8154-8300 IS THE IMMEDIATE RANGE

8154-8300 IS THE IMMEDIATE RANGE
WORLD MARKETS                             
While Dow gained 0.2%, S & P 500 and Nasdaq fell 0.1% and 0.6% yesterday ahead of the beginning of a two-day fed meeting.
US 10-year note yield rose to 2.477%, after hitting its highest level since 2014. The two-year note yield advanced to 1.145%. Dollar index fell 0.6% to 100.92.
WTI oil gained 2.6% to settle at $52.83 per barrel, the highest since 2015.
In Europe FTSE plunged 1% while DAX and CAC lost 0.1% each. Italy and Spain however rose 0.4% and 0.2% respectively.
AT HOME
After a gap down opening, Sensex and Nifty kept on moving lower through the session to end with cuts of 0.9% and 1.1% respectively. Sensex lost 232 points to settle at 26515 while Nifty finished at 8171, down 91 points. BSE mid-cap and small-cap indices fell 1.1% and 0.7% respectively. All the BSE sectoral indices ended in red with Auto index and Bankex leading the tally, down 1.7% each.
FIIs net sold stocks, index futures and stock futures worth Rs 94 cr, 61 cr and 842 cr respectively. DIIs were net sellers to the tune of Rs 266 cr.
Currency market was shut today for Id-e-Milad.
OUTLOOK
Today morning Asian markets are trading flat to modestly lower and SGX Nifty is suggesting about 15 points higher start for our market.
In yesterday’s report we had mentioned that 34-DMA as well as the upper band of bollinger on daily chart, both are placed around 8300 and hence 8300 would be the important immediate resistance to eye. We had also said that 8160 is the immediate support, a sustained trading below which will generate a sell on the hourly chart and would pave the way for the further correction.
The benchmark tumbled to 8154 yesterday but managed to recover a bit and close at 8171
A breach of 8154, the low made yesterday, would confirm a sell on the hourly chart and next target to eye in that case would be about 8057, the bottom made in early December.
Traders are advised to keep a stop-loss of 8154 in long positions.
India’s November CPI will be released today and is expected to slow down to 3.88% from 4.2% in October. Core CPI however is expected to remain flat at 5% v/s 4.9%.
Cola India will report its September quarter earnings today.
The Fed’s policymaking committee is set to begin a two-day meeting on Tuesday, where the U.S. central bank is largely expected to raise interest rates by 25 basis points.

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STAY LONG WITH THE STOP-LOSS OF 9115

STAY LONG WITH THE STOP-LOSS OF 9115

WORLD MARKETS

Dow and S & P 500 fell 0.3% and 0.2% respectively while Nasdaq lost 0.04% on Friday.

Personal income rose 0.4% in February, in line with expectations, while consumer spending rose 0.1%, below an expected increase of 0.2%. The PCE price index — an indicator of inflation — rose 2.1% y-o-y, while core PCE increased 1.8%. The Chicago manufacturing PMI rose to 57.7 in March from 57.4 in February. Consumer sentiment hit 96.9 versus an expected read of 97.6.

European markets, except a 0.6% lower FTSE, gained 0.5%-0.6%. U.K. released its latest gross domestic product (GDP) figures which showed growth of 0.7 percent for the quarter and 1.9 percent compared to the year previous. The European Union published its draft of Brexit negotiating guidelines on Friday which showed the bloc is ready to discuss a potential free trade deal with Britain before the two sides have agreed on the final terms of the break-up.
U.S. President Trump said that the U.S. will take unilateral action to eliminate nuclear threats from North Korea, unless China, one of North Korea’s closest ally, intensifies pressure on it. These comments come ahead of a two-day meeting this week in Florida with Chinese President Xi Jinping.

For the week, US indices gained 0.3%-1.4%.  In Europe, FTSE fell 0.2% but DAX and CAC climbed 2% each. Asian markets ended in red with Nikkei down 1.8%, Shanghai off -1.4% and Hang Seng lower by 1%. Indian markets however gained 0.7%.

                                                             

AT HOME

Benchmark indices ended little changed after a ragebound but choppy trade on the last day of the fiscal year. Sensex settled at 29620, down 27 points while Nifty ended absolutely flat at 9174. BSE mid-cap and small-cap indices however climbed 0.8% and 0.7% respectively. BSE Energy index soared 2.5%, becoming top gainer among the sectoral indices, followed by 1.8% rise in Oil & Gas index. Telecom index and Bankex were the top losers, down 0.9% and 0.7% respectively.

FIIs net sold stocks and stock futures worth Rs 296 cr and 304 cr respectively but net bought index futures worth Rs 68 cr. DIIs were net buyers to the tune of Rs 1499 cr.

Rupee ended flat at 65.0950/$.
For the week, Sensex and Nifty gained 0.7% each with Nifty closing at fresh record high on weekly basis.

For the fiscal 2017, Sensex and Nifty gained 16.9% and 18.6% respectively.

Government lowered interest rates on small saving schemes like PPF, Kisan Vikas Patra and Sukanya Samriddhi scheme by 0.1% for the April-June quarter.

The union cabinet on Friday approved changes to the companies and motor vehicle bills. It also fixed subsidy rates for phosphatic and potassic fertilisers and approved a plan to boost domestic urea production. Separately, the cabinet committee on economic affairs cleared changes to the Mega Power Policy.

The amended motor vehicle bill proposes a hefty penalty on auto companies caught manufacturing faulty vehicles, statuary guidelines for cab aggregators and a 10% annual increase in penalty for traffic violations.  The government has also proposed specific timelines for processing insurance claim.

Cabinet approved amendment to New Urea Policy-2015, allowing for production beyond the re-assessed capacity, which is expected to push domestic production of this key fertiliser. The subsidy for Phosphatic and Potassic nutrients has been lowered while that for Nitrogen and Sulphur has been raised.

The changes to the mega power policy will benefit 24 plants of 30,000-mw capacity to the tune of more than Rs 10,000 crore.
Maruti reported 8.1% rise in March sales at 1.39 lac units. Eicher Motors’s Royeal Enfield sales were up 17% at 60113 units and CV sales rose 8.5% to 7327 units. M & M tractor sales were up 32% at 19337 units while total sales were up 6% at 56031 units. SML Isuzu saw 26.4% growth at 2094 units.

Oil marketing companies cut petrol and diesel price by Rs 3.77 and 2.91 a liter, marking the first change in rates in two-and-a-half months.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.2%-0.4% and SGX Nifty is suggesting about 20 points higher start for our market.

Just to reiterate, we have been working with target of 9218 after immediate hurdle of 9130 was taken out. The benchmark touched a high of 9192 but closed at 9174 and is set to open higher today.

9218, the top made on 17th March, continues to be immediate hurdle, upon decisive crossover of which, 9400-9420 would be the next major target to eye.

Immediate support on the hourly chart has moved up to 9115, with the stop-loss of which trading longs should be held on to.

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  • STAY LONG WITH THE STOP-LOSS OF 9115
  • STAY LONG WITH THE STOP-LOSS OF 9115
  • STAY LONG WITH THE STOP-LOSS OF 9110
  • STAY LONG WITH THE STOP-LOSS OF 9110
  • STAY LONG WITH THE STOP-LOSS OF 9110
  • STAY LONG WITH THE STOP-LOSS OF 9110
  • STAY LONG WITH THE STOP-LOSS OF 9110
  • STAY LONG WITH THE STOP-LOSS OF 9110
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