22300-22350 IS THE IMMEDIATE RESISTANCE ZONE; 21777 IMMEDIATE SUPPORT

 

22300-22350 IS THE IMMEDIATE RESISTANCE ZONE; 21777 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.6% but S & P 500 and Nasdaq fell 0.9% and 2% respectively, both extending the losing streak to sixth consecutive session on Friday.

 

Netflix retreated more than 9% even after quarterly earnings beat on the top and bottom lines. Nvidia slipped 10%, registering its worst day since March 2020.

 

U.S. 10-year treasury yield fell 1 bps to 4.623%. Dollar index was little changed at 106.12. Gold rose 0.6% to $2392 per ounce.

 

WTI crude futures rose 0.5% to $83.14 a barrel while Brent gained 0.2% to settle $87.29 a barrel.

 

In Europe, FTSE rose 0.2%, CAC was flat while DAX fell 0.6%. U.K. retail sales underperformed in March, coming in flat on the previous month.

 

Japanese core inflation slowed to 2.6% y-o-y in March, from 2.8%, although remained above the central bank’s 2% target.

 

For the week, Dow was flat but S&P 500 tumbled 3%, extending the losing streak to third straight week and posting its worst weekly performance since March 2023. Nasdaq nosedived 5.5%, posting its fourth straight down week and worst weekly performance since November 2022.

 

U.S. 10-year treasury yield rose 10 bps to 4.623%. Dollar index inched up 0.1%. Gold rose 2.1% for its fifth consecutive up-week. U.S. crude oil and global benchmark Brent fell 3% and 3.4%, respectively.

 

AT HOME

 

After plunging a percent in the initial trade, benchmark staged a stunning rebound to end higher by 0.7-0.8%. Sensex settled at 73088, up 599 points while Nifty added 151 points to finish at 22147. Nifty mid-cap and small-cap indices ended lower by 0.6% and 0.1% respectively. Nifty Financial Services and Bank indices were the top gainers among the sectoral indices, up 1.3% and 1.1% respectively while Media and Realty indices were the top losers, down 1% and 0.7% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 129 cr, 658 cr and 4215 cr respectively. DIIs were net sellers to the tune of Rs 52 cr.

 

Rupee appreciated 7 paise to end at 83.47/$.

 

For the week, Sensex and Nifty fell 1.6% each.

 

HDFC Bank positively surprised on NIM front but profit missed estimate on Rs. 10900 cr provision for a balance sheet buffer. Wipro's margin beat estimates in a largely in-line set of fourth quarter numbers.

 

OUTLOOK

 

Today morning, Hang Seng is up more than 2% while Nikkei and Shanghai are modestly higher. GIFT Nifty is suggesting around 130 points gap-up start for our market.

 

In Friday's report we had said that 21710, the low made in March, was the next downside level to eye and 22300-22350 was the immediate resistance zone.

 

Nifty, after touching a low of 21777, rebounded to end at 22147. The benchmark is set to open above 22250 today.

 

22300-22350 is the immediate resistance zone on the hourly chart, upon crossover of which, 22562, the 78.6% retracement level of the recent 22775-21777 fall, would be next upside level to eye. 21777, the low made on Friday, which roughly coincided with the trendline adjoining bottoms made in February and March, is the important immediate support.

 

For Banknifty, 48000 is the immediate hurdle on the hourly chart, upon crossover of which, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, would be next upside levels to eye. 46579, the low made on Friday, which coincided with a trendline adjoining bottoms made since October 2023, is the important immediate support

 

Reliance Industries will report it's quarterly numbers today.

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