16960 ABOVE 16757; 16150 IS IMMEDIATE SUPPORT

 

16960 ABOVE 16757; 16150 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.3%-1% as negotiations between Russia and Ukraine came to a halt without progress on a cease-fire.

 

CPI hit a fresh 40-year high of 7.9% in February, slightly higher than the expected 7.8%. Month-over-month rise stood at 0.8%, above estimates of 0.7%. U.S. Treasury Secretary Janet Yellen warned that America is set for another year of “very uncomfortably high” inflation amid the Russia-Ukraine war.

 

US 10-year Treasury yield rose 4 basis points to 1.99%, after topping 2% for the first time since Feb. 25. Dollar index rose half a percent to 98.52. Spot gold rose 0.2% to $1,996.30 per ounce.

 

Oil prices settled lower as Russia pledged to fulfil contractual obligations. Brent futures, after gaining as much as 6.5% earlier in the session, settled 1.6% lower at $109.33 a barrel. WTI crude fell $2.68, or 2.5%, to settle at $106.02 a barrel, giving up over 5.7% of intraday gains.

 

European markets slipped 1.3%-4.2% with Italy leading the losses. ECB opted to keep interest rates steady, but said it will wind down asset purchases faster than planned, before adding that it stands ready to revisit this decision if the outlook changes.

 

AT HOME

 

Benchmark indices surged a percent and half, extending the winning streak to third straight day. Sensex settled at 55464, up 817 points while Nifty added 249 points to finish at 16594. Nifty mid-cap and small-cap indices rose 0.9% and 1.4% respectively. All the BSE sectoral indices ended higher, with FMCG and Realty indices leading the gains, up 2.7% and 2.2% respectively.

 

FIIs net sold stocks worth Rs 1981 cr but net bought index futures and stock futures worth Rs 1570 cr and 729 cr respectively. DIIs were net buyers to the tune of Rs 946 cr.

 

Rupee appreciated 26 paise to end at 76.30/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 1.2%-2.7% and SGX Nifty is suggesting around 100 points lower start for our market.

 

In yesterday's report we had said that 16600 followed by 16800 were the next upside levels to eye for Nifty while 16100 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 16757 before closing at 16594 and is set to open near 16500 today.

 

16757, the top made yesterday, which roughly coincides with the top made on 3rd March and 20-DMA, is the immediate hurdle to eye, upon crossover of which, 16960 around which 200 as well as 34-DMA are placed, would be the next upside level to eye; 16150 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

35800 is immediate hurdle for Banknifty; 33600 is immediate support.