9130-9019 CONTINUES TO BE IMMEDIATE RANGE

9130-9019 CONTINUES TO BE IMMEDIATE RANGE
WORLD MARKETS                             
Dow and S & P 500 climbed 0.7% each and Nasdaq rose 0.6%, with the Dow breaking an eight-day losing streak on the back of a strong consumer confidence survey.
Consumer Board Consumer Confidence Index hit 125.6, up from 116.1 in February, and the strongest reading since 2001. The S&P CoreLogic Case-Shiller home price index showed U.S. home prices rose 5.9% to a 31-month high in January.
U.K. Prime Minister Theresa May signed the official letter to the European Council President Donald Tusk to invoke Article 50 of the Lisbon Treaty. The letter once delivered to Tusk on Wednesday, will then begin the official two-year process of the U.K. leaving the bloc.
Oil prices rose on the back of disruptions to Libyan crude production and talk of a six-month extension to an OPEC-led pact to limit global output. Brent crude settled up 1.14% at $51.33 a barrel, and U.S. crude rose 1.34% to $48.37.
European markets gained 0.6%-1.3%.
AT HOME
After a positive start, benchmark indices added some more gains through rangebound but choppy session and finally ended higher by six tenth of a percent. Sensex added 172 points to settle at 29410 while Nifty finished at 9101, up 56 points. BSE mid-cap and small-cap indices gained 0.7% and 0.6% respectively. BSE Telecom and Finance indices gained 0.9% each, becoming top gainers among the sectoral indices while Realty and Energy indices were the top losers, down 0.4% and 0.3% respectively.
FIIs net bought stocks, index futures and stock futures worth Rs 6415 cr, 300 cr and 865 cr respectively. DIIs were net buyers to the tune of Rs 356 cr.

Money market was shut yesterday on account of “Gudi Padva”.
OUTLOOK
Today morning, except a modestly lower Nikkei, other Asian markets are trading with modest gains and SGX Nifty is suggesting about 20 points higher start for our market.
In Monday’s report we had mentioned that 9019, the bottom made last week, is the immediate support while 9130 is the immediate hurdle. Nifty, after touching a low of 9025 on Monday, rebounded and touched a high of 9110 before closing at 9101 yesterday.

A higher start today would take the benchmark close to 9130 hurdle mentioned above. A sustained trading above 9130 would generate a buy on the hourly chart and 9218, the top made on 17th March, would be the next target in that case.
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