16747 IS THE NEXT SUPPORT; 17260 IS IMMEDIATE HURDLE

 

16747 IS THE NEXT SUPPORT; 17260 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices surged 1.2%-2.5% after a group of 11 banks pledged $30 billion in deposits to First Republic Bank and Credit Suisse said it will borrow up to nearly $54 billion from the Swiss National Bank to assure short-term liquidity.

 

In terms of economic data, Housing numbers surged, while jobless claims tumbled.

 

US 10-year treasury yield rose 12 bps to 3.583%. Dollar index fell 0.3% to 104.44. Gold rose 0.2% to $1822 per ounce.

 

ECB announced a half-percentage point rate hike as promised to curb inflation despite market chaos in recent days.

 

European markets rose 0.9%-2%.

 

Brent as well as WTI crude futures rose 1% each to $74.70 and $68.35 a barrel respectively, snapping a 3-session losing streak.

 

AT HOME

 

Benchmark indices managed to end 0.1% higher after a choppy session, snapping a 5-day losing streak. Sensex settled at 57634, up 78 points while Nifty added 13 points to finish at 16985. Nifty mid-cap index inched up 0.1% but small-cap index fell half a percent. Nifty Media index surged 4.2%, becoming top gainer among the sectoral indices, followed by 1.1% higher FMCG and Realty indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 282 cr, 1815 cr and 1419 cr respectively. DIIs were net buyers to the tune of Rs 2051 cr.

 

Rupee depreciated 13 paise to end at 82.73/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.5%-0.8% and SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 16747, the bottom made in September 2022, was the next downside level to eye while 17280 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 16850, rebounded to end at 16985. The benchmark is set to open near 17050 today.

 

16747, the bottom made in September 2022, continues to be next downside level to eye; 17260 is the immediate hurdle 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.