17650-17600 IS THE SUPPORT AREA; 17870-17970 IS THE RESISTANCE ZONE

 

17650-17600 IS THE SUPPORT AREA; 17870-17970 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices fell 0.1%-1% with Nasdaq leading the losses as as bond yields rose and pressured growth stocks.

 

US 10-year treasury yield rose 12 bps to 3.644%. Dollar index rose 0.6% to 103.62. Gold inched up 0.1% to $1867 per ounce.

 

Brent futures for April delivery rose 1.3% to $80.99 a barrel and WTI gained 1% to $74.11 per barrel.

 

In Europe, FTSE and DAX fell 0.8% each while CAC dipped 1.3%.

 

AT HOME

 

Benchmark indices fell half a percent each, giving away a third of big gains made on Friday. Sensex settled at 60506, down 335 points while Nifty lost 89 points to finish at 17764. Nifty mid-cap and small-cap indices however gained 1% and 0.5% respectively. Nifty Metal index tumbled 2.2%, becoming top loser among the sectoral indices, followed by 0.6% lower IT index. Nifty Media and FMCG indices were the top gainer, up 0.8% and 0.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1218 cr, 2190 cr and 65cr respectively. DIIs were net buyers to the tune of Rs 1203 cr.

 

Rupee depreciated 90 paise to end at 82.73/$.

 

OUTLOOK

Today morning, Hang Seng is up a percent while Nikkei and Shanghai are up 0.2% each. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 17972, the top made on the Budget day, continued to be immediate hurdle, while 17650-17600 was the immediate support zone on the hourly chart.

 

Nifty fell to 17698 before closing at 17764.

 

17650-17600 continues to be immediate support zone on the hourly chart, below which, 17353, the low made on Budget day, would be next downside level to eye; 17870-17970 is the immediate resistance zone.

 

For Banknifty, 42015, the top made on Budget day, is the immediate hurdle, upon crossover of which, 43078, the top made on 24th Jan., would be the next upside target to eye; On the way down, 40600 is the immediate support on the hourly chart, below which, 39420, the low made last week, would be bigger support to eye.

 

Bharti Airtel and Adani Ports will report their quarterly earnings today.