17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 rose 1.1% each while Nasdaq jumped 1.5% ahead of Tuesday’s key inflation report.

 

US 10-year treasury yield fell 5 bps to 3.705%. Dollar index fell 0.3% to 103.30. Gold fell 0.6% to $1853 per ounce.

 

Brent futures for April delivery rose 0.3% to $86.61 a barrel, while U.S. crude rose 0.5, to $80.14 per barrel.

 

European markets gained 0.6%-1.1%.

 

AT HOME

 

Sensex and Nifty fell 0.4% and 0.5% respectively, extending Friday's modest cuts. Sensex settled at 60431, down 250 points while Nifty lost 85 points to finish at 17770. Nifty mid-cap and small-cap indices tumbled 1.5% and 1.4% respectively, with the former suffering the worst cut after 23rd December. Except marginally higher FMCG index, all the NSE sectoral indices ended lower, with PSU Bank and Media indices being the top losers, down 2.5% and 2.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 1322 cr and 89 cr respectively but net sold stock futures worth Rs 1312 cr. DIIs were net sellers to the tune of Rs 522 cr.

 

Rupee depreciated 22 paise to end at 82.72/$.

 

OUTLOOK

Today morning, Nikkei and Shanghai are up 0.6% and 0.1% respectively while Hang Seng is off 0.2%. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 17972, the top made on the Budget Day, around which 34-DMA was also placed, continued to be important immediate hurdle while 17650-17600 continued to be immediate support area.

 

Nifty fell to touch a low of 17719 before closing at 17770.

 

17972, the top made on the Budget Day, around which 34-DMA is also placed, continues to be important immediate hurdle; 17650 is the immediate support on the hourly chart, below which, 17353, the low made on the budget day, would be next downside level to eye.

 

For Banknifty, 42015, the top made on the Budget Day, which also coincides with 34-DMA, continues to be important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye. On the way down, 41100 is the immediate support on the hourly chart, below which, 40600 and 39500 would be next downside levels to eye.

 

Apollo Hospitals, Eicher Motors and ONGC will report their quarterly earnings today.