9120 CONTINUES TO BE IMMEDIATE HURDLE; 8975 IMPORTANT SUPPORT

9120 CONTINUES TO BE IMMEDIATE HURDLE; 8975 IMPORTANT SUPPORT
WORLD MARKETS                             
US indices ended marginally lower as U.S. President Donald Trump failed to close the deal with Republican lawmakers on how to dismantle Obamacare and the House vote was delayed.
Weekly jobless claims rose by 15,000 to 258,000, above the expected print of 240,000. New home sales hit a seven-month high last month, rising 6.1% to a seasonally-adjusted annual rate of 592,000, topping expectations.
WTI crude fell about a percent to $47.63 a barrel on continued concerns about that the OPEC-led supply cuts were not enough as U.S. stockpiles continue to rise.
European markets gained 0.2%-1.1% with Italy on the top. U.K. retail sales rebounded in February after three month decline, rising 1.4%.
AT HOME
After a positive start, benchmark indices added some more gains through the session to end with gains of six tenth of a percent, breaking the three-day losing streak. Sensex added 164 points to settle at 29332 while Nifty finished at 9086, up 56 points. BSE mid-cap and small-cap indices gained 1% and 0.9% respectively. Except a 0.1% lower FMCG index, all the BSE sectoral indices ended in green with Utilities index leading the tally, up 1.3%, followed by 1.2% rise in Energy, Industrial and Oil & Gas indices.
FIIs net bought stocks and index futures worth Rs 1094 cr and 101 cr respectively but net sold stock futures worth Rs 232 cr. DIIs were net sellers to the tune of Rs 591 cr.
Rupee depreciated 6 paise to end at 65.5650/$.
OUTLOOK
Today morning, except a 1% higher Nikkei, other Asian markets are trading little changed and SGX Nifty is suggesting about 10 points higher start for our market.
After Nifty broke immediate support of 9045, we had said that 8975, the lower level of the big gap up opening witnessed after the assembly election result, is the next support to eye while 9120 is the immediate hurdle on the hourly chart, which should serve as the stop-loss for trading shorts.
The benchmark, after touching a low of 9019 on Wednesday, rebounded yesterday to 9086 and is set to open around 9100 today.
9120-9130 continues to be immediate resistance area, a sustained trading above which will generate a buy on the hourly chart and next target to eye in that case would be 9218, the top made last week.

8975 continues to be important support to eye.
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