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.