18004 ABOVE 17800; 17430 IS IMMEDIATE SUPPORT

 

18004 ABOVE 17800; 17430 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq rose 0.1% and 0.4% respectively after digesting fresh job market data and comments from Federal Reserve Chairman Jerome Powell.

 

ADP private payrolls data showed businesses added more jobs than expected in February.  January’s JOLTS job openings data declined slightly but continued to outweigh available workers.

 

Powell reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he emphasized that no decision has been made yet regarding the March meeting.

 

US 10-year treasury yield rose 2 bps to 3.995% while 2-year yield jumped 6 bps to 5.076%. Dollar index was little changed at 105.66. Gold too was flat at $1814 per ounce.

 

Brent crude futures fell 0.9% to $82.55 per barrel and WTI futures slipped 1.3% to $76.59 a barrel.

 

In Europe, FTSE and DAX gained 0.1% and 0.5% respectively while CAC fell 0.2%.

 

AT HOME

 

After falling six tenth of a percent at the open, benchmark indices climbed nine tenth of a percent from the bottom to end higher by nearly a fouth of a percent, extending the winning streak to third straight day. Sensex settled at 60348, up 123 points while Nifty added 43 points to finish at 17754. Nifty mid-cap and small-cap indices rose 0.5% and 0.2% respectively. Nifty Oil & Gas and Auto indices were the top gainers among the sectoral indices, up 0.8% each while Realty and Healthcare indices were the top losers, down 0.7% and 0.6% respectively.

 

FIIs net bought stocks and stock futures worth Rs 3672 cr and 118 cr respectively but net sold index futures worth Rs 577 cr. DIIs were net sellers to the tune of Rs 938 cr.

 

Rupee depreciated 15 paise to end at 82.06/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.6% and 0.2% respectively while Shanghai is marginally in the red. SGX Nifty is trading around 17805, suggesting around 50 points higher start when comapred to yesterday's close of Nifty futures.

 

In yesterday's report we had said that 17800, the top made Monday, was the immediate hurdle while 17430 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 17602 in the initial trade, rebounded to end at 17754.

 

17800, the top made Monday, is the immediate hurdle, upon crossover of which, 18004, the top made last week, would be next upside level to eye; 17430 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42000 continues to be next upside target/resistance to eye, upon crossover of which, 43000-43100 would be next target area; 41000-40900 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.