NIFTY REBOUNDS FROM 9019 SUPPORT; 9130 CONTINUES TO BE IMMEDIATE HURDLE

NIFTY REBOUNDS FROM 9019 SUPPORT; 9130 CONTINUES TO BE IMMEDIATE HURDLE
WORLD MARKETS                             
Dow and S & P 500 fell 0.2% and 0.1% respectively, digesting Trump’s failure to repeal Obamacare. Nasdaq gained 0.2%. For the Dow, it was the eight consecutive day of red.
The benchmark 10-year note yield fell to 2.37%, while the short-term two-year note yield dipped to 1.25%. The U.S. dollar declined to a four-month low. Gold gained $7 to settle at $1256 per ounce.
WTI crude fell 24 cents to $47.73 a barrel.
European markets lost upto 0.6%. Basic resources were the worst performers after Copper prices slipped to a two-week low. Germany’s Ifo business climate index climbed to its highest level in almost six years in March as sentiment increased to 112.3 points, up from 111.1 points the month previous.
AT HOME
Benchmark indices fell about two-third of a percent, breaking two-day winning streak. Sensex lost 188 points to settle at 29233 while Nifty finished at 9045, down 63 points. BSE mid-cap and small-cap indices lost 0.3% and 0.04% respectively. Except a 0.9% higher Consumer Durable index and flat Realty index, all the BSE sectoral indices ended in red. Metal index nosedived 2.6%, becoming top loser, followed by 1.6% cut in Energy index.
FIIs net bought stocks worth Rs 578 cr but net sold index futures and stock futures worth Rs 488 cr and 1029 cr respectively. DIIs were net sellers to the tune of Rs 594 cr.
Rupee appreciated 36 paise to end at 65.05/$.
Finance minister Arun Jaitley today introduced four bills on the Goods and Services Tax (GST) in the lower house of parliament, paving the way for the government to launch the landmark tax reform. The bills introduced are the Central GST Bill, the Integrated GST Bill, the Union Territory GST Bill, and the GST (Compensation to States) Bill. The state assemblies will also have to pass the State GST bill before the new tax system can be rolled out later this year.
OUTLOOK
Today morning, except a marginally lower Shanghai, other Asian markets are trading with gains of 0.2%-0.9% and SGX Nifty is suggesting about 30 points higher start for our market.
In yesterday’s report we had mentioned that 9019, the bottom made last week, is the immediate support, below which 34-DMA, placed around 8930, would be the next support to eye.
The benchmark, after touching a low of 9025, recovered to end at 9045 and is set to open higher today.

9130 continues to be immediate hurdle on the hourly chart, a sustained trading above which will pave the way for further upmove. 9218, the top made on 17th March would be the next target if that happens.
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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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