17442 IS THE IMMEDIATE HURDLE; 17000 IMMEDIATE SUPPORT

 

17442 IS THE IMMEDIATE HURDLE; 17000 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.3%-1.3% with Nasdaq on the top.

 

US 10-year treasury yield eased around 2 bps to 2.462%. Meanwhile, 5-year and 30-year Treasury yields inverted for the first time since 2006, raising fears of a possible recession. Dollar index rose 0.3% to 99.12. Spot gold fell 1.2% to $1,933.12 per ounce.

 

Oil tumbled as new lockdowns in Shanghai prompted fears of a slowdown in demand. WTI as well as Brent plunged nearly 7% each to end the day at $106 and $112.5 per barrel respectively.

 

In Europe, FTSE fell 0.1% while DAX and CAC gained 0.8% and 0.5% respectively.

 

AT HOME

 

After trading deep in the red in morning, benchmark indices reversed in noon trade to end higher by 0.4% each, snapping a 3-day losing streak. Sensex settled at 57593, up 231 points while Nifty added 69 points to finish at 17222. Nifty mid-cap and small-cap indices however ended lower by 0.2% and 0.7% respectively. BSE Oil & Gas index and Bankex climbed 1.1% and 1% respectively, becoming top gainers among the sectoral indices while Consumer Durables index was the top loser, down 0.6%, followed by 0.5% lower Healthcare and Capital Goods indices.

 

FIIs net sold stocks and stock futures worth Rs 801 cr and 505 cr respectively but net bought index futures worth Rs 1353 cr. DIIs were net buyers to the tune of Rs 1162 cr.

 

Rupee appreciated 5 paise to end at 76.15/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.9% and SGX Nifty is suggesting more than 100 points higher start for our market.

 

In yesterday's report we had said that 17442, the top made last week, was the immediate hurdle, while 17006 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 17004, rebounded to end at 17222 and is set to open above 17300 today.

 

17442, the top made last week, continues to be immediate hurdle, upon crossover of which, 17639 and 17794, the tops made on 10th and 2nd February respectively, would be the next upside levels to eye; 17000 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

34-DMA, placed around 36200 is immediate hurdle for Banknifty; 35000 is immediate support.