NIFTY SET TO TEST 17430 SUPPORT

 

NIFTY SET TO TEST 17430 SUPPORT

 

WORLD MARKETS

 

US indices, led by bank shares, nosedived 1.7%-2%.

 

SVB Financial nosedived 60% after it announced a plan to raise more than $2 billion in capital in a bid to offset losses from bond sales.

 

Initial Jobless claims rose 21,000 to a seasonally adjusted 211,000 for the week ended March 4, higher than the forecast of 195,000 claims.

 

US 10-year treasury yield fell 9 bps to 3.909%. Dollar index fell 0.4% to 105.28. Gold rose 0.9% to $1829 per ounce.

 

Brent crude fell 1.3% to $81.59 a barrel and WTI crude fell 1.2% to settle at $75.72.

 

In Europe, FTSE and CAC fell 0.6% and 0.1% respectively while DAX was flat.

 

AT HOME

 

After a flattish start, benchmark indices saw a sustained downward move through the session to end lower by 0.9% each, snapping a 3-day winning streak. Sensex settled at 59806, down 541 points while Nifty lost 164 points to finish at 17589. Nifty mid-cap and small-cap indices fell 0.55% each, also falling for the first session in four. Except 0.1% higher Metal index, all the NSE sectoral indices ended in red, with Auto index leading the losses, down 1.8%, followed by 1.2% lower Consumer Durables and Realty indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 562 cr, 2253 cr and 2391 cr respectively. DIIs were net buyers to the tune of Rs 42 cr.

 

Rupee appreciated 8 paise to end at 81.98/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.8%-2.4% and SGX Nifty is suggesting around 150 points lower start for our market.

 

In yesterday's report we had said that 17800, the top made Monday, was the immediate hurdle while 17430 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17772 in the initial trade, plunged all the way to 17573 before closing at 17589. The benchmark is set to open near 17450 today.

 

With today's gap-down, Nifty will open very close to immediate support of 17430, upon breach of which, 17300-17250 would be next support zone; 17800 continues to be immediate hurdle.

 

For Banknifty, 41000-40800 is the immediate support area, upon breach of which, 40400 and 40000 would be next downside levels to eye; 42000 continues to be next upside target/resistance to eye.

18004 ABOVE 17800; 17430 IS IMMEDIATE SUPPORT

 

18004 ABOVE 17800; 17430 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq rose 0.1% and 0.4% respectively after digesting fresh job market data and comments from Federal Reserve Chairman Jerome Powell.

 

ADP private payrolls data showed businesses added more jobs than expected in February.  January’s JOLTS job openings data declined slightly but continued to outweigh available workers.

 

Powell reiterated his warning message to lawmakers that the central bank may raise interest rates higher than previously anticipated. However, he emphasized that no decision has been made yet regarding the March meeting.

 

US 10-year treasury yield rose 2 bps to 3.995% while 2-year yield jumped 6 bps to 5.076%. Dollar index was little changed at 105.66. Gold too was flat at $1814 per ounce.

 

Brent crude futures fell 0.9% to $82.55 per barrel and WTI futures slipped 1.3% to $76.59 a barrel.

 

In Europe, FTSE and DAX gained 0.1% and 0.5% respectively while CAC fell 0.2%.

 

AT HOME

 

After falling six tenth of a percent at the open, benchmark indices climbed nine tenth of a percent from the bottom to end higher by nearly a fouth of a percent, extending the winning streak to third straight day. Sensex settled at 60348, up 123 points while Nifty added 43 points to finish at 17754. Nifty mid-cap and small-cap indices rose 0.5% and 0.2% respectively. Nifty Oil & Gas and Auto indices were the top gainers among the sectoral indices, up 0.8% each while Realty and Healthcare indices were the top losers, down 0.7% and 0.6% respectively.

 

FIIs net bought stocks and stock futures worth Rs 3672 cr and 118 cr respectively but net sold index futures worth Rs 577 cr. DIIs were net sellers to the tune of Rs 938 cr.

 

Rupee depreciated 15 paise to end at 82.06/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.6% and 0.2% respectively while Shanghai is marginally in the red. SGX Nifty is trading around 17805, suggesting around 50 points higher start when comapred to yesterday's close of Nifty futures.

 

In yesterday's report we had said that 17800, the top made Monday, was the immediate hurdle while 17430 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 17602 in the initial trade, rebounded to end at 17754.

 

17800, the top made Monday, is the immediate hurdle, upon crossover of which, 18004, the top made last week, would be next upside level to eye; 17430 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42000 continues to be next upside target/resistance to eye, upon crossover of which, 43000-43100 would be next target area; 41000-40900 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.

17800 IS IMMEDIATE HURDLE; 17430 IMMEDIATE SUPPORT

 

17800 IS IMMEDIATE HURDLE; 17430 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.1% each while Nasdaq eased 0.1% on Monday.

 

Yesterday, US indices plunged 1.2%-1.7% after Fed Chair Powell, in his testimony to a congressional committee, said the Fed would likely need to increase rates more than expected in light of recent strong economic data.

 

US 2-year treasury yield surged 13 bps to5.013%, its highest level since 2007. 10-year treasury yield inched up 1 bps to 3.97%. Dollar index jumped 1.3% to 105.63. Gold plunged 1.8% to $1813 per ounce.

 

Brent crude futures plunged 3.4% to $83.29 a barrel and WTI crude futures tumbled 3.6% to $77.58 per barrel.

 

Main European markets fell 0.1%-0.6%.

 

AT HOME

 

Benchmark indices rose 0.7% each, extending Friday's mammoth upmove and closing at 2-week high. Sensex settled at 60224, up 415 points while Nifty added 117 points to finish at 17711. Nifty mid-cap and small-cap indices surged 0.8% and 1.1% respectively. Except 0.5% and 0.2% lower Realty and PSU Bank indices, all the NSE sectoral indices ended higher, with Oil & Gas and IT indices being the top gainers, up 1.9% and 1.2% respectively.

 

FIIs net bought stocks and index futures worth Rs 721 cr and 1447 cr respectively but net sold stock futures worth Rs 105 cr. DIIs were net buyers to the tune of Rs 757 cr.

 

Rupee appreciated 6 paise to end at 81.91/$.

 

OUTLOOK

 

Today morning, Hang Seng is down more than 2%, Shanghai is off half a percent but Nikkei is up 0.2%. SGX Nifty is trading around 17725, suggesting around 50 points lower start when compared to Monday's close of Nifty futures.

 

In Monday's report we had said that 20 and 34-DMAs were placed around 17700 and 17770 respectively, making 17700-17770 next target/ resistance area on the way up.

 

Nifty surged to touch a high of 17800, but slipped to end at 17711.

 

17800, the top made Monday, is the immediate hurdle, upon crossover of which, 18004, the top made last week, would be next upside level to eye; 17430 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42000 continues to be next upside target/resistance to eye; 40600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

17700-17770 IS NEXT TARGET AREA; 17400 IS IMMEDIATE SUPPORT

 

17700-17770 IS NEXT TARGET AREA; 17400 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices surged 1.2%-2% on Friday as treasury yields eased.

 

US 10-year treasury yield fell 11 bps to 3.956%. Dollar index fell 0.4% to 104.53. Gold jumped 1.1% to $1856 per ounce.

 

ISM February non-manufacturing PMI dipped to 55.1 from a reading of 55.2 in January.

 

Brent crude futures rose 0.9% to $85.47 a barrel and WTI crude futures rose 1.3% to $79.20.

 

In Europe, FTSE was little changed while DAX and CAC rose 1.6% and 0.9% respectively. A flash estimate for the euro zone showed headline inflation eased from 8.6% to 8.5%, but this was above a consensus estimate; while core inflation rose from 5.3% to 5.6%. Price rises unexpectedly accelerated in Germany, France and Spain.

 

ECB President Christine Lagarde said Thursday that getting inflation to its 2% target will still take time and that the previously signaled 50 basis point hike in March is still on the cards,

 

For the week, the Dow posted a 1.75% gain and snapped a four-week losing streak. The S&P 500 closed up 1.90% on the week and its first positive week in the last four. The Nasdaq ended the week 2.6% higher.

 

US 10-year treasury yield rose 1 bps. Dollar index fell 0.7%. Gold jumped 2.5% for its best week since mid-January.

 

AT HOME

Benchmark indices surged a percent and half, their best day since 11th November 2022. Sensex settled at 59808, up 900 points while Nifty added 272 points to finish at 17594. Nifty mid-cap and small-cap indices rose 0.7% and 0.8% respectively. All the BSE sectoral indices ended higher, with PSU Bank and Metal indices being the top gainers, up 5.4% and 3.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 246 cr, 3938 cr and 2475 cr respectively. DIIs were net buyers to the tune of Rs 2090 cr.

 

Rupee appreciated 63 paise to end at 81.97/$.

 

For the week, Sensex and Nifty gained 0.6% and 0.7% respectively.

 

OUTLOOK

 

Today morning, Nikkei is up more than a percent while Hang Seng and Shanghai are marginally in the red. SGX Nifty is suggesting around 30 points higher start for our market.

 

In Friday's report we had said that 17500 continued to be immediate hurdle for Nifty, upon crossover of which, 17590 and 17695, the 38.2% and 50% retracement levels of the recent 18135-17255 fall, would be next upside levels to eye.

 

Nifty crossed 17500 and surged all the way to 17644 before closing at 17594.

 

20 and 34-DMAs are placed around 17700 and 17770 respectively, making 17700-17770 next target/ resistance area on the way up. Once this immediate resistance zone is crossed, 18004, the top made last week, would be next upside level to eye; On the way down, 17400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42000, around which a trendline adjoining tops made since 14th December is placed, is the next upside target/resistance to eye; 40500 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

17500 CONTINUES TO BE IMMEDIATE HURDLE; 17205 IS THE SUPPORT

 

17500 CONTINUES TO BE IMMEDIATE HURDLE; 17205 IS THE SUPPORT

 

WORLD MARKETS

 

US indices rose 0.7%-1% after Atlanta Fed president said he’s “firmly” in favor of sticking with quarter-point hikes

 

Weekly jobless claims fell again last week, pointing to a still strong jobs market. Another Labor Department report showed labor costs grew much faster than previously estimated in the fourth quarter.

 

US 10-year treasury yield rose 7 bps to 4.062%. Dollar index rose 0.6% to 104.96. Gold was little changed at $1835 per ounce.

 

Brent as well as WTI crude futures rose 0.4% each to $81.08 and $78.01 a barrel respectively.

 

European markets gained 0.2%-0.7%. Eurozone inflation came in at 8.5% in February, higher than 8.2% estimate, but down from 8.6% in January on lower energy prices. Core inflation, which strips out food and energy, rose from 5.3% to 5.6%.

 

AT HOME

 

Sensex and Nifty slipped 0.84% and 0.74% respectively, ending in red for the ninth session in last 10. Sensex settled at 58909, down 501 points while Nifty lost 129 points to finish at 17321. Nifty mid-cap and small-cap indices fell 0.3% and 0.2% respectively. Except 2.1% higher Realty index and marginally higher Oil & Gas index, all the NSE sectoral indices ended in red, with IT index being the top loser, down 1.3%, followed by 0.9% lower Auto index.

 

FIIs net bought stocks worth Rs 12771 cr which include Rs. 15446 cr. on account of Adani block deal. FIIs net sold index futures and stock futures worth Rs 532 cr and 2581 cr respectively. DIIs were net buyers to the tune of Rs 2129 cr.

 

Rupee depreciated 9 paise to end at 82.59/$.

 

OUTLOOK

 

Japan’s unemployment rate reached 2.4% in January, the lowest level since February 2020.

 

Today morning, Asian markets are trading with gains of 0.25%-1.25% and SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 17500 continued to be immediate hurdle for Nifty, while 17205, the 78.6% retracement level of the 16747-18887 upmove, continued to be next support.

 

Nifty touched a low of 17306 before closing at 17321.

 

17500 continues to be immediate hurdle for Nifty, upon crossover of which, 17590 and 17695, the 38.2% and 50% retracement levels of the recent 18135-17255 fall, would be next upside levels to eye; 17205, the 78.6% retracement level of the 16747-18887 upmove, continues to be next support.

 

For Banknifty, 41000 is next upside targets; 40200-40100 is the immediate support area.

 

17500 CONTINUES TO BE IMMEDIATE HURDLE

 

17500 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq fell 0.5% and 0.7% respectively as bond yields continued their climb.

 

The benchmark 10-year yield briefly topped 4% for the first time since November and settled 7 bps higher at 3.996%. The 1-year Treasury yield rose above 5%. Dollar index fell 0.6% to 104.37. Gold rose 0.5% to $1836 per ounce.

 

ISM Manufacturing Index registered 47.7% reading, slightly below expected reading of 47.8%.

 

Brent crude futures rose 1% to $84.31 a barrel and WTI rose 0.8% to $77.69.

 

In Europe, FTSE rose 0.5% but DAX and CAC fell 0.4% and 0.5% respectively. A German flash estimate put February inflation at 9.3%, which would be an increase from 9.2% in January.

 

Data earlier showed China's official manufacturing PMI rose to 52.6 in February, the highest since April 2012. Non-manufacturing activity also grew at a faster pace in February.

 

AT HOME

 

Benchmark indices climbed 0.8% each, snapping 8-session losing streak. Sensex settled at 59411, up 448 points while Nifty added 147 points to finish at 17451. Nifty mid-cap and small-cap indices surged 1.6% and 1.3% respectively. All the NSE sectoral indices ended in green, with Metal and PSU Bank indices on the top, up 4% and 3% respectively.

 

FIIs net sold stocks worth Rs 425 cr but net bought index futures and stock futures worth Rs 638 cr and 976 cr respectively. DIIs were net buyers to the tune of Rs 1499 cr.

 

Rupee appreciated 17 paise to end at 82.50/$.

 

India's GST mop-up rose 12% to Rs. 1.5 lk cr. in February. India's S & P Global Manufacturing PMI slipped to a four-month low of 55.3 in February, against 55.4 in January.

 

OUTLOOK

 

Today morning, Shanghai is marginally higher while Hang Seng and Nikkei are down 1.1% and 0.4% respectively. SGX Nifty is suggesting around 65 points lower start for our market.

 

In yesterday's report we had said that 17205, the 78.6% retracement level of the 16747-18887 upmove, continued to be next downside level to eye and that immediate hurdle on the hourly chart had moved lower to 17500, with the stop-loss of which, trading shorts could be held on to.

 

Nifty rose to touch a high of 17467 before closing at 17450. The benchmark is set to open near 17400 today.

 

17500 continues to be immediate hurdle for Nifty, upon crossover of which, 17590 and 17695, the 38.2% and 50% retracement levels of the recent 18135-17255 fall, would be next upside levels to eye; 17205, the 78.6% retracement level of the 16747-18887 upmove, continues to be next support.

 

For Banknifty, 41000 and 41300 are next upside targets; 39600-39420 is the support area; 40200-40100 is the immediate support area.

 

17205 IS NEXT SUPPORT; 17500 IMMEDIATE HURDLE

 

17205 IS NEXT SUPPORT; 17500 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices fell 0.1%-0.7%.

 

The S&P CoreLogic Case Shiller national home price index increased 5.8% y-o-y in December, the smallest annual gain since August 2020, and followed a 7.6% rise in November. Chicago PMI slid to 43.6 in February, weaker than expected, after falling to 44.3 in January. U.S. consumer confidence also fell this month to 102.9, down from a revised 106 reading last month.

 

US 10-year treasury yield rose 1 bps to 3.924%. Dollar index rose 0.3% to 104.95. Gold rose 0.6% to $1827 per ounce.

 

Brent crude May contract rose 1.7% to $83.45 and WTI crude futures gained 1.8% to $77.05 a barrel.

 

European markets fell 0.1%-0.7%. Inflation figures from France and Spain came in hotter than expected for February.

 

For the month, Dow tumbled 4% while S & P 500 and Nasdaq fell 2.5% and 1% respectively. The 10-year Treasury yield has advanced more than 50 bps for the month, and the 2-year yield has gained more than 70 bps. Dollar index rose 2.4% for its first monthly increase since September. For the month of February, Brent fell 0.7% while WTI dropped 2.5%.

 

AT HOME

 

Benchmark indices fell half a percent each, extending the losing streak to eighth straight session and closing at the lowest level after mid-October of 2022. Sensex settled at 58962, down 326 points while Nifty lost 88 points to finish at 17304. Nifty mid-cap and small-cap indices however gained 0.7% and 0.4% respectively. Nifty Media index surged 2.5%, becoming top gainer among the sectoral indices, followed by 1.1% higher Realty index. Oil & Gas and Pharma indices were the top losers, down 1.3% each.

 

FIIs net sold stocks and index futures worth Rs 4559 cr and 1358 cr respectively but net bought stock futures worth Rs 1069 cr. DIIs were net buyers to the tune of Rs 4610 cr.

 

Rupee appreciated 17 paise to end at 82.67/$.

 

For the month, Sensex and Nifty fell 1% and 2% respectively, extending the losing streak to third consecutive month.

 

India's Q3 GDP growth came in at 4.4%, down from 6.3% in previous quarter, weighed down by base normalization and weakness in consumption. FY22 growth rate was revised upwards to 9.1% from 8.7%.

 

Growth in eight core infra industries rose to a 4-month high of 7.8% y-o-y in January compared with 7% in December.

 

Fiscal deficit hit 67.8% of FY23 Revised Estimate at Rs. 11.90 lk cr, in 10-months of thi fiscal.

 

OUTLOOK

 

China's official manufacturing PMI rose to 52.6 in February, the highest since April 2012.

 

Today morning, Hang Seng and Shanghai are up 1.8% and 0.25% respectively while Nikkei is off 0.1%. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17205, the 78.6% retracement level of the 16747-18887 upmove, was the next downside level to eye while 17600-17650 was the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

Nifty, after touching a high of 17440 in the initial trade, plunged all the way to 17255 before closing at 17304.

 

17205, the 78.6% retracement level of the 16747-18887 upmove, continues to be next downside level to eye. If this support gives way, 17050, around which a downward sloping trendline adjoining bottoms made since 22nd November 2022 is placed, would be next support; Immediate hurdle on the hourly chart has moved lower to 17500, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 39600-39420 is the support area; 40500-40600 is the immediate resistance zone, upon crossover of which, 41000 and 41400 would be next upside targets.