17350 IS THE UPSIDE LEVEL TO EYE; 17000 IMMEDIATE SUPPORT

 

17350 IS THE UPSIDE LEVEL TO EYE; 17000 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow inched up 0.3% while S & P 500 and Nasdaq fell 0.1% and 0.6% respectively

 

The Centers for Disease Control and Prevention announced that it was shortening its isolation recommendation for people who test positive to five days from 10 if those people do not have symptoms. Also, research out of South Africa indicated that omicron infections can help boost immunity to the earlier delta strain of Covid.

 

US 10-year treasury yield was little changed at 1.484%. Dollar index inched up 0.1% to 96.15. Gold fell 0.3% to $1806 per ounce.

 

Brent crude settled 0.43% higher at $78.94 per barrel while WTI crude advanced 0.54% to end the day at $75.98 per barrel.

 

In Europe, FTSE was shut while DAX and CAC gained 0.8% and 0.6% respectively.

 

AT HOME

 

Benchmark indices climbed eight tenth of a percent, extending the winning streak to second straight day and closing at the highest level after 16th December. Sensex added 477 points to settle at 57897 while Nifty added 147 points to finish at 17233. Nifty mid-cap and small-cap indices gained 1.2% and 1.6% respectively. All the BSE sectoral indices ended higher, with Capital Goods index on the top, up 1.6%, followed by 1.5% higher Basic Materials and Industrials indices.

 

FIIs net bought stocks and stock futures worth Rs 207 cr and 1102 cr respectively but net sold index futures worth Rs 34 cr. DIIs were net buyers to the tune of Rs 567 cr.

 

Rupee appreciated 35 paise to end at 74.65/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.8% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17155, the top made Friday, which coincided with 20-DMA, is the immediate hurdle, upon crossover of which, 34-DMA, placed around 17370, would be the next upside level to eye.

 

Nifty touched a high of 17250 before closing at 17233.

 

34-DMA, placed around 17350, continues to be next upside level to eye.

 

Immediate support on the hourly chart has moved up to 17000, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 35535, the upper end of the gap created by last week's gap-down opening, continues to bee immediate hurdle, upon crossover of which, 20-DMA, placed around 36000, would be the next upside level to eye; 34233, the low made Monday, is the immediate support.