15273-14873 CONTINUES TO BE IMMEDIATE RANGE

 

15273-14873 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

After hitting an intraday record, Dow ended higher by a percent on optimism about the economic comeback from the pandemic. S & P 500 and Nasdaq however slipped 0.5% and 2.4% respectively

Banks, airlines, cruise lines and retailers all rose on hopes of a sharp economic rebound after Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, which is set to include another round of stimulus checks. Also, the Centers for Disease Control and Prevention said Monday that people who’ve been fully vaccinated against Covid-19 can meet safely indoors without masks. The announcement came after the U.S. reached 3 million vaccinations over the weekend.

10-year Treasury yield hit a high of 1.613% and last traded at 1.598%. The yield on the 30-year Treasury bond rose to 2.323%. The dollar index rose 0.53% to 92.38, its highest level in three-and-a-half-months. Spot gold fell 1.1% to $1,681.41 per ounce, its lowest in 9 months.

After hitting a high of $71.38, Brent crude reversed to end lower by$1.12, or 1.61%, at $68.24 per barrel. U.S. crude settled $1.04, or 1.57%, lower at $65.05 per barrel, after hitting a high of $67.98 earlier. The initial surge in prices came after Saudi Arabia said its oil facilities were targeted by missiles and drones on Sunday.

European markets gained 1.3%-3.3%, with Germany’s DAX leading the gains and hitting an intraday record high.

 

AT HOME

After rising more than a percent in the initial trade, benchmark indices gave away most of the gains through the session to end just marginally higher. Nevertheless, this was the first positive session after two consecutive red days. Sensex settled at 50441, up 36 points while Nifty added 18 points to finish at 14956. Nifty mid-cap and small-cap indices rose 0.3% and 0.4% respectively. BSE Capital Goods and Oil & Gas indices climbed 1.8% and 1.6% respectively, becoming top gainers among the sectoral indices while Realty index was the top loser, down 0.9%, followed by 0.4% lower FMCG and Telecom indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1494 cr, 858 cr and 113 cr respectively. DIIs were net buyers to the tune of Rs 484 cr.

Rupee depreciated 24 paise to end at 73.25/$.

OUTLOOK

Today morning, Shanghai is down more than a percent while Hang Seng and Nikkei are off 0.5% and 0.2% respectively. SGX Nifty however, is suggesting around 40 points higher start for our market.

In yesterday's report we had said that 15273, the top made last week, was the immediate hurdle while 14862, the low made Friday, was the immediate support.

Nifty, after touching a high of 15111 in the initial trade, slipped to end at 14956. The benchmark is set to open near 15000 today.

15273, the top made last week, continues to be the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye.

14862, the low made Friday, is the immediate support, upon breach of which, 14800-14760 would be the next support zone.

 

15273 IS THE UPSIDE LEVEL TO EYE; 14862 IS THE IMMEDIATE SUPPORT

 

15273 IS THE UPSIDE LEVEL TO EYE; 14862 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After plunging 2.6% in the initial trade, Nasdaq saw a stunning rebound to end higher by 1.6%. Dow and S & P 500, after falling 0.5% and 1% respectively, rebounded to end with gains of nearly 2%. The rebound happened after bond yields retreated from their session highs, while a stronger-than-expected jobs report boosted optimism for a faster economic recovery.

 

February nonfarm payrolls jumped by 379,000 and the unemployment rate fell to 6.2%. That compared to expectations of 210,000 new jobs and the jobless rate to hold steady from the 6.3% rate in January,

 

The 10-year Treasury yield eased back to 1.55% after popping above 1.6% to touch a 2021 high following data showing a surge in jobs growth.

 

Brent crude futures rose $2.62, or 3.9%, to settle at $69.36 a barrel while WTI crude rose $2.26, or 3.5% to settle at $66.09 a barrel.

 

Spot gold settled 0.1% lower at $1,695.22, after falling to its lowest since June 8 at $1,686.40 in the session.

 

Chinese Premier Li Keqiang announced the world’s second-largest economy would target growth of over 6% for 2021.

 

European markets fell 0.3%-1%.

 

For the week, Dow and S & P 500 rose 1.8% and 0.8% respectively but Nasdaq plunged 2.1%. European markets gained 1%-2.3%. In Asia, Nifty and Hang Seng rose 2.8% and 0.4% respectively but Nikkei and Shanghai fell 0.4% and 0.2% respectively. Brent crude rose 5.2%, rising for a seventh week in a row for the first time since December, while WTI was up about 7.4%.

 

AT HOME

 

Benchmark indices slipped nine tenth of a percent each, extending the losing streak to second consecutive day. Sensex settled at 50405, down 440 points while Nifty lost 142 points to finish at 14938. Nifty mid-cap and small-cap indices tumbled 2.2% and 1.6% respectively.  Except 0.2% and 0.1% higher Oil & Gas and FMCG indices respectively, all the BSE sectoral indices ended in red, with Metal and Telecom indices leading the losses, down 2.2% and 1.8% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2014 cr, 2265 cr and 1488 cr respectively. DIIs were net buyers to the tune of Rs 1191 cr.

 

Rupee depreciated 18 paise to end at 73.01/$.

 

For the week, Sensex and Nifty rose 2.6% and 3.1% respectively, snapping two-week losing streak.

 

OUTLOOK

 

Over the weekend, the U.S. Senate passed a $1.9 trillion coronavirus relief package that includes direct payments of up to $1,400 to most Americans. The bill is expected to pass in the Democratic-held House this week and sent to President Joe Biden for his signature before a March 14 deadline to renew unemployment aid programs.

 

Today morning, Asian markets are trading with gains of 0.5%-1.8% and SGX Nifty is suggesting around 130 points higher start for our market.

 

In Friday's report we had said that 14960-14900 was the important immediate support zone. Nifty, after touching a low of 14862, rebounded to end at 14938 and is set to open above 15050 today.

 

15273, the top made Wednesday, is the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye. 

 

14862, the low made Friday, would work as immediate support, upon breach of which, 34-DMA, placed around 14770, would be the next important support.

 

14760 BELOW 14900; 15273 IS THE IMMEDIATE HURDLE

 

14760 BELOW 14900; 15273 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices tumbled 1.1%-2.1% as bond yields surged after Federal Reserve Chairman Jerome Powell’s remarks. Nadaq turned negative for the year.

 

Powell said there was potential for a temporary jump in inflation and that he had noticed the recent rise in yields but added the Fed would need to see a broader increase across the rate spectrum before considering any action. Powell also didn’t make a strong hint of any changes in asset purchases by the Fed to contain the rapid increase in rates.

 

The yield on the benchmark 10-year Treasury note rose to 1.541% while that on the 30-year Treasury pushed higher to 2.304%. Dollar index rose 0.53% to 91.561, it's highest in 3 months. Spot gold fell 0.9% to $1,695.26 per ounce, it's lowest in near nine months.

 

Initial jobless claims came in at 745,000, roughly in line with the expected 750,000 level. Factory orders for January came in at 2.6% growth, beating expectations of 2.3%.

 

Brent crude jumped $2.68, or 4.2%, to $66.73 and WTI crude futures advanced $2.49, or 4%, to $63.78 per barrel after OPEC and its oil-producing allies said the group would keep production largely steady through April and Saudi Arabia said that it would extend its one million barrels per day voluntary production cut into April.

 

In Europe, FTSE and DAX fell 0.4% and 0.2% respectively whie CAC was flat. The IHS Markit/CIPS UK construction PMI rose to 53.3 from 49.2 in January, returning to expansion and outstripping expectations. Euro zone retail spending fell 5.9% month-on-month in January and fell significantly short of average forecasts for a 1.1% contraction.

 

AT HOME

 

Benchmark indices slipped 1.1% each, snapping 3-day winning streak. Sensex settled at 50846, down 599 points while Nifty lost 165 points to finish at 15080. Nifty mid-cap and small-cap indices however, gained 0.5% and 1.2% respectively, with the former hitting fresh record high. BSE Metal index tumbled 2.3%, becoming top loser among the sectoral indices, followed by 1.4% lower Bankex and Finance indices. Power and Utilities indices were the top gainers, up 0.6% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 223 cr, 2265 cr and 1488 cr respectively. DIIs were net sellers to the tune of Rs 788 cr.

 

Rupee depreciated 12 paise to end at 72.83/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.7% and SGX Nifty is suggesting around 150 points lower start for our market.

 

In yesterday's report we had said that 14995-14959, the gap created by Wednesday's gap-up opening, would act as immediate support.

 

Nifty, after touching a low of 14980, rebounded to end at 15080 but is set to open below 14950 today.

 

14959 is where the lower end of Wednesday's gap-up opening is placed while 14900 is where 34-hour moving average is placed. This makes 14960-14900 immediate support zone for Nifty. If 14900 breaks, 14760, the bottom made on Tuesday, which also coincides with the 34-DMA would be the next support. 15273, the top made Wednesday, continues to be the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye.

 

In the US, key monthly jobs report will be out today and is expected to show an addition of 210,000 payrolls in February, compared to just 49,000 in January.

 

14995-14959 IS THE SUPPORT ZONE

 

14995-14959 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

US indices fell 0.4%-2.7%, with Nadaq leading the losses on the back of resurgence in bond yields.

 

The 10-year Treasury yield climbed to a high of 1.49% while 30-year Treasury yield advanced to 2.271%. Spot gold settled 1.2% lower at $1,717.67 per ounce, after falling to its lowest since June 2020 at $1,701.40 earlier in the session.

 

Data from ADP showed private payrolls increased by 117,000 in February, below the expected 225,000. The ISM Nonmanufacturing Index came in at 58.7, meeting estimate.

 

Brent crude rose $1.75, or 2.8%, to $64.45 a barrel while WTI crude settled 2.6% higher at $61.28 per barrel, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.

 

Main European markets gained 0.3%-0.9%. IHS Markit’s final euro zone composite PMI for February came in at 48.8, up from 47.8 in January and exceeding expectations. Britain announced a further £65 billion worth of fiscal measures for 2021/22, bringing the government’s total response since the onset of the pandemic to £407 billion.

 

AT HOME

 

Bulls extended the mammoth rebound to third straight day as benchmark indices soared two and a quarter percent, marking their biggest gain in a month and closing at highest level since Mid-February. Sensex settled at 51444, up 1147 points while Nifty added 326 points to finish at 15245. Nifty mid-cap and small-cap indices rose 1.7% and 1% respectively. Except 0.6% lower Auto index, all the BSE sectoral indices closed in green, with Energy and Metal indices leading the tally, up 3.7% and 3.2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2089 cr, 1371 cr and 800 cr respectively. DIIs were net buyers to the tune of Rs 393 cr.

 

Rupee appreciated 65 paise to end at 72.71/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1.5% and SGX Nifty is suggesting around 200 points lower start for our market.

 

After Nifty crossed 14919 on Tuesday, we had given next upside target of 15065 in yesterday's report.

 

The benchmark not only achieved 15065 level, but went further to touch a high of 15273 before closing at 15245. However, SGX Nifty is suggesting an opening below 15100 today.

 

14995-14959, the gap created by yesterday's gap-up opening, would act as immediate support.

 

15273, the top made yesterday, would be the immediate hurdle, upon crossover of which, 15431, the top made on 16th February, would the next upside level to eye.

 

Meanwhile, trading longs can be held on to with the stop-loss of 14959.

 

15065 IS THE NEXT UPSIDE LEVEL; 14760 IS THE IMMEDIATE SUPPORT

 

15065 IS THE NEXT UPSIDE LEVEL; 14760 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.5%-1.7%, with Nasdaq leading the losses, giving back some their sharp gains from Monday.

 

President Joe Biden said the U.S. will have a large enough supply of coronavirus vaccines to vaccinate every adult in the nation by the end of May.

 

Brent crude dipped 99 cents, or 1.6%, to $62.70 per barrel, while WTI crude rose 28 cents to $60.92 per barrel.

 

The yield on the benchmark 10-year and 30-year Treasury note fell to 1.403% and 2.22% respectively. The dollar index slipped 0.2%. Spot gold rose 0.8% to $1,737.62 per ounce.

 

Main European markets gained 0.2%-0.4%. Euro zone inflation held steady in February, rising 0.2% month-on-month in line with expectations.

 

AT HOME

 

Sensex and Nifty climbed 0.9% and 1.1% respectively, which, coupled with yesterday's upmove, recouped nearly three fourth of the losses suffered on Friday. Sensex settled at 50296, up 447 points while Nifty added 157 points to finish at 14919. Nifty mid-cap and small-cap indices rose 1.7% and 1.2% respectively. All the BSE sectoral indices closed in green, with Auto index leading the tally, up 3.2%, followed by 2.8% higher IT and Teck indices.

 

FIIs net bought stocks and stock futures worth Rs 2223 cr and 1608 cr respectively but net sold index futures worth Rs 1894 cr. DIIs were net sellers to the tune of Rs 854 cr.

 

Rupee appreciated 18 paise to end at 73.36/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1% and 0.7% respectively while Nikkei is little changed. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 14919, the lower end of the gap created by Friday's gap-down opening, continued to be immediate hurdle, above which, 15065, the upper end of this gap, would be the next level to eye.

 

Nifty crossed 14919 and surged all the way to 14959 before closing at 14919. The benchmark is set to open above 14950 today.

 

15065, the upper end of the gap created by Friday's gap-down opening, is the next upside level to eye.

 

14760, the low made yesterday, is the immediate support.  

 

14919-14467 CONTINUE TO BE IMMEDIATE LEVELS TO EYE

 

14919-14467  CONTINUE TO BE IMMEDIATE LEVELS TO EYE

 

WORLD MARKETS

 

US indices soared 2%-3%, with the S & P 500 rising the most since June 5 while both Dow and Nasdaq clinched their best trading day since November. Cyclical sectors like energy and financials continued to outperform amid optimism about vaccines and economic resurgence. Also, a pause in U.S. treasury yield allowed high-growth tech names to recoup a sizable portion of their recent losses.

 

February’s final read for Markit’s U.S. manufacturing PMI came in at 58.6, slightly beating expected figure of 58.5.

           

Brent crude fell 81 cents, or 1.3%, to $63.61 per barrel while WTI fell 97 cents, or 1.58%, to at $60.53 per barrel after China’s factory activity growth slipped to a nine-month low in February.

 

The dollar index rose 0.28% to 91.024. Spot gold fell 0.6% to $1,723.30 an ounce.

 

European markets gained 1.6%-1.9%. February’s final IHS Markit manufacturing PMI for the euro zone came in at 57.9, up from a flash estimate of 57.7. German activity hit its highest level in more than three years.

 

AT HOME

 

Benchmark indices soared a percent and half, recouping nearly 40% of the losses suffered on Friday. Sensex settled at 49850, up 750 points while Nifty added 232 points to finish at 14761. Nifty mid-cap and small-cap indices gained 1.8% and 2.1% respectively.  Except 3.4% lower Telecom index, all the BSE sectoral indices ended higher, with Basic Materials and Utilities indices leading the tally, up 2.9% and 2.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 125 cr, 1498 cr and Rs 1012 cr respectively. DIIs were net sellers to the tune of Rs 195 cr.

 

Rupee depreciated 7 paise to end at 73.54/$.

 

India's manufacturing PMI slowed to 57.5 in February from 57.7 in January.

 

GST collection in February stood at 1.13 lk cr, staying above Rs 1 lk cr mark for the fifth consecutive month.

 

Hero MotoCorp sold 5.05 lk units, a rise of 1.45%. Tata Motors domestic sales rose 54% to 58473 units. TVS Motors sales rose 18% to 2.97 lk units. M & M auto sales fell 11.4% to 28777 units while farm equipment sales rose 25% to 28146 units. Ashok Leyland sales rose 19% to 13703 units. Maruti total sales rose 11.8% in February to 1.64 lk units. Bajaj Auto sales rose 6% to 3.75 lac units. Escorts sales surged 30.6% to 11230 units.

 

OUTLOOK

 

Today morning, except 0.1% lower Nikkei, other Asian markets are trading with gains of 0.1%-0.5%. SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 14467, the low made Friday, was the immediate support while 14919, was the immediate hurdle.

 

Nifty touched a high of 14806 before closing at 14761 and is set to open near 14850 today.

 

14919, the lower end of the gap created by Friday's gap-down opening, continues to be immediate hurdle, above which, 15065, the upper end of this gap, would be the next level to eye.

 

14467, the low made Friday, continues to be immediate support

 

14469-14336 IS THE SUPPORT ZONE; 14919 IS THE IMMEDIATE HURDLE

 

14469-14336 IS THE SUPPORT ZONE; 14919 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 1.5% and 0.5% respectively while Nasdaq gained 0.6% as energy and financial stocks pulled back while big tech names rebounded after a large sell-off in the previous session amid surging bond yields.

 

The 10-year Treasury yield fell 10 basis points to around 1.42% on Friday, after surging above 1.6% at one point on Thursday

 

The personal consumption expenditures price index for January rose 0.3%, slightly ahead of the 0.2% expectation but was up just 1.5% y-o-y, matching estimates. U.S. consumer spending increased by the most in seven months in January. Personal income jumped 10% for its biggest monthly increase since April 2020 and after 0.6% increase in December.

 

WTI crude dipped 3.2% to settle at $61.50 per barrel.  Brent crude futures for April delivery slid 1.12% to $66.13 per barrel.

 

Spot gold tumbled 2.5% to $1,726.31 per ounce, an eight-month low.

 

European markets fell 0.7%-2.5%. U.K. bond yields rose after Bank of England Chief Economist Andy Haldane warned that inflation may become difficult to tame, prompting more assertive policy action.

 

For the week, US indices nosedived 1.8%-4.9% with Nasdaq losing the most. For the month of February however, indices gained 0.9%-3.2%. WTI crude gained 3.81% for the week and surged 17.82% for February.

 

AT HOME

 

Benchmark indices nosedived 3.8% each, suffering the worst fall since 4th May 2020 and closing at the lowest level since the Budget day. Sensex settled at 49100, down 1939 points while Nifty lost 568 points to finish at 14529. Nifty mid-cap and small-cap indices fell 1.6% and 1.2% respectively. All the BSE sectoral indices ended in red, with Bankex and Finance indices leading the losses, down 4.9% and 4.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 8295 cr, 3806 cr and 700 cr respectively. DIIs were net buyers to the tune of Rs 1500 cr.

 

Rupee plunged 67 paise to $73.10.

 

For the week, Sensex and Nifty fell 3.5% and 3% respectively, extending the losing streak to second straight week. For the month, Sensex and Nifty gained 6.1% and 6.6% respectively.

 

After two consecutive quarters of contraction (-24.4% and -7.3%), India's GDP rose 0.4% in the October-December quarter.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-2% and SGX Nifty is suggesting around 170 points higher start for our market.

 

In Friday's report we had said that 14800-14750 was the support zone to eye on the hourly chart and if 14750 gives way, 14635, the bottom made on Monday, would be the crucial support to eye.

 

Nifty broke 14750 and plunged all the way to 14467 before closing at 14529. The benchmark is set to open near 14700 today.

 

By touching a low of 14467 on Friday, Nifty has tested the 14469-14336 gap created by gap-up opening on 2nd February, the day after the Union Budget day. This makes 14467 an immediate support, upon breach of which, 14336 would be the next level to eye.

 

On the way up, 14919, the lower end of the gap created by Friday's gap-down opening would be the immediate hurdle, above which, 15065, the upper end of this gap, would be the next resistance.

 

Auto companies will report February sales figure today.