NIFTY ACHIEVES UPSIDE TARGET; 14615 IS IMMEDIATE SUPPORT

 

NIFTY ACHIEVES UPSIDE TARGET; 14615 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.3% each while Nasdaq eased 0.1% amid fears about rising interest rates.

 

10-year Treasury yield notched a 14-month high of 1.77% before easing to 1.7153%. Dollar index rose 0.4% to 93.29, hitting a four month high. Spot gold slipped 1.7% to $1,682.81 per ounce. The move in yield came a day ahead of President Biden revealing details of his nearly $3 trillion infrastructure plan.

 

Economic data was strong. U.S. consumer confidence climbed in March to its highest level since the start of the COVID-19 pandemic, while housing prices soared year-on-year in January.

 

Brent crude fell 84 cents, or 1.3%, to $64.14 a barrel while WTI oil fell $1.01, or 1.6%, to $60.55 barrel.

 

European markets gained 0.5%-1.3%.  Euro zone economic sentiment jumped to 101 points from 93.4 in February, beating expected 96 mark. The euro weakened to $1.1711, its lowest level since early November as tougher coronavirus curbs in France and Germany dimmed the short-term outlook for the European economy.

 

AT HOME

 

Benchmark indices soared 2.3% each, registering their biggest gain since 2nd February. Sensex settled at 50136, up 1128 points while Nifty added 337 points to finish at 14845. Nifty mid-cap and small-cap indices gained 1.7% and 1.3% respectively. All the BSE sectoral indices ended in green, with IT and Teck indices leading the tally, up 3.5% and 3.1% respectively.

 

FIIs net bought stocks worth Rs 769 cr while DIIs were net buyers to the tune of Rs 2181 cr.

 

Rupee depreciated 87 paise to end at 73.38/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.8% each while Hang Seng is up 0.3%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that a sustained crossover of 14640 hurdle will confirm a "Buy" on the hourly chart and 14878, the top made last week, would be the next upside level to eye if that happens.

 

Nifty crossed 14640 hurdle and surged all the way to 14876 before closing at 14845, vindicating our view.

 

34-DMA, placed around 14920, is the next upside level to eye, upon crossover of which, 15051, the top made on 16th March, would be the next upside target.

 

14615 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.