14559 IS THE IMMEDIATE HURDLE; 14191 IMMEDIATE SUPPORT

 

14559 IS THE IMMEDIATE HURDLE; 14191 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.4%-1%, as weakness in the technology sector weighed on the broader market.

 

Tesla, a holder of bitcoin, fell more than 3% after Bitcoin was slammed over the weekend.

 

White House chief medical advisor Dr. Anthony Fauci said he expects the U.S. will resume administration of the Johnson & Johnson vaccine.

 

10-year Treasury yiel rose 4 bps to 1.61%. Spot gold eased 0.3% to $1,770.97 per ounce. Dollar index fell to 91.079, it's lowest in 6-weeks.

 

Brent as well as WTI crude rose 0.4% each to $67.05 and $63.38 a barrel respectively.

 

In Europe, FTSE and DAX fell 0.3% and 0.6% respectively while CAC rose 0.2%. The euro zone current account surplus narrowed in February to 25.9 billion euros ($31.2 billion) from 34.7 billion in January as net exports declined.

 

AT HOME

 

After plunging nearly 3% in the first hour, benchmark indices recouped some of the losses through rest of the session to end with cuts of 1.8% each, snapping 3-day winning streak. Sensex settled at 47949, down 882 points while Nifty lost 258 points to finish at 14359. Nifty mid-cap and small-cap indices tumbled 2.1% and 2.4% respectively. Except 0.4% lower Healthcare index, all the BSE sectoral indices ended in red, with Realty and Capital Goods indices leading the losses, down 4% and 3.1% respectively.

 

FIIs net sold stocks and index futures worth Rs 1634 cr and 310 cr respectively but net bought stock futures worth Rs 346 cr. DIIs were net buyers to the tune of Rs 2356 cr.

 

Rupee depreciated 52 paise to end at 74.87/$.

 

The capital region of Delhi ordered a six-day lockdown, joining around 13 other states across India that have decided to impose restrictions, curfews or lockdowns in their cities.

 

Government announced that from May 1, everyone above the age of 18 will be eligible to get Covid-19 vaccine.

 

Overall Covid cases stand at just over 15 million, making India the second-worst affected after the United States, which has reported more than 31 million infections. Active cases stand at more than 2 million, also the second-highest after the US. Deaths from COVID-19 also rose by a record 1,619 to nearly 180,000.

 

OUTLOOK

 

Today morning, Nikki is down nearly 2% while Hang Seng and Shanghai are marginally higher. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 14353, the low made last Thursday, would be the immediate support, below which, 14248, the bottom made last week, would be the next downside level to eye.

 

Nifty opened below 14353 and plunged all the way to 14191, from where it rebounded to end at 14359.

 

14559, the upper end of the gap created by yesterday's gap-down opening, would now act as immediate hurdle.

 

14191, the bottom made yesterday, would be the immediate support to eye.