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.