17639 ABOVE 17490; 17000 CONTINUES TO BE IMMEDIATE SUPPORT

 

17639 ABOVE 17490; 17000 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices climbed 1%-1.8%, with the Dow and S & P 500 extending the winning streak to fourth straight day after Russia promised at peace talks in Istanbul to "drastically" scale down its military operations around Kyiv and northern Ukraine.

 

February’s Job Openings and Labor Turnover Survey showed 11.3 million job openings, higher than the 11.1 million expected. House prices rose more than 19% y-o-y in January, according to S&P CoreLogic Case-Shiller Index. The conference board’s consumer confidence index came in just below expectations at 107.2.

 

US 10-year treasury yield fell 6 bps to 2.40%. Dollar index slipped 0.7% to 98.41. Gold, after falling more than a percent, rebounded to end 0.1% lower at $1919 per ounce.

 

Brent crude fell 2%, or $2.25, to $110.23 a barrel and WTI crude settled 1.6%, or $1.72, lower at $104.24 per barrel.

 

European markets surged 0.9%-3.1%

 

AT HOME

 

Benchmark indices rose six-tenth of a percent, with Nifty closing at the highest level after 15th February 2022. Sensex settled at 57943, up 350 points while Nifty added 103 points to finish at 17325. Nifty mid-cap and small-cap indices gained 0.4% and 0.3% respectively. BSE Healthcare and Basic Materials indices were the top gainers among the sectoral indices, rising 1.4% and 1.2% respectively while Energy and Oil & Gas indices were the top losers, down 0.5% and 0.3% respectively.

 

FIIs net bought stocks and index futures worth Rs 35 cr and 680 cr respectively but net sold stock futures worth Rs 1506 cr. DIIs were net buyers to the tune of Rs 1713 cr.

 

Rupee appreciated 17 paise to end at 75.99/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.7% respectively but Nikkei is down 1%. SGX Nifty is suggesting around 150 points higher start for our market.

 

In yesterday's report we had said that 17442, the top made last week, continued to be immediate hurdle while 17000 continued to be immediate support, with the stop-loss of which, trading longs could be held on to

 

Nifty rose to close at 17325 and is set to open near 17450 today.

 

17490, the tops made on 16th February, is the immediate upside level to eye, upon crossover of which, 17639, the top made on 10th February, would be the next target; 17000 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

36827, the top made last week, is the upside level to eye for Banknifty; 35000 is the immediate support.