14900-14600 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow fell 0.3% while S & P 500 and Nasdaq rose 0.4% and 1.5% respectively.

 

President Biden announced a $2.3 trillion infrastructure package. The plan includes spending on roads and bridges as well as green energy and water system upgrades. The package would be financed by higher corporate taxes.

 

Data from ADP showed U.S. private payrolls increased by 517,000 last month, slightly lower than market forecasts. Data for February was revised up to 176,000 from 117,000.

 

Brent contract for June fell 53 cents, or 0.83%, to $63.64 a barrel while WTI crude futures declined $1.13, or 1.9%, to $59.52 per barrel. OPEC+ has lowered its oil demand growth forecast for this year by 300,000 barrels per day.

 

The yield on the benchmark 10-year Treasury note inched higher to 1.742% while that on the 30-year Treasury bond fell to 2.411%. Dollar index eased 0.1% to 93.189. Spot Gold rose 1.6% to $1,711.27 per ounce.

 

In Europe, FTSE and CAC eased 0.9% and 0.3% respectively while DAX ended flat. Euro zone inflation jumped to 1.3% in March from 0.9% in February. In Germany, total number of jobless people in seasonally-adjusted terms declined by 8,000 to 2.745 million in March.

 

China’s official manufacturing PMI came in at 51.9, higher than February’s reading of 50.6 and quickest in three months.

 

For the month, Dow, S & P 500 and Nasdaq gained 6%, 4.2% and 0.4% respectively.

 

AT HOME

 

Sensex and Nifty slipped 1.25% and 1% respectively, snapping two-day winning streak. Sensex settled at 49509, down 627 points while Nifty lost 154 points to finish at 14690. Nifty mid-cap and small-cap indices however gained 0.4% each, extending the winning streak to third straight day. BSE Finance index tumbled 1.7%, becoming top loser among the sectoral indices, followed by 1.4% lower Bankex and Power indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1686 cr, 2449 cr and 636 cr respectively. DIIs were net buyers to the tune of Rs 2082 cr.

 

Rupee appreciated 27 paise to end at 73.10/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.8% respectively while Shanghai is little changed. SGX Nifty is suggesting around 100 points higher start for our market.

 

Readers would recall that we had given upside target of 14878 above 14640, which was achieved Tuesday. In yesterday's report we had said that 34-DMA, placed around 14920, was the next upside level to eye,  and had advised holding on to long positions with the stop-loss of 14615.

 

Nifty slipped to touch a low of 14670 before closing at 14690 and is set to open above 14750 today.

 

34-DMA, placed around 14900, which roughly coincides with the 14876 top made Tuesday, continues to be upside hurdle to eye, upon crossover of which, 15051, the top made on 16th March, would be the next upside target.

 

14600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.