TRAIL STOP-LOSS TO 17200

 

TRAIL STOP-LOSS TO 17200

 

WORLD MARKETS

 

US indices fell 0.2%-1.2%, with Nasdaq leading the losses and the Dow and S & P 500 snapping a 4-day win streak

 

Data from ADP showed private payrolls expanded by 455,000 in March, roughly in line with a Dow Jones estimate of 450,000 but the lowest monthly total since August 2021.

 

US 10-year treasury yield fell nearly 5 bps to 2.352%. Dollar index fell 0.6% to 97.84. Gold rose 0.7% to $1933 per ounce.

 

Brent futures climbed 2.9% to settle at $113.35 per barrel and WTI crude rose 3.4%, or $3.58, to $107.82 per barrel as U.S. crude stockpiles fell by a bigger-than-expected 3.4 million barrels last week and markets worried about possible new Western sanctions against Russia.

 

In Europe, FTSE rose 0.6% while DAX and CAC fell 1.4% and 0.7% respectively.

 

AT HOME

 

Sensex and Nifty climbed 1.3% and 1% respectively, extending the winning streak to third straight day and closing at the highest level after 10th February, 2022. Sensex settled at 58683, up 740 points while Nifty added 173 points to finish at 17498. Nifty mid-cap and small-cap indices gained 0.8% and 1% respectively. BSE Finance and Realty indices were the top gainers among the sectoral indices, rising 1.7% and 1.5% respectively while Metal index tumbled 2.9%, becoming the top loser, followed by 0.9% lower Oil & Gas index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1357 cr, 1083 cr and 1657 cr respectively. DIIs were net buyers to the tune of Rs 1216 cr.

 

Rupee appreciated 7 paise to end at 75.91/$.

 

OUTLOOK

 

Today morning, Nikkei is marginally in the green but Hang Seng and Shanghai are down 0.8% and 0.3% respectively. SGX Nifty is suggesting a marginally higher start for our market. Oil is down 3-4% on news that Biden administration is considering a plan to release 1 million barrels of oil per day from the strategic petroleum reserve for about six months.

 

In yesterday's report we had said that 17490, the tops made on 16th February, was the immediate upside level to eye, upon crossover of which, 17639, the top made on 10th February, would be the next target. We had also advised holding on to long positions with the stop-loss of 17000.

 

Nifty surged to 17522 before closing at 17498.

 

17639, the top made on 10th February, is the next upside level to eye; Immediate support on the hourly chart has moved up to 17200, 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; 35500 is the immediate support.