22600 ABOVE 22297; 22000 IS IMMEDIATE SUPPORT

 

22600 ABOVE 22297; 22000 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

On Friday, Dow rose 0.2%, S & P 500 was little changed while Nasdaq fell 0.3%. Dow closed at an all-time high of 39,131.53, S&P 500 at one point in the session broke above 5,100 for the first time and the tech-heavy Nasdaq Composite touched a 52-week high before falling.

 

U.S 10-year treasury yield fell 7 bps to 4.252%. Dollar index was flat at 103.96. Gold rose 0.6% to $2035 per ounce.

 

Brent crude futures settled down 2.5% at $81.62 a barrel while WTI futures fell 2.7% to $76.49.

 

In Europe, FTSE and DAX rose 0.3% each while CAC gained 0.7%. U.K. consumer confidence dipped in February, new survey data from GfK showed.

 

For the week, U.S. equity indices gained 1.3%-1.7% mainly led by gain in technology shares on the back of blowout results from Nvidia. In Europe, CAC and DAX rose 2.6% and 1.8% respectively while FTSE ended marginally in the red. In Asia, Shanghai surged 4.3% and has seen nine consecutive up-days on the back of government support measures and slight improvement in economic indicators. Hang Seng rose 2.2%. Nikkei gained 1.6% and crossed the previous all-time high made in 1989.

 

For the week, Brent declined about 2% and WTI fell more than 3%. Dollar index fell 0.3% for it's first negative week of 2024. Gold rose 1.1%. U.S. 10-year treasury yield fell 3 bps to 4.251%.

 

AT HOME

 

Benchmark indices ended flat, consolidating after yesterday's mammoth rebound. Sensex settled at 73142, down 15 points while Nifty lost 5 points to finish at 22212. Nifty mid-cap and small-cap indices gained 0.3% and 0.4% respectively. Nifty Media and Realty indices climbed 1.4% and 1% respectively, becoming top gainers among the sectoral indices while PSU Bank and Oil & Gas indices were the top losers, down 1.2% and 0.4% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1276 cr and 3496 cr respectively but net sold index futures worth Rs 136 cr. DIIs were net buyers to the tune of Rs 177 cr.

 

Rupee depreciated 10 paise to end at 82.94/$.

 

For the week, Sensex and Nifty gained 1% and 0.8% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei is up 0.6% while Hang Seng and Shanghai are down 0.4% and 0.2% respectively. GIFT Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 22325 was the next immediate target while 22000 was the immediate support on intraday chart.

 

Nifty, after touching a high of 22297, fell to end at 22212.

 

Upon crossover of Friday's high, i.e. 22297, 22600 would be next upside target for Nifty; On the way down, a trendline adjoining bottoms made on 14th and 22nd February lands support around 22000, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 47736, the 78.6% retracement level of the 48636-44429 fall, is the immediate target, upon crossover of which, 48636, the record high made on 28th December, would be the next upside level to eye. 46400-46350 is the immediate support area, upon breach of which, 46000 and 45676, the 50% and 61.8% retracement levels of the recent upmove, would be next downside levels to eye.