22351 NEXT; TRAIL STOP-LOSS TO 21950

 

22351 NEXT; TRAIL STOP-LOSS TO 21950

 

WORLD MARKETS

 

U.S. indices climbed 0.5%-1.2%, with the Dow and S & P 500 snapping 3-session losing streak and the latter closing at a fresh record.

 

U.S. 10-year treasury yield fell 4 bps to 4.192%. Dollar index was flat at 104.29. Gold rose 0.7% to $2194 per ounce.

 

WTI crude futures fell 0.3% to $81.35 a barrel and Brent futures dropped 0.2% to $86.09 a barrel.

 

In Europe, FTSE was flat while DAX and CAC gained 0.5% and 0.25% respectively. Economic sentiment in the European Union was slightly higher, with employment expectations holding steady. Spanish inflation came in at 3.2% for March, and French consumer confidence showed a cautious uptick in sentiment.

 

AT HOME

 

Sensex and Nifty gained 0.7% and 0.4% respectively to close at the highest level after 14th March. Sensex settled at 72996, up 526 points while Nifty added 118 points to finish at 22123. Nifty mid-cap and small-cap indices gained 0.1% and 1% respectively, extending the winning streak to fourth and fifth consecutive day respectively. Nifty Realty and Consumer Durables indices were the top gainers among the sectoral indices, up 0.8% and 0.7% respectively while PSU Bank index was the top losers, down 1%, followed by 0.6% lower IT and Media indices.

 

FIIs net bought stocks worth Rs 2170 cr but net sold index futures and stock futures worth Rs 1116 cr and 2541 cr respectively. DIIs were net buyers to the tune of Rs 1198 cr.

 

Rupee depreciated 9 paise to end at 83.37/$.

 

OUTLOOK

 

Today morning, Nikkei is down 1.3% while Hang Seng and Shanghai are down quarter of a percent each. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 21883, the low made on Friday, continued to be immediate support, while 22180, the top made on Friday, continued to be immediate hurdle.

 

Nifty rose to touch a high of 22193 before closing at 22123.

 

22351, the 78.6% retracement level of the recent 22526-21710 fall, is the next upside level to eye; 21950 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 46990, the top made last week, continues to be immediate hurdle, upon crossover of which, 47270 and 47662, the 61.8% and 78.6% retracement levels of recent 48161-45828 fall, would be next upside levels to eye; 46500 continues to be immediate support, upon breach of which, 45828, the low made last week, would be bigger support to eye.

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