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.