markets gained 0.3%-0.9%. IHS Markit’s final euro zone composite PMI for February came in at 48.8, up from 47.8 in January and exceeding expectations. Britain announced a further £65 billion worth of fiscal measures for 2021/22, bringing the government’s total response since the onset of the pandemic to £407 billion.

 

AT HOME

 

Bulls extended the mammoth rebound to third straight day as benchmark indices soared two and a quarter percent, marking their biggest gain in a month and closing at highest level since Mid-February. Sensex settled at 51444, up 1147 points while Nifty added 326 points to finish at 15245. Nifty mid-cap and small-cap indices rose 1.7% and 1% respectively. Except 0.6% lower Auto index, all the BSE sectoral indices closed in green, with Energy and Metal indices leading the tally, up 3.7% and 3.2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2089 cr, 1371 cr and 800 cr respectively. DIIs were net buyers to the tune of Rs 393 cr.

 

Rupee appreciated 65 paise to end at 72.71/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1.5% and SGX Nifty is suggesting around 200 points lower start for our market.

 

After Nifty crossed 14919 on Tuesday, we had given next upside target of 15065 in yesterday's report.

 

The benchmark not only achieved 15065 level, but went further to touch a high of 15273 before closing at 15245. However, SGX Nifty is suggesting an opening below 15100 today.

 

14995-14959, the gap created by yesterday's gap-up opening, would act as immediate support.

 

15273, the top made yesterday, would be the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye.

 

Meanwhile, trading longs can be held on to with the stop-loss of 14959.