14850-14875 IS THE NEXT TARGET ZONE; 14610 IMMEDIATE SUPPORT

 

14850-14875 IS THE NEXT TARGET ZONE; 14610 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices rose 0.4%-0.9% following a better-than-expected reading on jobless claims.

 

First-time claims for unemployment insurance totaled 498,000 for the week ended May 1, hitting a fresh pandemic-era low and better than the estimate of 527,000.

 

Brent crude fell by 43 cents, or 0.6%, to $68.54 a barrel while WTI crude futures slipped 92 cents, or 1.4%, to settle at $64.71 per barrel on worries of pandemic surge in India.

 

The yield on the benchmark 10-year Treasury note dipped one basis point to 1.58%. The dollar index fell 0.4%. Spot gold climbed 1.6% to $1,814.50 per ounce, its highest since Feb. 16.

 

European markets gained 0.1%-0.5%. The Bank of England kept its benchmark lending rate and quantitative easing program unchanged, while noting that the U.K.’s economic recovery is accelerating. It upgraded its 2021 growth outlook to 7.25%, slightly above expectations

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.7% respectively, extending the winning streak to second consecutive day. Sensex added 272 points to settle at 48950 while Nifty finished at 14725, up 107 points. Nifty mid-cap and small-cap indices gained 0.9% and 0.7% respectively. All the BSE sectoral indices ended in green, with Metal and Auto indices leading the tally, up 2.7% and 1.8% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1222 cr and 19 cr respectively but net sold index futures worth Rs 251 cr. DIIs were net sellers to the tune of Rs 633 cr.

 

Rupee appreciated 15 paise to end at 73.76/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.7% and SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had reiterated that 14750 continued to be immediate hurdle on the hourly chart while 14416, the bottom made Monday, continued to be immediate support.

 

Nifty, after touching a high of 14744, closed at 14725 and is set to open near 14800 today.

 

14850-14875 would be next target zone after today's gap-up opening.

 

14610, the low made yesterday, would work as immediate support below which, 14416, the bottom made on Monday, would be the bigger support to eye.