18252 IS NEXT HURDLE; 17900 IMMEDIATE SUPPORT

 

18252 IS NEXT HURDLE; 17900 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After gaining 1-1.5%% in the initial trade, Dow and S & P 500 plunged to end lower by 0.3% and 0.1% respectively. Nasdaq ended higher by 0.6%, after rising 2.2% earlier in the session.

 

US 10-year treasury yield fell 2 bps to 3.538%. Dollar index fell 0.7% to 103.18. Gold rose 0.3% to $1872 per ounce.

 

Brent crude settled up 1.4% at $79.65 a barrel and WTI crude rose 1.2% to $74.63.

 

European markets gained 0.3%-1.2%.

 

AT HOME

 

Benchmark indices surged 1.4%, their biggest gain after 11th November. Sensex settled at 60747, up 846 points while Nifty added 241 points to finish at 18101. Nifty mid-cap and small-cap indices rose 0.9% and 0.6% respectively. Except 0.5% lower Consumer Durables index, all the NSE sectoral indices ended higher, with IT index on the top, up 2.8%, followed by 1.4% higher Metal index.

 

FIIs net sold stocks worth Rs 203 cr but net bought index futures and stock futures worth Rs 2179 cr and 1982 cr respectively. DIIs were net buyers to the tune of Rs 1724 cr.

 

Rupee appreciated 36 paise to end at 82.36/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.9% and 0.5% respectively while Hang Seng is down 0.2%. SGX Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 17774, the low made in December, was the important immediate support to eye while 18085 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty surged to 18140 before closing at 18101.

 

18252, the top made last week, is the next hurdle to eye; 17900, is the immediate support, below which, 17774, the low made in December, would be next downside level to eye.

 

For Banknifty, 42900-43000 is the immediate resistance zone; 41877, the low made last week, is the immediate support.