15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.3%, S & P 500 was little changed while Nasdaq fell 0.6% as markets weighed improving economic data with rising inflation expectations. Rise in Chevron and Verizon helped the Dow.

 

Robust retail sales, industrial output and producer prices data signaled the economic recovery from the pandemic recession is gaining momentum as vaccine deployment progresses. Retail sales in the U.S. in January showed a 5.3% jump after declining 0.7% in December and beating the expected rise of 1.2% by a big margin. Producer prices jumped 1.3%.

 

Minutes of the latest Fed meeting showed participants expressed the need to “stay vigilant” amid recent signs of economic rebound, discussed expected near term inflation, and affirmed its commitment to keeping accommodative policy in place to support the ailing jobs market.

 

Brent crude gained 99 cents, or 1.6%, to settle at $64.34 a barrel, while WTI crude rose $1.09, or 1.8%, to $61.14 per barrel, both hitting their highest level since January 2020.

 

US 10-year treasury yield, after rising as high as 1.333% earlier in the day, retreated to 1.275%. Dollar index rose half a percent to 90.95. Spot gold fell 1.2% to $1,773.72 per ounce, it's lowest in over 2-months.

 

European markets fell 0.4%-1.1%. U.K. inflation growth surprised to the upside in January, rising by 0.7% in annual terms.

 

AT HOME

 

Sensex and Nifty slipped 0.8% and 0.7% respectively, extending the losing streak to second straight day. Sensex settled at 51703, down 400 points while Nifty lost 104 points to finish at 15208. Nifty mid-cap index however rose 0.3% and small-cap index ended flat. BSE Healthcare and IT indices fell 0.9% each, becoming the top losers among the sectoral indices, while Power and Telecom indices were the top gainers, up 1.3% and 1% respectively.

 

FIIs net bought stocks worth Rs 1008 cr but net sold index futures and stock futures worth Rs 182 cr and 651 cr respectively. DIIs were net sellers to the tune of Rs 1283 cr.

 

Rupee depreciated 5 paise to end at 72.74/$.

 

OUTLOOK

 

Today, Shanghai has opened after Lunar New Year holidays and is trading with gains in excess of 1%. Other Asian markets are trading with cuts of upto 0.4%. SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had reiterated the view that 15080 continued to be immediate support on the hourly chart while 15500-15550 continued to be the upside target zone.

 

Nifty slipped to touch a low of 15197 before closing at 15208.

 

15080 continues to be immediate support on the hourly chart while 15500-15550 continues to be the upside target zone. Trading longs can be held on to with the stop-loss of 15080.

 

15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

15080 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.2% while S & P 500 and Nasdaq fell 0.1% and 0.3% respectively as shares of Apple fell.

 

The 10-year Treasury yield topped 1.30%, it's highest in a year. The dollar index gained 0.21% to 90.508. Spot gold fell 1.2% to $1,796.50 an ounce.

 

Brent crude slid 22 cents to $63.08 per barrel while US WTI crude futures gained 54 cents, or 0.9%, to $60.01 per barrel.

 

Bitcoin surpassed $50,000 to a hit record high as it continued to gain credibility among companies and investors.

 

In Europe, except a flat CAC, other markets fell 0.1%-0.7%. Euro zone GDP fell by 0.6% q-o-q in the final quarter of 2020. Previous flash estimates had suggested a 0.7% fall. Eurozne employment grew 0.3% between October and December. German ZEW economic sentiment index unexpectedly climbed to 71.2 points in February from 61.8 the previous month.

 

WHO on Monday listed AstraZeneca and Oxford University’s COVID-19 vaccine for emergency use, widening access to the relatively inexpensive shot in the developing world.

 

AT HOME

 

After opening higher by around three fourth of a percent, benchmark indices gave away all the gains through the session to end flat to marginally lower. Sensex settled at 52104, down 50 points while Nifty ended flat at 15313. Nifty mid-cap and small-cap indices however gained 0.4% and 0.1% respectively. BSE Power and Utilities indices surged 3.4% and 3.3% respectively, becoming top gainers among the sectoral indices while IT and Teck indices were the top losers, down 1% and 0.8% respectively.

 

FIIs net bought stocks worth Rs 1144 cr but net sold index futures and stock futures worth Rs 608 cr and 770 cr respectively. DIIs were net sellers to the tune of Rs 1560 cr.

 

OUTLOOK

 

Today, Nikkei and Hang Seng are trading with cuts of 0.7% and 0.2% respectively while Shanghai continues to be shut due to Lunar New Year holidays. SGX Nifty is suggesting around 90 points lower start for our market.

 

Just to recall, we have been positive on Nifty after 14075 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had reiterated the view that 15500-15550 continued to be the next target zone and had advised trailing stop-loss in long positions to 15080.

 

Nifty, after touching a top of 15431, slipped to end at 15313 and is set to open below 15250 today.

 

15080, continues to be immediate support on the hourly chart while 15500-15550 continues to be the upside target zone. Meanwhile, trading longs can be held on to with the stop-loss of 15080.

 

TRAIL STOP-LOSS TO 15080

 

TRAIL STOP-LOSS TO 15080

 

WORLD MARKETS

 

US markets were shut yesterday for Presidents Day.

 

WTI crude rose 62 cents, or 1%, to $60.09 a barrel while Brent crude climbed 1.4% to $63.33 as cold weather fostered demand and threatened to hamstring production in Texas.

 

European markets gained 0.4%-2.5% with FTSE on the top.

 

AT HOME

 

Sensex and Nifty climbed 1.2% and 1% respectively, hitting fresh record intraday and closing highs. Sensex settled at 52154, up 610 points while Nifty added 151 points to finish at 15314. Nifty mid-cap and small-cap indices rose 1.3% and 0.4% respectively. BSE Bankex and Finance indices surged 3.3% and 2.7% respectively, becoming top gainers among the sectoral indices while IT and Consumer Durables indices were the top losers, down 0.6% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1234 cr, 523 cr and 307 cr respectively. DIIs were net sellers to the tune of Rs 1049 cr.

 

Rupee appreciated 6 paise to end at 72.69/$.

 

India's WPI inflation surged to an 11-month high of 2.03% in January 2021 compared with 1.22% in December 2020.

 

India's exports rose 6.2% in January to $27.45 billion while imports grew 2% to $42 bn, leaving a trade deficit of $14.54 bn. In December 2020 and January 2020, trade deficit stood at $15.71 bn and  $15.3 bn respectively.

 

OUTLOOK

 

Today, markets in China and Tiwan are shut. Nikkei and Hang Seng are up more than a percent. US futures are up around half a percent. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we said that 15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500-15550 would be the next target zone.

 

Nifty crossed 15257 and surged all the way to 15340 before closing at 15314.

 

15500-15550 continues to be the next target zone.

 

15080, the low made Friday, would now act as immediate support, with the stop-loss of which, trading longs should be held on to.

 

15500 ABOVE 15257; 14942 IS IMMEDIATE SUPPORT

 

15500 ABOVE 15257; 14942 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose half a percent each while Dow inched up 0.1% on Friday.

 

President Joe Biden said Thursday his administration has secured deals for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the U.S. total to 600 million. He added the U.S. will have enough supply for 300 million Americans by end of July.

 

Brent and US crude rose 2.1% each to $62.43 and $59.47 a barrel respectively.

 

 10-year Treasury yield rose to 1.2% while that on 30-year bond rose to 2.01%. The dollar index edged up 0.2%. Spot Gold fell 0.6% to $1,815.30 per ounce.

 

European markets rose 0.1%-0.9% with FTSE on the top. The U.K. economy slumped 9.9% in 2020, posting its biggest annual fall in output since modern records began. In the final three months of 2020, however, the GDP rose 1%.

 

For the week, US indices gained 1%-1.7%.

 

AT HOME

 

After rising nearly half a percent, benchmark indices slipped in noon trade to end little changed. Sensex settled at 51544, up 12 points while Nifty lost 10 points to finish at 15163. Nifty mid-cap index fell 0.2% while small-cap index added 0.2%. BSE Telecom and Metal indices tumbled 2% and 1.9% respectively, becoming top losers among the sectoral indices, while Bankex and Finance indices were the top gainers, up 1% and 0.8% respectively.

 

FIIs net sold stocks and index futures worth Rs 37 cr and 733 cr respectively but net bought stock futures worth Rs 22 cr. DIIs were net sellers to the tune of Rs 598 cr.

 

Rupee appreciated 9 paise to end at 72.76/$.

 

For the week, Sensex and Nifty gained 1.6% each, extending the winning streak to second straight week.

 

India's retail inflation in January eased to a 16-month low of 4.06% as compared to 4.59% in December 2020. IIP for December 2020 grew 1% as against contraction of 2.1% in November.

 

OUTLOOK

 

Preliminary reading showed Japan’s economy grew 12.7% on an annualized basis between October and December last year, higher than the estimate of a 9.5% gain.

 

Markets in China, Hong Kong, Taiwan as well as the U.S. are closed on today for holidays. Other Asian markets are trading with gains of 0.5%-1.4% and SGX Nifty is suggesting around 60 points higher start for our market.

 

In Friday's report we had reiterated the view that 15257, the top made Tuesday, continued to be immediate hurdle, while 14950-14920 continued to be immediate support zone.

 

Nifty lost 10 points to end at 15163 and is set to open above 15200 today.

 

15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500-15550 would be the next target zone.

 

Immediate support on the hourly chart is placed at 14942, with the stop-loss of which, trading longs can be held on to.

 

15257-14920 CONTINUES TO BE IMMEDIATE RANGE

 

15257-14920 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Nasdaq and S & P 500 rose 0.4% and 0.2% respectively to hit record highs while Dow ended flat.

 

Weekly jobless claim number came in at 793,000, worse than the expected number of 760,000.

 

President Joe Biden said his administration has secured deals for another 200 million doses of Covid-19 vaccine from Moderna and Pfizer, bringing the U.S. total to 600 million

 

Brent crude fell 26 cents, or 0.4%, to $61.21 a barrel, snapping 9-session winning streak while U.S. crude settled 44 cents, or 0.8%, lower at $58.24 per barrel, falling for the first time after eight consecutive up days.

 

The yield on the benchmark 10-year Treasury note rose to 1.163%, while that on the 30-year Treasury bond fell to 1.95%. Dollar index was flat at 90.42. Spot gold fell 0.9% to $1,826.00 per ounce

 

In Europe, DAX and FTSE rose 0.8% and 0.1% respectively while CAC was little changed.

 

AT HOME

 

Benchmark indices gained four tenth of a percent to snap two-day losing streak and hitting fresh record high on closing basis. Sensex settled at 51531, up 222 points while Nifty added 66 points to finish at 15173. Nifty mid-cap index rose 0.2% while small-cap index surged 1.8%. BSE Energy index soared 3.1%, becoming top gainer among the sectoral indices, followed by 1.6% higher Telecom index. Capital Goods index slipped 1%, becoming top loser, followed by 0.4% lower Consumer Durables and Auto indices.

 

FIIs net bought stocks and index futures worth Rs 944 cr and 2 cr respectively but net sold stock futures worth Rs 285 cr. DIIs were net sellers to the tune of Rs 708 cr.

 

Rupee depreciated 1 paise to end at 72.85/$.

 

OUTLOOK

 

Markets in China and Hong Kong are shut today for the holiday. Nikkei is down 0.4%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 15257, the top made Tuesday, continued to be immediate hurdle while 14950-14920 continued to be immediate support zone.

 

Nifty rose to close at 15173.

 

15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500 would be the next upside target.

 

14950-14920 continues to be immediate support zone.

 

Trading longs can be held on to with the stop-loss of 14920.

 

14920 CONTINUES TO BE IMMEDIATE SUPPORT; 15257 IMMEDIATE HURDLE

 

14920 CONTINUES TO BE IMMEDIATE SUPPORT; 15257 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow rose 0.2% while S & P 500 was flat and Nasdaq fell a fourth of a percent

 

In remarks at the Economic Club of New York, Fed Chair Powell said the economy faces challenges in the labor market, and so monetary policy needs to stay “patiently accommodative.” and that the employment picture is a “long way” from where it needs to be.

 

The U.S. consumer price index rose 0.3% in January while core CPI was unchanged. Wholesale inventory data for December rose 0.3%, ahead of the 0.1% projection.

 

Brent and US crude rose 0.6% each to settle at $61.47 and $58.68 per barrel respectively after data from EIA showed U.S. crude inventories unexpectedly fell 6.6 million barrels as against expectation of  985,000-barrel increase.

 

The yield on the benchmark 10-year Treasury note fell 3bps to 1.126%, while that on the 30-year bond dropped to 1.915%. Spot gold rose 0.2% to $1,840.96 per ounce.

 

European markets fell 0.1%-0.6%. German Chancellor Angela Merkel is set to announce that Germany will extend its lockdown until March 14 amid concerns over new strains of the coronavirus.

 

AT HOME

 

After falling around nine tenth of a percent, benchmark indices surged in late noon trade to recoup all the losses and ended little changed. Sensex settled at 51309, down 19 points while Nifty lost 3 points to finish at 15106. Nifty mid-cap and small-cap indices however gained 0.8% and 0.7% respectively. BSE Realty and Consumer Durables indices rose 1.7% and 1.3% respectively, becoming top gainers among the sectoral indices while Telecom index and Bankex were the top losers, down 1.5% and 0.6% respectively.

 

FIIs net bought stocks and index futures worth Rs 1787 cr and 141 cr respectively but net sold stock futures worth Rs 241 cr. DIIs were net sellers to the tune of Rs 2076 cr.

 

Rupee appreciated 5 paise to end at 72.84/$.

 

OUTLOOK

 

Markets in China, Japan, South Korea and Taiwan are closed today for holidays. SGX Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 15257, the top made Tuesday, was the immediate hurdle, while immediate support zone on the hourly chart had moved up to 14950-14920.

 

Nifty, after touching a low of 14977, rebounded to end at 15106 and is set to open near 15100 today.

 

15257, the top made Tuesday, continues to be immediate hurdle, upon crossover of which, 15500 would be the next upside target.

 

14950-14920 continues to be immediate support zone.

 

Trading longs can be held on to with the stop-loss of 14920.

 

Coal India, ITC and Powergrid will report their quarterly earnings today.

 

TRAIL STOP-LOSS TO 14920

 

TRAIL STOP-LOSS TO 14920

 

WORLD MARKETS

 

S & P 500 and Dow ended marginally in the red to snap a six-day winning streak while Nasdaq rose 0.1% as Facebook, Microsoft and Netflix all closed higher.

 

Twitter, Lyft, Cisco Systems, Mattel and Yelp reported better-than-expected earnings. Lyft reported signs of a recovery from the Covid-19 pandemic.

 

Brent crude futures for April settled 53 cents, or 0.9%, higher at $61.09 per barrel while WTI settled 39 cents, or 0.7%, higher at $58.36 per barrel, both hitting 13-month high.

 

The dollar index fell 0.6% to 90.54. Spot gold rose 0.3% to $1,835.24 per ounce.

 

In Europe, FTSE and CAC inched up 0.1% each while DAX fell 0.3%

 

AT HOME

 

After rising nearly a percent and hitting fresh record highs, benchmark indices slipped in last hour of trade to end marginally in the red, snapping six-day winning streak. Sensex settled at 51329, down 20 points while Nifty lost 6 points to finish at 15109. Nifty mid-cap and small-cap indices fell 0.1% and 0.5% respectively. BSE Auto index slipped 1.4%, becoming top loser among the sectoral indices, followed by 0.7% lower Realty and FMCG indices. Consumer Durables and Telecom indices were the top gainers, up 1.4% and 1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1301 cr, 371 cr and 38 cr respectively. DIIs were net sellers to the tune of Rs 1756 cr.

 

Rupee appreciated 11 paise to end at 72.85/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.4% and 0.7% respectively while Nikkei is off 0.1%. SGX Nifty is suggesting around 50 points higher start for our market.

 

Just to reiterate, we have been positive on Nifty after 14075 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had said that 15500 continued to be next upside target and had advised trailing stop-loss in long positions to 14830.

 

Nifty, after touching a high of 15257, slipped to end at 15109.

 

15257, the top made yesterday, is the immediate hurdle, upon crossover of which, 15500 would be the next upside target.

 

Immediate support zone on the hourly chart has moved up to 14950-14920.

 

Trading longs can be held on to with the stop-loss of 14920.

 

Hindalco, Titan, Gail and Eicher Motors will report their quarterly earnings today.