8975 IS THE NEXT SUPPORT; 9120 IMMEDIATE HURDLE

8975 IS THE NEXT SUPPORT; 9120 IMMEDIATE HURDLE
WORLD MARKETS                             
Dow ended marginally in the red but S & P 500 and Nasdaq gained 0.2% and 0.5% respectively, awaiting a key health care vote in Congress, which is seen as a proxy of U.S. President Donald Trump’s mandate.
The House is expected to vote on House Speaker Paul Ryan’s healthcare plan today, but the Obamacare replacement has seen resistance not just from Democrats, but from conservative GOP members too. Market is concerned that a prolonged battle in Congress to repeal and replace Obamacare could delay tax reform, deregulation and government spending.
WTI crude fell 0.4% to $48.04 per barrel, its lowest since November, after Energy Information Administration (EIA) data showed that U.S. stockpiles climbed almost 5 million barrels to 533.1 million last week, beating forecasts of a 2.8 million-barrel increase.
Dollar index fell 0.1%.
Main European markets lost 0.2%-0.7%. The pound fell to a low of $1.2426 after a terror incident in London left five dead, including an attacker and a police officer.
AT HOME
Sensex and Nifty plunged 1.1% and 1% respectively, registering the biggest fall since 2nd December 2016 and 20th January 2017 respectively. Sensex settled at 29168, down 318 points while Nifty lost 91 points to finish at 9030. BSE mid-cap and small-cap indices fell 1% and 0.9% respectively. Except a flat Realty index, all the sectoral indices of BSE ended in red with Telecom and Consumer Durable indices leading the tally, down 2.1% and 1.9% respectively.
FIIs net bought stocks and index futures worth Rs 357 cr and 1053 cr respectively but net sold stock futures worth Rs 1820 cr. DIIs were net sellers to the tune of Rs 780 cr.
Rupee depreciated 20 paise to end at 65.51/$.
NSE has added 15 stocks in derivative segment from 31st March. These are PVR, CAPF, Muthoot Finance, Equitas, Infibeam, Reliance Defence, Indigo, Dalmia Bharat, Ujjivan, Suzlon, Piramal Enterprises, Escorts, Shree Cements, Max Financial and Indian Bank.
OUTLOOK
Today morning Asian markets are trading mixed with modest changes and SGX Nifty is suggesting about 30 points higher start for our market.
Nifty yesterday broke the immediate support of 9045 and touched a low of 9019 before closing at 9030. 8975, the lower end of the gap created by the big gap up opening after the assembly election results last week, is the next support to eye.

Immediate resistance on the hourly chart is placed around 9120, with the stop-loss of which trading shorts can be held on to.
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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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