16478, 16203 ARE SUPPORTS; 16900 IMMEDIATE HURDLE

 

16478, 16203 ARE SUPPORTS; 16900 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices climbed 1.6%-2.5% on Friday with the Dow notching its best day since November 2020, after the Kremlin reportedly said that Russian President Putin is ready to send a delegation to Belarusian capital Minsk for negotiations with Ukraine.

 

On the data front, the core personal consumption expenditures price index rose 5.2% y-o-y as against expectation of a 5.1% print.

 

US 10-year treasury yield was little changed at 1.965%. Dollar index slipped half a percent to 96.54. Spot gold slipped 1% to $1,884.69 per ounce.

 

The April Brent crude futures contract fell $1.15, or 1.2%, to $97.93 a barrel and WTI crude fell $1.22, or 1.3%, to settle at $91.59 a barrel.

 

European markets surged 3.5%-3.9%

 

On weekly basis, the Dow posted its third-straight losing week while The S&P 500 and the Nasdaq Composite finished the week 0.8% and 1.1% higher, respectively.

 

AT HOME

 

Benchmark indices climbed 2.5% on Friday to recoup half of Thursday's meteoric fall. Sensex settled at 55858, up 1328 points while Nifty added 410 points to finish at 16658. Nifty mid-cap and small-cap indices soared 4.2% and 4.8% respectively for their best daily performance after 7th April and 14th September 2020 respectively.

 

All the BSE sectoral indices ended in green, with Metal and Realty indices leading the tally, up 5.9% and 5.5% respectively.

 

FIIs net sold stocks worth Rs 4471 cr but net bought index futures and stock futures worth Rs 3555 cr and 3100 cr respectively. DIIs were net buyers to the tune of Rs 4318 cr.

 

Rupee appreciated 36 paise to end at 75.29/$.

 

For the week, Sensex and Nifty fell 3.4% and 3.6% respectively, extending the losing streak to third consecutive week.

 

OUTLOOK

 

Russia continued its advance into Ukraine over the weekend, with reports of fighting on the streets of Kyiv. Russian President Putin on Sunday put his country’s deterrence forces, which reportedly include nuclear capabilities, on high alert in response to international backlash to Russia’s invasion. On the other hand, The U.S. and its allies announced new sanctions and measures to hit Russia, such as removing selected Russian banks from the interbank messaging system, SWIFT. Many countries have also said they will close their airspace to Russian aircraft. On the positive side, representatives from the Ukraine and Russian governments have agreed to meet at the Ukraine-Belarus border.

 

Reacting to these developments, today morning, Asian markets are trading with cuts of 0.5%-0.9%, US futures are down 1.3%-2.1%, oil has jumped nearly 4% and SGX Nifty is suggesting a marginally higher start for our market.

 

In Friday's report we had said that 16800-16850, the erstwhile support zone, would now act as resistance zone while 16203, the low made Thursday, was the immediate support.

 

Nifty surged to touch a high of 16748 before closing at 16658.

 

16900, around which 200-DMA is also placed, is the immediate hurdle on the hourly chart, upon crossover of which, 17027, the upper end of the gap created by Thursday’s gap-down opening, would be the next target. 16478, the low made Friday is the immediate support, upon breach of which, 16203, the low made on Thursday, would be the next downside level to eye.

 

For Banknifty, 37000-37300 is the immediate resistance zone while 34991, the low made last week, is the immediate support.

15900 BELOW 16203; 16800-16850 IS THE RESISTANCE ZONE

 

15900 BELOW 16203; 16800-16850 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

After opening with deep cuts of 2.6%-3.5%, US indices staged a stunning rebound to end with gains of 0.3%-3.3%, with Nasdaq leading the gains

 

US President Biden rolled out a new wave of sanctions against Russia in a broad effort to isolate Moscow from the global economy. The White House has also authorized additional troops to be stationed in Germany. The European Union also agreed to more sanctions on Russia.

 

US initial jobless claims filed last week dipped to 232,000, slightly better than expected.

 

US 10-year treasury yield, after hitting a low of 1.847%, rebounded to end 1 bps lower at 1.967%. Dollar index, after hitting a top of 97.73, ended 0.9% higher at 97.05. Gold, after hitting a high of $1974, slipped to end at $1903, a cut of 0.25%.

 

Brent crude, after hitting a top of $105.74, eased to end 2% higher at $99 per barrel and WTI, after hitting a high of $100.50, ended at $92.98, up 0.8%. The reversal came after US President Biden said currently there are no plans to target Russia’s energy complex with sanctions.

 

European markets plunged 2.9%-4.1%.

 

AT HOME

 

World equities plunged on the news that Russia has launched an attack on Ukraine. Sensex and Nifty nosedived 4.7% and 4.8% respectively, extending the losing streak to seventh straight day, suffering the worst fall after 4th May 2020 and closing at the lowest level after 11th August and 6th August respectively. Sensex settled at 54529, down 2702 points while Nifty lost 815 points to finish at 16247. Nifty mid-cap and small-cap indices collapsed 5.7% and 6.2% respectively to close at the lowest level after 24th June and 02nd June 2021 respectively. All the BSE sectoral indices ended in red, with Realty and Auto indices being the top losers, down 7.3% and 6% respectively.

 

FIIs net sold stocks and index futures worth Rs 6448 cr and 3452 cr respectively but net bought stock futures worth Rs 3553 cr. DIIs were net buyers to the tune of Rs 7668 cr.

 

Rupee plunged 109 paise to end at 75.65/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 1.4% and 1% respectively while Hang Seng is up 0.2%. SGX Nifty is suggesting around 200 points higher start for our market.

 

In yesterday's report we had said that 16809, the bottom made last week, was the immediate support, upon breach of which, 16410, the low made in December, would be the next downside level to eye.

 

Nifty opened below 16809 and plunged all the way to 16203 before closing at 16247. The benchmark is set to open above 16400 today.

 

16800-16850, the erstwhile support zone, would now act as resistance zone; 16203, the low made yesterday, is the immediate support, upon breach of which, 15900 would be the next downside level to eye.

 

36700-36800 is the resistance zone for Banknifty; 34991, the low made yesterday, is the immediate support, upon breach of which, 34018, the low made in December 2021, would be the next downside level to eye.

 

16410 BELOW 16809; 17300 CONTINUES TO BE IMMEDIATE HURDLE

 

16410 BELOW 16809; 17300 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices plunged 1.4%-2.6%, with the Dow closing at its lowest level of the year amid escalating tensions between Russia and Ukraine.

 

Ukraine declared a state of emergency and told its citizens in Russia to flee, while Moscow began evacuating its Kyiv embassy. The U.S. said it will impose additional sanctions against Russia, and the U.K. said it’s ready to do the same.

 

US 10-year treasury yield climbed 3.8 basis points to 1.986%. Dollar index inched up 0.1% to 96.20. Spot gold gained 0.4% to $1,906.58 per ounce.

 

Brent crude rose $1.48, or 1.5%, to $98.32 a barrel and WTI crude futures settled 19 cents higher at $92.10 per barrel.

 

In Europe, except a flat FTSE, other markets fell 0.1%-0.6%. The GfK consumer sentiment index from Germany came in at -8.1 heading into March, from -6.7 points in the previous month.

 

AT HOME

 

After rising three-fourth of a percent in the initial trade, benchmark indices fell more than that in rest of the session to end marginally in the red, extending the losing streak to sixth conseutive day. Sensex settled at 57232, down 68 points while Nifty lost 28 points to finish at 17063. Nifty mid-cap and small-cap indices however gained 0.6% and 1.2% respectively, snapping 5-day and 4-day losing streak respectively. BSE Realty index climbed 3.2%, becoming top gainer among the sectoral indices, followed by 1.4% higher Consumer Durables index. Energy index was the top loser, down half a percent, followed by quarter of a percent lower Auto and Capital Goods indices.

 

FIIs net sold stocks worth Rs 3417 cr but net bought index futures and stock futures worth Rs 79 cr and 1361 cr respectively. DIIs were net buyers to the tune of Rs 3024 cr.

 

Rupee appreciated 32 paise to end at 74.55/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.4% and SGX Nifty is suggesting around 250 points lower start for our market.

 

In yesterday's report we had said that 17300 was the immediate hurdle on the hourly chart while 16843, the bottom made Tuesday, was the immediate support.

 

Nifty, after touching a high of 17220, slipped to end at 17063. The benchmark is set to open near 16800 today.

 

16809, the bottom made last week, is the immediate support to eye, upon breach of which, 16410, the low made in December, would be the next downside level to eye; 17300 continues to be immediate hurdle on the hourly chart.

 

36651, the low made last week, continues to be immediate support for Banknifty, upon breach of which 36375, the bottom made on 24th January, would be the next downside level to eye; 38054, the top made Monday, continues to be immediate hurdle.

 

16843 IS THE IMMEDIATE SUPPORT; 17300 IMMEDIATE HURDLE

 

16843 IS THE IMMEDIATE SUPPORT; 17300 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices fell 1%-1.4% amid escalating tensions between Russia and Ukraine.

 

US President Biden announced a first tranche of sanctions against Russia targeting Russian banks, the country’s sovereign debt and three individuals. The U.K. slapped targeted sanctions on five Russian banks and three wealthy individuals, while Germany halted the certification of the Nord Stream 2 gas pipeline, designed to transport natural gas from Russia directly to Europe.

 

On the data , US IHS Markit manufacturing PMI rose to 52.5 in February from 50.5 and services PMI jumped to 56 in February from 51.1 the month prior. On the flip side, U.S. consumer confidence fell for a second straight month in February.

 

US 10-year treasury yield rose 4 bps to 1.941%. Dollar index was flat at 96.07. Spot gold eased 0.2% to $1,902.71 per ounce.

 

US crude rose 1.4% to $92.35 per barrel and Brent gained 1.5% to settle at $96.84.

 

In Europe, FTSE inched up 0.1%, CAC was flat while DAX fell 0.3%.  Germany’s Ifo business climate index rose to 98.9 in February from 96.0 in January.

 

AT HOME

 

After opening with deep cut of 2%, benchmark indices recouped two-third of the losses to end lower by two-third of a percent, extending the losing streak to fifth straight day. Sensex settled at 57300, down 382 points while Nifty lost 114 points to finish at  17092. Nifty mid-cap and small-cap indices fell 1% and 2% respectively to close at the lowest level after 30th August and 23rd August respectively. Except 0.1% higher Utilities index, all the BSE sectoral indices ended lower, with Realty index being the top loser, down 3%, followed by 1.5% lower Telecom index.

 

FIIs net sold stocks and index futures worth Rs 3245 cr and 1367 cr respectively but net bought stock futures worth Rs 1997 cr. DIIs were net buyers to the tune of Rs 4108 cr.

 

Rupee depreciated 37 paise to end at 74.8750/$.

 

OUTLOOK

 

Nikkei is shut today while Hang Seng is flat and Shanghai is up 0.2%. SGX Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 16955, the 78.6% retracement level of the recent 16809-17490 upmove, was the next support, upon breach of which, 16809, the bottom made on 14th February, would be the next downside level to eye.

 

Nifty plunged all the way to 16843 and rebounded from there to end at 17092. The benchmark is set to open above 17150 today.

 

17300 is the immediate hurdle on the hourly chart, upon crossover of which, 17490, the top made last week, would be the next upside level to eye; 16843, the bottom made yesterday, is the immediate support.

 

36651, the low made last week, continues to be important immediate support for Banknifty; 38054, the top made Monday, is the immediate hurdle.

 

16809 BELOW 16955; 17490 CONTINUES TO BE IMMEDIATE HURDLE

 

16809 BELOW 16955; 17490 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Markets in the United States were closed yesterday for the Presidents Day holiday.

 

European markets fell 0.4%-2.1%, monitoring the Russia-Ukraine situation.

 

White House said Sunday that Biden has accepted “in principle” to meet with Putin in yet another effort to deescalate the Russia-Ukraine situation via diplomacy. However, another news report suggested that Moscow has compiled lists of Ukrainians to target after an invasion.

 

Markit’s flash euro area composite PMI came in at a five-month high of 55.8 in February, significantly outpaced the 52.7 forecast and the 52.3 seen in January. The U.K.’s composite PMI came in at an eight-month high of 60.2 in February, up from 54.2 in January and well above forecasts.

 

Dollar index was little changed at 96.13. Gold rose 0.3% to $1903.4 per ounce.

 

Brent crude surged 3.6% to $97 and WTI crude rose 2.3% to $93.92 per ounce.

 

US futures are down 1.2%-2.1% as Russian President Putin said he would recognize the independence of two breakaway regions in Ukraine, potentially undercutting peace talks with US President Biden. That announcement was followed by news that Biden was set to order sanctions on separatist regions of Ukraine, with the European Union vowing to take additional measures. Putin later ordered forces into the two breakaway regions.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.4% respectively, extending the losing streak to fourth straight day. Sensex settled at 57683, down 149 points while Nifty lost 69 points to finish at 17206. Nifty mid-cap and small-cap indices tumbled 1.2% and 2.7% respectively, with the later closing at the lowest level after 27th August, 2021. Except 0.2% higher Bankex, all the BSE sectoral indices ended in red, with Oil & Gas being the top loser, down 2.2%, followed by 1.9% each lower Utilities and Metal indices.

 

FIIs net sold stocks and index futures worth Rs 2262 cr and 217 cr respectively but net bought stock futures worth Rs 1311 cr. DIIs were net buyers to the tune of Rs 2393 cr.

 

Rupee appreciated 16 paise to end at 74.50/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.8%-2.1% and SGX Nifty is suggesting around 200 points lower start for our market.

 

In yesterday's report we had said that 17150, the 50% retracement level of the recent 16809-17490 upmove, was the immediate support, upon breach of which, 17070 and 16955, the 61.8% and 78.6% retracement levels of this upmove, would be next downside levels to eye.

 

Nifty, after touching a low of 17070, rebounded to end at 17206 and is set to open near 17000 today.

 

16955, the 78.6% retracement level of the recent 16809-17490 upmove, is the next support to eye, upon breach of which, 16809, the bottom made on 14th February, would be the next downside level to eye; 17490, the top made last week, continues to be immediate hurdle.

 

For Banknifty, 36651, the low made last week, is the immediate support, upon breach of which, 36375, the bottom made on 24th January, would be the next downside level to eye; 38461, the top made last week, is the immediate hurdle.

 

17150 IS THE IMMEDIATE SUPPORT; 17490 IMMEDIATE HURDLE

 

17150 IS THE IMMEDIATE SUPPORT; 17490 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.7% each while Nasdaq slipped 1.2% on Friday as media reports suggested that U.S. officials expect a Russia attack in a few days and that President Joe Biden is expected to move more U.S. troops closer to Ukraine.

 

New York Fed President John Williams said he didn’t see “any compelling reason to take a big step at the beginning,” but the central bank could decide later to speed up.

 

US 10-year treasury yield dipped nearly 4 bps to 1.93%. Dollar index rose 0.3% 96.10. Gold ended flat at $1898 per ounce.

 

Brent crude futures advanced 57 cents, or 0.6%, to $93.54 while WTI crude futures settled 69 cents, or 0.75%, lower at $91.07 per barrel.

 

European markets fell 0.3%-1.5%.

 

AT HOME

 

After rising about four tenth of a percent, benchmark indices slipped six tenth of a percent from the top to end with modest cuts. Sensex lost 59 points to settle at 57832 while Nifty finished at 17276, down 28 points. Nifty mid-cap and small-cap indices fell 0.9% and 1.1% respectively. BSE Realty and Oil & Gas indices were the top losers among the sectoral indices, down 1.2% and 1.1% respectively whereas Capital Goods index and Bankex were the top gainers, up 0.4% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 2530 cr but net bought index futures and stock futures worth Rs 729 cr and 483 cr respectively. DIIs were net buyers to the tune of Rs 1929 cr.

 

Rupee appreciated 45 paise to end at 74.66/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto 0.7% and SGX Nifty is suggesting around 100 points lower start for our market.

 

In Friday's report we had said that 17250-17200 was the immediate support zone on the hourly chart while 17490, the top made Wednesday, continued to be immediate hurdle.

 

Nifty, after touching a low of 17219, closed at 17276 and is set to open below 17200 today.

 

17150, the 50% retracement level of the recent 16809-17490 upmove, is the immediate support, upon breach of which, 17070 and 16955, the 61.8% and 78.6% retracement levels of this upmove, would be next downside levels to eye; 17490, the top made last week, continues to be immediate hurdle.

 

For Banknifty, 36651, the low made last week, is the immediate support, upon breach of which, 36375, the bottom made on 24th January, would be the next downside level to eye; 38461, the top made last week, is the immediate hurdle.

 

17250-17200 IS THE IMMEIDATE SUPPORT ZONE; 17490 IMMEIDATE HURDLE

 

17250-17200 IS THE IMMEIDATE SUPPORT ZONE; 17490 IMMEIDATE HURDLE

 

WORLD MARKETS

 

US indices plunged 1.8%-2.9%, with the Dow suffering the worst fall of 2022, as tension on Ukraine-Russia front escalated.

 

Ukraine accused pro-Russian separatists of attacking a village near the border. Meanwhile, U.S. Ambassador to the United Nations told reporters that Russia “is moving toward an imminent invasion,” with U.S. Secretary of State Antony Blinken set to address the United Nations Security Council later in the day.

 

US January’s housing starts and the weekly jobless claims data came in worse than expected, with initial claims rising to 248,000 as against expectation of a slight decline to 218,000. January’s building permits data did beat expectations to the upside, however.

 

US 10-year treasury yield fell 8 bps to 1.975%. Dollar index was flat at 95.80. Gold surged 1.8% to $1898 per ounce, its highest in eight months.

 

Brent crude declined 2% to $92.87 per barrel and WTI crude settled 1.4% lower at $91.76 per barrel as talks to resurrect a nuclear deal with Iran entered their final stages.

 

European markets fell 0.3%-1.1%.

 

AT HOME

 

Sensex and Nifty ended lower by 0.2% and 0.1% respectively after a choppy session. Sensex settled at 57892, down 104 points while Nifty lost 17 points to finish at 17304. Nifty mid-cap and small-cap indices fell 0.3% and 1% respectively. BSE Power and Utilities indices climbed 2% and 1.6% respectively, becoming top gainers among the sectoral indices, while Bankex and Healthcare indices were the top losers, down 1.2% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 1242 cr but net bought index futures and stock futures worth Rs 890 cr and 900 cr respectively. DIIs were net buyers to the tune of Rs 901 cr.

 

Rupee depreciated 4 paise to end at 75.11/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto 0.6% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17490, the top made Wednesday, which roughly coincided with a downward sloping trendline adjoining recent tops, was the immediate hurdle while 17257, the low made Wednesday, was the immediate support, upon breach of which, 16809, the low made Monday, would be the crucial support.

 

Nifty, after touching a high of 17443, slipped to touch a low of 17235 and closed at 17304.

 

17250-17200 is the immediate support zone on the hourly chart, upon breach of which, 16809, the low made Monday, would be the next downside level to eye; 17490, the top made Wednesday, continues to be immediate hurdle.

 

For Banknifty, 38461, the top made Wednesday, is the immediate hurdle, above which, 39000-39200 would be the next target zone; 36651, the bottom made Tuesday, is the important support.

 

17610 ABOVE 17490; 17257 IS IMMEDIATE SUPPORT

 

17610 ABOVE 17490; 17257 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After a volatile session, Dow and Nasdaq ended 0.1% lower while S & P 500 inched up 0.1%, digesting Fed meeting minutes and watching developments over Russia-Ukraine tension.

 

The minutes from the Fed’s January meeting showed the Fed is prepared to hike interest rates and reduce its balance sheet soon. Meanwhile, retail sales jumped at higher-than-expected 3.8% in January.

 

NATO officials accused Russia of increasing troop numbers at the Ukrainian border, a day after Moscow claimed it had begun withdrawing some of its military units.

 

US 10-year treasury yield was little changed at 2.042%. Dollar index fell 0.2% to 95.78. Gold rose 0.8% to $ 1869 per ounce.

 

Brent crude climbed 1.6% to $94.81 per barrel and WTI crude settled 1.7% higher at $93.66 per barrel.

 

Main European markets fell 0.1%-0.3%.  U.K. inflation came in at 5.5% in January, slightly ahead of forecasts and remaining at a 30-year high.

 

AT HOME

 

After rising eight tenth of a percent, benchmark indices plunged a percent from the top of the day in late noon trade to end lower by nearly a fifth of a percent. Sensex settled at 57996, down 145 points while Nifty lost 30 points to finish at 17322. Nifty mid-cap index fell 0.3% but the small-cap index gained 0.7%. BSE Telecom and Realty indices gained 1.2% and 1% respectively, becoming top gainers among the sectoral indices while Metal index was the top loser, down 0.7%, followed by half a percent lower Bankex and Capital Goods indices.

 

FIIs net sold stocks worth Rs 1891 cr but net bought index futures and stock futures worth Rs 555 cr and 493 cr respectively. DIIs were net buyers to the tune of Rs 1180 cr.

 

Rupee appreciated 26 paise to end at 75.07/$.

 

OUTLOOK

 

Today morning, Hang Seng is up half a percent, Shanghai is flat while Nikkei is down 0.4%. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 17440, was the next upside level to eye, upon crossover of which, 17610, where 34-DMA was placed, would be the next target.

 

Nifty, after touching a high of 17490, slipped to end at 17322.

 

17490, the top made yesterday, which roughly coincides with a downward sloping trendline adjoining recent tops, is the immediate hurdle to eye, upon crossover of which, 34-DMA, placed around 17610, would be the next target; 17257, the low made yesterday, is the immediate support, upon breach of which, 16809, the low made Monday, would be the crucial support.

 

38461, the top made yesterday, is the immediate hurdle for Banknifty, above which, 39000-39200 would be the next target zone; 36651, the bottom made Tuesday, is the important support.