18252 IS NEXT TARGET; 17900-178500 IS THE SUPPORT AREA

 

18252 IS NEXT TARGET; 17900-178500 IS THE SUPPORT AREA

 

WORLD MARKETS

 

US indices fell 1.1%-1.2%, extending the losing streak to second straight sessions, on fears around contagion in the regional banking sector.

 

Economic data was weak. U.S. job openings fell for a third straight month and layoffs increased to the highest level in more than two years. Factory orders rose by 0.9% in March, below expectations for a 1.1% gain.

 

US 10-year treasury yield fell 14 bps to 3.43%. Dollar index fell 0.2% to 101.93. Gold jumped 1.7% to $2017 per ounce.

 

Brent futures tumbled 5% to $75.32 a barrel while WTI fell 5.3% to end at $71.66. That was the lowest close for both benchmarks since March 24 and was also their biggest one-day percentage declines since early January.

 

In Europe FTSE and DAX fell 1.2% each while CAC slipped 1.4%.

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.5% respectively to close at the highest level after 20th December 2022 and 18th January 2023 respectively. Sensex added 242 points to settle at 61354 while Nifty finished at 18147, up 82 points. Nifty mid-cap and small-cap indices rose 1% and 0.7% respectively to close at the highest level after 19th December and 3rd January respectively.

 

Nifty Metal and Oil & Gas indices climbed 1.4% and 1.2% respectively, becoming top gainers among the sectoral indices while Pharma and FMCG indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1997 cr, 1983 cr and 1411 cr respectively. DIIs were net sellers to the tune of Rs 394 cr.

 

Rupee depreciated 5 paise to end at 81.88/$.

 

Tata Steel reported an all-round beat in Q4 results while Ambuja Cement put-up a strong show on the back of healthy margins.

 

OUTLOOK

 

Markets in Japan and mainland China are closed for a holiday. Hang Seng is down 1.5% and SGX Nifty is suggesting around 80 points lower start for our market.

 

In yesterday's report we had said that 18252, the top made in January, was the next upside target while immediate support on the hourly chart had moved up to 17825, with the stop-loss of which trading longs could be held on to.

 

Nifty, after touching a high of 18181, closed at 18147.

 

18252, the top made in January, continues to be next upside target; 17900-17850 is the immediate support area, with the stop-loss of which, trading longs should be held on to.

 

For Banknifty, 43578, followed by 44151, the tops made in January 2023 and December 2022 respectively, are the next upside levels to eye; 42900-42800 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

Titan will report it's quarterly earnings today.