17795-18252 IS THE BROAD RANGE

 

17795-18252 IS THE BROAD RANGE

 

WORLD MARKETS

 

US indices rose 0.6%-1%, with Nasdaq notching 3-day win streak.

 

Fed Chairman Powell in a speech emphasized the importance for the central bank’s independence from political influence, without giving direct clues on where the monetary policy is headed.

 

The World Bank slashed its 2023 growth forecasts to near recession levels for many countries.

 

US 10-year treasury yield rose 9 bps to 3.623%. Dollar index inched up 0.1% to 103.27. Gold rose 0.3% to $1877 per ounce.

 

Brent as well as WTI futures rose 0.6% each to $80.10 and $75.12 a barrel respectively.

 

European markets fell 0.1%-0.6%

 

AT HOME

 

Yesterday's sharp rebound proved deceptive as Benchmark indices plunged 1% each, ending in red for the fourth day in past five. Sensex settled at 60115, down 631 while Nifty lost 187 points to finish at 17914. Nifty mid-cap and small-cap indices fell 0.5% and 0.6% respectively. Except 0.3% and 0.1% higher Auto and Healthcare indices respectively, all the NSE sectoral indices ended in red, with PSU Bank index being the top loser, down 2.7%, followed by 1.4% lower Financial Services index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2109 cr, 2454 cr and 848 cr respectively. DIIs were net buyers to the tune of Rs 1807 cr.

 

Rupee appreciated 57 paise to end at 81.79/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1% each while Shanghai is little changed. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 18252, the top made last week, was the next hurdle to eye while 17900 was the immediate support, below which, 17774, the low made in December, would be next downside level to eye.

 

Nifty plunged all the way to 17856 before closing at 17914.

 

17795, the low made last week, is the next support for Nifty; 18252, the top made last week, is the important immediate hurdle.

 

For Banknifty, 41569, the bottom made in December, is the next support; 42800-42900 is the immediate resistance zone.