17207 IS THE IMMEDIATE HURDLE

 

17207 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices plunged 1.6% each after digesting the 25 bps rate hike by the Fed, as well as Fed projections that called for just one more hike this year. Comments from Treasury Secretary Janet Yellen that officials are not considering a ‘blanket insurance’ for bank deposits weighed on the sentiment.

 

US 10-year treasury yield fell 17 bps to 3.438%. Dollar index fell 0.7% to 102.53. Gold jumped 1.6% to $1970 per ounce. 

 

Brent as well as WTI crude futures rose 1.8% each to $76.69 and $70.90 a barrel respectively.

 

Main European markets rose 0.1%-0.4%. UK CPI unexpectedly rose to 10.4% in February from 10.1% in January. Core CPI, excluding food and energy, rose from 5.8% to 6.2%, also surpassing expectations.

 

AT HOME

 

Benchmark indices rose a fourth of a percent each, gaining for the fourth day in last five. Sensex settled at 58214, up 140 points while Nifty added 44 points to finish at 17152. Nifty mid-cap and small-cap indices rose 0.3% and 0.5% respectively. Nifty Pharma and Healthcare indices climbed 1% each, becoming top gainers among the sectoral indices while Media index was the top loser, down 0.3%, followed by 0.1% lower Consumer Durables and Realty indices.

 

FIIs net bought stocks and stock futures worth Rs 62 cr and 488 cr respectively but net sold index futures worth Rs 101 cr. DIIs were net buyers to the tune of Rs 383 cr.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto half a percent and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 17150-17200 continued to be immediate resistance zone on the hourly chart.

 

Nifty, after touching a high of 17207, fell to end at 17151 and is set to open near 17100 today.

 

17207, the top made yesterday, is the immediate hurdle, 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, 40085, the top made yesterday, is the 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.