16757 IS THE IMMEDIATE HURDLE; 16150 IMMEDIATE SUPPORT
WORLD MARKETS
US indices fell 0.7%-2.2%
on Friday dragged down by losses in Nike and Apple.
Russian President Putin
said “certain positive shifts” have occurred in the talks between the Kremlin
and Ukraine. However, a ceasefire has not been negotiated. Meanwhile, U.S.
President Biden called for an end to Russia’s status as a preferred trade
partner, while Congress passed a funding bill that includes $14 billion of
Ukraine aid.
University of Michigan
consumer sentiment index sunk to 59.7 in March, down from 62.8 in February and
marking the weakest print since September 2011.
US 10-year treasury yield
rose 1 bps to 2.016%. dollar index jumped 0.6% to 99.13. Spot gold fell 0.3% to
$1,991.20 per ounce.
Brent crude futures rose
$3.34, or 3.1%, to $112.67 a barrel and WTI crude futures rose $3.31, or 3.1%,
to $109.33.
European markets gained
0.8%-1.4%. UK GDP grew 0.8% month on month in January after a 0.2% decline in
December, vastly outstripping expectations of 0.2% growth. German inflation
accelerated in February, with harmonized consumer prices rising 5.5% year on
year.
For the week, Dow fell
2%, extending the losing streak to fifth consecutive week. S & P 500 and Nasdaq
plunged 2.9% and 3.5% respectively, falling for the second straight week. Brent
and WTI fell 4.8% and 5.7% respectively for their biggest weekly decline since
November.
AT HOME
Benchmark indices ended
higher by a fifth of a percent, extending the winning streak to fourth
consecutive day. Sensex settled at 55550, up 86 points while Nifty added 35
points to finish at 16630. Nifty mid-cap and small-cap indices gained 0.6% and
0.9% respectively. BSE Healthcare index climbed 2.1%, becoming top gainer among
the sectoral indices, followed by 1% higher Oil & Gas index. Auto index was
the top loser, down 0.4%, followed by 0.1% lower Telecom, Teck and IT indices.
FIIs net sold stocks
worth Rs 2264 cr but net bought index futures and stock futures worth Rs 428 cr
and 848 cr respectively. DIIs were net buyers to the tune of Rs 1687 cr.
Rupee depreciated 28
paise to end at 76.59/$.
OUTLOOK
Today morning, Nikkei is
up a percent while Hang Seng and Shanghai are down 2% and 0.7% respectively as
covid wave in China weighed on the sentiment. SGX Nifty is suggesting around 70
points lower start for our market.
In Friday's report we had
said that 16757, the top made Thursday, which roughly coincided with the top
made on 3rd March and 20-DMA, was the immediate hurdle to eye and that 16150
was the immediate support on the hourly chart, with the stop-loss of which,
trading longs could be held on to.
Nifty rose 35 points to
finish at 16630 and is set to open near 16550 today.
16757, the top made last
week, which roughly coincided with the top made on 3rd March as well as 20-DMA,
continues to be immediate hurdle to eye; 16150 continues to be immediate support
on the hourly chart, with the stop-loss of which, trading longs can be held on
to.
For Banknifty, 35374, the
top made last week, is the immediate hurdle while 33700 is the immediate
support.
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