17300 IS THE NEXT UPSIDE LEVEL TO EYE; TRAIL STOP-LOSS TO 16750

 

17300 IS THE NEXT UPSIDE LEVEL TO EYE; TRAIL STOP-LOSS TO 16750

 

WORLD MARKETS

 

US indices surged 1.6%-3.8% after the Federal Reserve raised interest rates by a quarter of a percentage point in a widely expected move. Reports of progress on ceasefire negotiation between Russia and Ukraine also helped.

 

Federal Reserve hiked its benchmark interest rate for the first time since 2018 and signaled six more hikes this year.

 

Feburary advance retail sales grew 0.3%, slightly below the 0.4% estimate.

 

US 10-year treasury yield, after hitting a high of 2.246%, settled 4 bps higher at 2.19%. Dollar index slipped 0.6% to 98.40. Spot gold rose half a percent to $1,927 per ounce, snapping a 3-day losing streak.

 

Brent crude fell 2.4% to $97.56 per barrel and WTI crude shed 1.4% to settle at $95.04 per barrel.

 

European markets climbed 1.6%-3.8%.

 

AT HOME

 

Benchmark indices surged 1.9% each, rising for the sixth session in last seven days and closing at a 3-week high. Sensex settled at 56816, up 1040 points while Nifty added 312 points to finish at 16975. Nifty mid-cap and small-cap indices rose 2% and 1.2% respectively. All the BSE sectoral indices ended higher, with Realty index on the top, up 3.7%, followed by 2.6% higher Metal and Basic Materials indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 312 cr, 1823 cr and 1315 cr respectively. DIIs were net buyers to the tune of Rs 773 cr.

 

Rupee appreciated to end at /$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 1.5%-4.7% with Hang Seng on the top. SGX Nifty is suggesting around 250 points higher start for our market.

 

In yesterday's report we had said that 17000 continued to be next upside target while 16450 continues to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 16987 before closing at 16975. The benchmark is set to open near 17200 today.

 

17300, around which 34-week moving average is placed, is the next upside level to eye; Immediate support on the hourly chart has moved up to 16750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 37000, around which 34-week moving average is placed, is the upside level to eye; 35100 is the immediate support.