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.