NIFTY INCHES CLOSER TO 17207 HURDLE

 

NIFTY INCHES CLOSER TO 17207 HURDLE

 

WORLD MARKETS

 

US markets surged 1%-1.8% on Wednesday on easing concerns around the state of the banking sector.

 

Yesterday, US indices gained 0.4%-0.7%, building on the sharp gains from the previous session.

 

Weekly jobless claims rose by 7,000 to 198,000. U.S. GDP rose 2.6% in the fourth quarter.

 

US 10-year treasury yield fell 1 bps to 3.553%. Dollar index fell half a percent to 102.17. Gold rose 0.9% to $1980 per ounce.

 

Brent crude futures rose 1.3% to $79.27 a barrel and WTI crude rose 1.9% to $74.38.

 

European markets gained 0.7%-1.5%. German consumer prices rose 7.8% y-o-y and 1.1% compared to February. Y-o-Y rise was anticipated at 7.5%.  Spain’s consumer prices rose 3.3% y-o-y in March, the slowest pace since August 2021.

 

AT HOME

 

Sensex and Nifty climbed 0.6% and 0.8% respectively, with Nifty posting it's second biggest percentage jump of the month. Sensex settled at  57960, up 346 points while Nifty added 129 points to finish at 17080. Nifty mid-cap and small-cap indices surged 1.5% and 1.7% respectively, with the later gaining the most after 31st January. Except 0.1% lower Oil & Gas index, all the NSE sectoral indices ended higher, with PSU Bank on the top, up 3.2%, followed by 2.6% higher Media index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1245 cr, 2027 cr and 16 cr respectively. DIIs were net buyers to the tune of Rs 823 cr.

 

Rupee depreciated 15 paise to end at 82.34/$.

 

For the March derivative series, Nifty fell 2.5%.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.6% and SGX Nifty is suggesting a modestly higher start for our market.

 

In Wednesday's report we had said that 16828, the low made last week, continued to be immediate support while 17207, the top made last week, continued to be immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty soared to touch a high of 17126 before closing at 17080.

 

17207, the top made last week, continues to be immediate hurdle, upon crossover of which, 17314 and 17430, the 50% and 61.8% retracement levels of the recent 17800-16828 fall, would be next upside targets to eye; 16828 continues to be important immediate support.

 

For Banknifty, above Wednesday's high of 40055, 40200-40300 would be the next target zone; 39600 is the immediate support on the hourly chart.

16828-17207 CONTINUES TO BE IMMEIDATE RANGE

 

16828-17207 CONTINUES TO BE IMMEIDATE RANGE

 

WORLD MARKETS

 

US indices fell 0.1%-0.4% as markets weighed receding concerns about a banking crisis, while Treasury yields rose amid focus on Federal Reserve’s interest rate trajectory.

 

U.S. trade deficit in goods widened modestly in February as exports declined.

 

US 10-year treasury yield rose 4 bps to 3.571%. Dollar index fell 0.4% to 102.43. Gold rose  0.9% to $1973 per ounce.

 

Brent crude futures rose 0.8% to $78.74 a barrel and WTI future rose 0.7% to $73.31.

 

European markets rose 0.1%-0.5%.

 

AT HOME

 

Sensex and Nifty ended lower by 0.1% and 0.2% respectively, marking the third red day in last four. Sensex settled at 57613, down 40 points while Nifty lost 34 points to finish at 16951. Nifty mid-cap and small-cap indices fell 0.4% and 0.9% respectively, extending the losing streak to fourth consecutive day and closing at the lowest level after 28th July 2022 and 14th July 2022 respectively. Nifty Media and Realty indices were the top losers among the sectoral indices, down 1.7% and 1.2% respectively while Bank and Financial Services indices were the top gainers, up 0.4% and 0.3% respectively.

 

FIIs net bought stocks worth Rs 1531 cr but net sold index futures and stock futures worth Rs 931 cr and 147 cr respectively. DIIs were net sellers to the tune of Rs 156 cr.

 

Rupee appreciated 18 paise to end at 82.19/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 2.4%, Nikkei is up half a percent, Shanghai is marginally in the green and SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 16828, the low made last week, continued to be immediate support while 17207, the top made last week, continued to be immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a high of 17061 in the initial trade, slipped to end at 16951.

 

16828, the low made last week, continues to be immediate support while 17207, the top made last week, continued to be immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

For Banknifty, 39000-39100 is the immediate support area on the hourly chart, upon breach of which, 38613, the low made in mid-March, would be next downside level to eye; On the way up, 40200, the top made last week, which coincided with 20-DMA, continues to be immediate hurdle.

16828-17207 CONTINUES TO BE IMMEDIATE RANGE

 

16828-17207 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.6% and 0.2% respectively as banking fears eased but Nasdaq fell half a percent as treasury yield rose.

 

Federal Deposit Insurance Corporation said First Citizens BancShares Inc would acquire all of Silicon Valley Bank’s deposits and loans from the regulator. Reports that the deposit outflows from small banks to industry giants like JPMorgan Chase and Wells Fargo has slowed in recent days and that U.S. authorities were considering expanding an emergency lending program for banks, which could give First Republic more time to shore up its liquidity, also boosted sentiment.

 

US 10-year treasury yield rose 15 bps to 3.534%. Dollar index fell 0.3% to 102.83. Gold fell 1% to $1956 per ounce.

 

Oil climbed after crude exports from Kurdistan, which is about half a percent of global oil supply, stopped on Saturday after a victory in an arbitration case confirmed Baghdad’s consent was needed to ship the oil from Turkey. Brent crude futures surged 4.2% to $78.12 a barrel and WTI crude rose 5.2%, to $72.89 a barrel.

 

European markets gained 0.9%-1.2%.

 

AT HOME

 

After gaining nine tenth of a percent, benchmark indices tumbled in last hour of trade to end higher by just 0.2% each. Sensex settled at 57653, up 126 points while Nifty added 40 points to finish at 16985. Nifty mid-cap and small-cap indices fell 0.5% and 1.6% respectively. Nifty Healthcare and Pharma indices rose 1.1% each, becoming top gainers among the sectoral indices while Realty and Media indices were the top losers, down 1.2% and 1.1% respectively.

 

FIIs net sold stocks worth Rs 891 cr but net bought index futures and stock futures worth Rs 3249 cr and 1607 cr respectively. DIIs were net buyers to the tune of Rs 1809 cr.

 

Rupee appreciated 11 paise to end at 82.37/$.

 

OUTLOOK

 

Today morning, Asian markets are little changed while SGX Nifty is suggesting around 30 points higher star for our market.

 

In yesterday's report we had said that 16828, the low made last week, was the immediate support while 17207, the top made last week, was the immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a high of 17091, reversed to end at 16985.

 

16828, the low made Monday, is the immediate support, upon breach of which, 16747, the low made in September 2022, would be next downside level to eye; 17207, the top made last week, continues to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39000 is the immediate support on the hourly chart, upon breach of which, 38613, the low made in mid-March, would be next downside level to eye; On the way up, 40200, the top made last week, which coincided with 20-DMA, continues to be immediate hurdle.

STAY SHORT WITH THE STOP-LOSS OF 17207

 

STAY SHORT WITH THE STOP-LOSS OF 17207

 

WORLD MARKETS

 

After starting in red on fears that the banking crisis was spilling over to Deutsche Bank, US indices recovered to end with gains of 0.3%-0.6% on Friday.

 

Deutsche Bank closed 3.1% lower, rebounding from a 7% drop earlier in the trading session as the German lender’s credit default swaps jumped. ECB President Christine Lagarde tried to ease concerns, saying euro zone banks are resilient with strong capital and liquidity positions. Lagarde said the ECB could provide liquidity if needed.

 

US 10-year treasury yield fell 5 bps to 3.38%. Dollar index rose half a percent to 103.11. Gold fell 0.8% to $1977 per ounce.

 

Brent crude fell 1.3% to $74.96 a barrel and WTI crude futures fell 1.1% to $69.22 a barrel.

 

European markets fell 1.3%-2.2%

 

For the week, US indices gained 0.4%-1.6%.

 

AT HOME

 

Sensex and Nifty slipped 0.7% and 0.8% respectively, extending yesterday's weakness. Sensex settled at 57527, down 398 points while Nifty lost 132 points to finish at 16945. Nifty mid-cap and small-cap indices tumbled 1.2% and 1.7% respectively. All the NSE sectoral indices ended lower, with Media index being the top loser, down 2.4%, followed by 2.3% lower Realty and Metal indices.

 

FIIs net sold stocks and stock futures worth Rs 1720 cr and 389 cr respectively but net bought index futures worth Rs 214 cr. DIIs were net buyers to the tune of Rs 2556 cr.

 

Rupee depreciated 22 paise to end at 82.48/$.

 

For the week, Sensex and Nifty fell 0.8% and 0.9% respectively, extending the losing streak to third consecutive week and closing at the lowest level after the week ending 30th September 2022 and 22nd July 2022 respectively.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% but Hang Seng and Shanghai are down 1.4% and 0.4% respectively. SGX Nifty is suggesting around 80 points higher start for our market.

 

In Friday's report we had said that 17207, the top made Wednesday, continued to be immediate hurdle, while 16828, the low made Monday, was the immediate support.

 

Nifty fell to 16917 before closing at 16945 and is set to open near 17000 today.

 

16828, the low made Monday, is the immediate support, upon breach of which, 16747, the low made in September 2022, would be next downside level to eye; 17207, the top made last week, is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39000 is the immediate support on the hourly chart, upon breach of which, 38613, the low made in mid-March, would be next downside level to eye; On the way up, 40200, the top made last week, which coincided with 20-DMA, is the immediate hurdle.

 

NIFTY RETREATS FROM 17207 HURDLE

 

NIFTY RETREATS FROM 17207 HURDLE

 

WORLD MARKETS

 

US indices rose 0.2%-1% but closed off the highs made earlier in the session which were ranging between 1.5-2.5%.

 

Treasury Secretary Janet Yellen said the administration is ready to take “additional actions if warranted” to stabilize the U.S. banking system.

 

US 10-year treasry yield was little changed at 3.432%. Dollar index was flat at 102.59. Gold rose 1.2% to $1993 per ounce.

 

Brent crude futures fell 1% to settle at $75.91 a barrel and WTI crude futures slid by 1.3% to $69.96 a barrel.

 

The Bank of England raised interest rate by 25 bps, in line with expectations, and said further tightening would be required if there were evidence of more persistent price pressures.

 

In Europe, except a marginally higher CAC, other markets saw cuts of upto 0.9%.

 

AT HOME

 

After rising three tenth of a percent, benchmark indices tumbled three fourth of a percent to end lower by nearly half a percent. Sensex settled at 57925, down 289 points while Nifty lost 75 points to finish at 17076. Nifty mid-cap and small-cap indices fell 0.4% each. Nifty PSU Bank and Realty indices were the top losers among the sectoral indices, down 1.7% and 1.1% respectively while FMCG index was the top gainer, up 0.4%, followed by 0.2% higher Pharma and Healthcare indices.

 

FIIs net sold stocks and stock futures worth Rs 995 cr and 121 cr respectively but net bought index futures worth Rs 1015 cr. DIIs were net buyers to the tune of Rs 1669 cr.

 

Rupee appreciated 39 paise to end at 82.26/$.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are modestly lower while Hang Seng is up 0.2%. SGX Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 17207, the top made Wednesday, was the immediate hurdle.

 

Nifty, after touching a high of 17205, reversed and closed at 17077.

 

17207, the top made Wednesday, continues to be immediate hurdle, a crossover of which is required for a fresh upmove; 16828, the low made Monday, is the immediate support.

 

For Banknifty, 39500 is the immediate support below which, 39000 would be next downside level to eye; 40200, the top made yesterday, is immediate hurdle above which, 40500 and 41000 would be next upside targets.

17207 IS THE IMMEDIATE HURDLE

 

17207 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices plunged 1.6% each after digesting the 25 bps rate hike by the Fed, as well as Fed projections that called for just one more hike this year. Comments from Treasury Secretary Janet Yellen that officials are not considering a ‘blanket insurance’ for bank deposits weighed on the sentiment.

 

US 10-year treasury yield fell 17 bps to 3.438%. Dollar index fell 0.7% to 102.53. Gold jumped 1.6% to $1970 per ounce. 

 

Brent as well as WTI crude futures rose 1.8% each to $76.69 and $70.90 a barrel respectively.

 

Main European markets rose 0.1%-0.4%. UK CPI unexpectedly rose to 10.4% in February from 10.1% in January. Core CPI, excluding food and energy, rose from 5.8% to 6.2%, also surpassing expectations.

 

AT HOME

 

Benchmark indices rose a fourth of a percent each, gaining for the fourth day in last five. Sensex settled at 58214, up 140 points while Nifty added 44 points to finish at 17152. Nifty mid-cap and small-cap indices rose 0.3% and 0.5% respectively. Nifty Pharma and Healthcare indices climbed 1% each, becoming top gainers among the sectoral indices while Media index was the top loser, down 0.3%, followed by 0.1% lower Consumer Durables and Realty indices.

 

FIIs net bought stocks and stock futures worth Rs 62 cr and 488 cr respectively but net sold index futures worth Rs 101 cr. DIIs were net buyers to the tune of Rs 383 cr.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 17150-17200 continued to be immediate resistance zone on the hourly chart.

 

Nifty, after touching a high of 17207, fell to end at 17151 and is set to open near 17100 today.

 

17207, the top made yesterday, is the immediate hurdle, upon crossover of which, 17315 and 17430, the 50% and 61.8% retracement levels of the recent 18000-16828 fall, would be next upside levels to eye; 16828, the low made Monday, is the immediate support.

 

For Banknifty, 40085, the top made yesterday, is the immediate hurdle on the hourly chart, upon crossover of which, 40500 and 41000 would be next upside targets; 38940, the low made Monday, is the immediate support.

 

17150-17200 IS THE IMMEDIATE RESISTANCE ZONE; IMMEDIATE SUPPORT AT 16828

 

17150-17200 IS THE IMMEDIATE RESISTANCE ZONE; IMMEDIATE SUPPORT AT 16828

 

WORLD MARKETS

 

US indices rose 1%-1.6%, extending their Monday rally, ahead of Fed decision due Wednesday.

 

Fears on a banking crisis were further alleviated after Treasury Secretary Janet Yellen said the government is ready to provide further guarantees of deposits if the banking crisis worsens.

 

US 10-year treasury yield rose 13 bps to 3.611%. Dollar index eased 0.1% to 103.21. Gold tumbled 2% to $1940 per ounce.

 

Brent crude rose 1% to $74.49 per barrel and WTI crude rose 1.2% to $68.45.

 

European markets gained 1.4%-2.5%. Britain recorded a budget deficit of 16.68 billion pounds ($20.4 billion) in February, much higher than expected

 

AT HOME

 

Sensex and Nifty rose 0.8% and 0.7% respectively, closing in green for the third day in last four. Sensex settled at 58074, up 445 points while Nifty added 119 points to finish at 17107. Nifty mid-cap and small-cap indices rose 0.6% and 0.7% respectively. Nifty Consumer Durables and Financial Services indices were the top gainers among the sectoral indices, up 1.5% each while IT and FMCG indices were the top losers, down 1% and 0.7% respectively.

 

FIIs net sold stocks and index futures worth Rs 1455 cr and 129 cr respectively but net bought stock futures worth Rs 2629 cr. DIIs were net buyers to the tune of Rs 1946 cr.

 

Rupee depreciated 2 paise to end at 82.66/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.6%-2.4% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 16747, the bottom made in September 2022, continued to be next important support while 17150-17200 was the immediate resistance zone on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty rose to touch a high of 17127 before closing at 17107.

 

17150-17200 continues to be immediate resistance zone on the hourly chart, upon crossover of which, 17315 and 17430, the 50% and 61.8% retracement levels of the recent 18000-16828 fall, would be next upside levels to eye; 16828, the low made Monday, is the immediate support.

 

For Banknifty, 40000 continues to be immediate hurdle on the hourly chart, upon crossover of which, 40500 and 41000 would be next upside targets; 38940, the low made Monday, is the immediate support.

 

16747 CONTINUES TO BE SUPPORT TO EYE; 17150-17200 IS THE RESISTANCE ZONE

 

16747 CONTINUES TO BE SUPPORT TO EYE; 17150-17200 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices rose 0.4%-1.2% as regional bank rebounded on the hopes that the banking crisis is easing, following the $3.2 billion takeover of Swiss bank Credit Suisse by rival UBS.

 

US 10-year treasury yield rose 5 bps to 3.488%. Dollar index fell half a percent to 103.30. Gold too eased half a percent to $1978 per ounce.

 

Brent crude May future rose 1% to $73.70 a barrel and WTI April contract rose 1.1% to $67.47 a barrel.

 

European markets gained 0.9%-1.6%.

 

AT HOME

 

After falling a percent and half, benchmark indices recouped more than half of the losses in late noon trade to end lower by six tenth of a percent. Sensex settled at 57629, down 361 points while Nifty fell 112 points to finish at 16988. Nifty mid-cap and small-cap indices fell 1% each. Except 0.8% and 0.1% higher FMCG and Media indices respectively, all the NSE sectoral indices ended in red, with Metal index being the top losers, down 2.4%, followed by 1.7% lower PSU Bank index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2546 cr, 1996 cr and 2220 cr respectively. DIIs were net buyers to the tune of Rs 2877 cr.

 

Rupee depreciated 8 paise to end at 82.63/$.

 

OUTLOOK

Today morning, Nikkei is down 1.4% but Hang Seng and Shanghai are up 0.9% and 0.5% respectively. SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 16747, the bottom made in September 2022, continued to be next important support while 17255 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a low of 16828, rebounded to end at 16988.

 

16747, the bottom made in September 2022, continues to be next important support; 17150-17200 is the immediate resistance zone on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 20-month moving average, placed around 38150 is the next downside level to eye; 40000 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

16747 IS THE NEXT SUPPORT; 17255 IMMEDIATE HURDLE

 

16747 IS THE NEXT SUPPORT; 17255 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices fell 0.7%-1.2% on Friday as sell-off resumed in First Republic and other bank shares amid lingering concerns over the state of the U.S. banking sector.

 

First Republic slid nearly 33% to end the week down close to 72%. U.S.-listed shares of Credit Suisse closed down nearly 7%, taking the weekly cut to 24%.

 

The University of Michigan’s survey of consumer sentiment fell for the first time in four months even as readings on inflation expectations receded. Preliminary results on economic conditions and consumer expectations also slid.

 

US 10-year treasury yield fell 15 bps to 3.436%. Dollar index fell 0.6% to 103.86. Gold surged 3.5% to $1988 per ounce.

 

Brent as well as WTI crude futures fell 2.1% each to $73.11 a barrel and $66.92 respectively.

 

European markets fell 1%-1.4%.

For the week, Dow finished 0.2% down but S & P 500 and Nasdaq rose 1.4% and 4.4% respectively, with Nasdaq notching it's best week since Jan. 13. European markets fell 4%-5.3%, posting their worst week of 2023.

 

US 2-year yield fell 75 bps to 3.848% while 10-year yield dipped 27 bps to 3.436%. Dollar index fell 0.7% to 103.86. Gold surged 6.5% to $1988 per ounce. Brent and WTI crude plunged 12.3% and 13.6% respectively for their worst week since March 2022 and April 2020 respectively. 

 

AT HOME

 

Benchmark indices rose nearly two third of a percent each, building on yesterday's recovery from lower levels. Sensex settled at 57989, up 355 points while Nifty added 114 points to finish at 17100. Nifty mid-cap and small-cap indices rose 0.3% and 0.7% respectively. Nifty Realty and Metal indices surged 3% and 2.4% respectively, becoming top gainers among the sectoral indices while Pharma index was the top loser, down 0.6%, followed by 0.5% lower Healthcare and Auto indices.

 

FIIs net sold stocks and index futures worth Rs 1767 cr and 692 cr respectively but net bought stock futures worth Rs 264 cr. DIIs were net buyers to the tune of Rs 1817 cr.

 

Rupee appreciated 18 paise to end at 82.55/$.

 

For the week, Sensex and Nifty fell 1.9% and 1.8% respectively, extending last week's nearly 1% cut.

 

OUTLOOK

 

UBS agreed to buy its banking rival Credit Suisse in a $3.2 billion takeover over the weekend.

 

Today morning, Hang Seng and Nikkei are down 1.4% and 0.8% respectively while Shanghai is up 0.4%. SGX Nifty is suggesting around 100 points lower start for our market.

 

In Friday's report we had said that 16747, the bottom made in September 2022, continued to be next downside level to eye while 17260 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty touched a high of 17145 before closing at 17100 and is set to open near 17000 today.

 

16747, the bottom made in September 2022, continues to be next important support; 17255 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

For Banknifty, 20-month moving average, placed around 38150 is the next downside level to eye; 40000 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.