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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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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