17500 CONTINUES TO BE IMMEDIATE HURDLE
WORLD MARKETS
Dow was little changed
while S & P 500 and Nasdaq fell 0.5% and 0.7% respectively as bond yields
continued their climb.
The benchmark 10-year
yield briefly topped 4% for the first time since November and settled 7 bps
higher at 3.996%. The 1-year Treasury yield rose above 5%. Dollar index fell
0.6% to 104.37. Gold rose 0.5% to $1836 per ounce.
ISM Manufacturing Index
registered 47.7% reading, slightly below expected reading of 47.8%.
Brent crude futures rose
1% to $84.31 a barrel and WTI rose 0.8% to $77.69.
In Europe, FTSE rose 0.5%
but DAX and CAC fell 0.4% and 0.5% respectively. A German flash estimate put
February inflation at 9.3%, which would be an increase from 9.2% in January.
Data earlier showed
China's official manufacturing PMI rose to 52.6 in February, the highest since
April 2012. Non-manufacturing activity also grew at a faster pace in February.
AT HOME
Benchmark indices climbed
0.8% each, snapping 8-session losing streak. Sensex settled at 59411, up 448
points while Nifty added 147 points to finish at 17451. Nifty mid-cap and
small-cap indices surged 1.6% and 1.3% respectively. All the NSE sectoral
indices ended in green, with Metal and PSU Bank indices on the top, up 4% and
3% respectively.
FIIs net sold stocks
worth Rs 425 cr but net bought index futures and stock futures worth Rs 638 cr
and 976 cr respectively. DIIs were net buyers to the tune of Rs 1499 cr.
Rupee appreciated 17
paise to end at 82.50/$.
India's GST mop-up rose
12% to Rs. 1.5 lk cr. in February. India's S & P Global Manufacturing PMI
slipped to a four-month low of 55.3 in February, against 55.4 in January.
OUTLOOK
Today morning, Shanghai
is marginally higher while Hang Seng and Nikkei are down 1.1% and 0.4%
respectively. SGX Nifty is suggesting around 65 points lower start for our
market.
In yesterday's report we
had said that 17205, the 78.6% retracement level of the 16747-18887 upmove,
continued to be next downside level to eye and that immediate hurdle on the
hourly chart had moved lower to 17500, with the stop-loss of which, trading
shorts could be held on to.
Nifty rose to touch a
high of 17467 before closing at 17450. The benchmark is set to open near 17400
today.
17500 continues to be
immediate hurdle for Nifty, upon crossover of which, 17590 and 17695, the 38.2%
and 50% retracement levels of the recent 18135-17255 fall, would be next upside
levels to eye; 17205, the 78.6% retracement level of the 16747-18887 upmove,
continues to be next support.
For Banknifty, 41000 and
41300 are next upside targets; 39600-39420 is the support area; 40200-40100 is
the immediate support area.
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