GO LONG WITH THE STOP LOSS OF 8460 FOR TARGETS OF 8600, 8700

GO LONG WITH THE STOP LOSS OF 8460 FOR TARGETS OF 8600, 8700
WORLD MARKETS                             
US indices soared 1.1%-1.5% on encouraging economic data and after Beijing unleashed new policy moves to rejuvenate a wobbly property market.
Personal income in February rose 0.4%, above expectations of 0.3%. Consumer spending rose 0.1%. Pending homes sales were up 3.1% in February, driven primarily by sales in the West and Midwest.
European markets gained between 0.5%-1.8%. A euro zone index measuring consumer and business confidence for March came in at 103.9, better than an estimate for 103.1. A flash figure for German inflation also showed a slight rebound, meeting met market expectations.
AT HOME
Benchmark indices soared nearly two percent in today’s trade, with Nifty registering largest single day gain in a month and breaking eight day losing streak. Sensex saw largest percentage gain since 15th January. In absolute terms, Sensex surged 517 points to settle at 27976 while Nifty finished at 8492, up 151 points. BSE mid-cap index gained 1.9% while the Small-cap index skyrocketed 3.4%. All the BSE sectoral indices ended higher with Capital Goods and Realty indices leading the tally, putting on 2.8% and 2.2% respectively.
FIIs net sold stocks and index futures worth Rs 240 cr and 228 cr respectively but net bought stock futures worth Rs 886 cr. DIIs were net buyers to the tune of Rs 652 cr.
Rupee fell 26 paise to end at 62.67/$.
OUTLOOK
Today morning Asian markets are trading with gains ranging from 0.3%-1% and SGX Nifty is suggesting about 20 points higher opening for our market.
In yesterday’s report we had said that immediate resistance on the hourly chart is placed around 8510, a crossover of which should be awaited for initiating fresh longs. The benchmark touched a high of 8504 yesterday before closing at 8492 and is likely to cross the 8510 hurdle at today’s opening. In that case traders can initiate fresh longs for the immediate target of 8600, which is the 38.2% retracement level of entire 9119-8269 fall. Above 8600, 8700, the 50% retracement level, would be the next target.
Immediate support on the hourly chart is placed around 8460, which should serve as the stop loss for long positions.

India’s Current Account Deficit for Q3 would be released today. Also in focus would be Core sector data for February.
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