NIFTY CROSSES 9130 HURDLE; STAY LONG WITH THE STOP-LOSS OF 9080

NIFTY CROSSES 9130 HURDLE; STAY LONG WITH THE STOP-LOSS OF 9080
WORLD MARKETS                             
Dow fell 0.2% but S & P 500 and Nasdaq gained 0.1% and 0.4% respectively.
WTI crude surged 2.4% to $49.51 and Brent rose 2.1% to $52.42 after data from Energy Information Administration showed a smaller-than-expected crude inventory build.
Weekly mortgage applications held flat. Pending home sales data showed a 5.5% increase in February.
The U.S. 10-year note yield slipped to around 2.383%, while the 10-year German bund yielded 0.34%.
Main European markets gained 0.4% each while Italy and Spain fell about 0.2% each. Britain’s ambassador to the EU handed the official letter triggering Article 50 to European Council President Donald Tusk. This commences the country’s two-year exit process from the trading bloc.
AT HOME
Benchmark indices gained nearly half a percent, extending the winning streak to second day and closing at the highest level since 17th March, 2017. Sensex settled at 29531, up 122 points while Nifty added 43 points to finish at 9144. BSE mid-cap and small-cap indices gained 0.1% and 0.3% respectively. BSE Telecom and Consumer Durable indices climbed 1.6% and 1.3% respectively, becoming top gainers among the sectoral indices while Realty index was the top loser, down 0.6%, followed by half a percent cut in Healthcare and Auto indices.
FIIs net bought stocks, index futures and stock futures worth Rs 461 cr, 755 cr and 211 cr respectively. DIIs were net buyers to the tune of Rs 1283 cr.
Rupee appreciated 15 paise to end at 65.1275/$.
Hero Motocorp tumbled 2.7% after the Supreme Court banned sale of BS-III vehicles from April 1.
The Lok Sabha yesterday passed four crucial legislations to introduce a countrywide Goods and Services Tax (GST) bringing India closer to a unified tax regime. The fifth law — SGST Bill — will be taken by the state governments through their cabinets to the respective state assemblies.
OUTLOOK
Today morning, Asian markets are trading with cuts of upto 0.4% but SGX Nifty is suggesting about 10 points higher start for our market.
For past couple of sessions, we have been mentioning that 9130 is the immediate hurdle on the houlrly chart. Nifty yesterday touched a high of 9153 before closing at 9144, crossing this hurdle.

9218, the top made in mid-March, is the next upside target to eye above which 9400 would be the next major target. 9080 is the immediate support on the hourly chart, with the stop-loss of which trading longs can be held on to.
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