NIFTY RESISTED NEAR 9130 HURDLE; 9019 IS THE IMMEDIATE SUPPORT

NIFTY RESISTED NEAR 9130 HURDLE; 9019 IS THE IMMEDIATE SUPPORT
WORLD MARKETS                             
Dow and S & P 500 fell 0.3% and 0.1% respectively while Nasdaq gained 0.2% on Friday after media reports that the House pulled a key health care vote that was seen as crucial for President Donald Trump’s agenda. Material stocks lagged while health care sector turned positive following the news.
Trump had warned House Republican lawmakers on Thursday that he is prepared to leave Obamacare unchanged and move on to tax reform if they do not vote in favor for new health-care legislation on Friday.
Durable goods orders rose 1.7% in February, above the expected increase of 1.2%. The IHS Markit manufacturing PMI, meanwhile, hit a five-month low of 53.4.
The dollar traded marginally lower. Treasuries rose, as the benchmark 10-year note yield dipped below 2.4%.
European markets closed mixed with modest changes. The composite Purchasing Managers Index (PMI) for the euro zone came in stronger-than-anticipated, rising to 56.7 from 56.0. The flash reading represents the highest first quarter average in six years.
For the week US indices fell 1.2%-1.5%. In Europe, FTSE fell 1.2% while CAC and DAx were down 0.2% and 0.3% respectively. In Asia, Nikkei was down 1.3% but Shanghai and Hang Seng gained 1% and 0.2% respectively.
A joint committee of ministers from OPEC and non-OPEC oil producers agreed on Sunday to review whether a global pact to limit supplies should be extended by six months.
AT HOME
After rising half a percent through the session, benchmark indices gave away half of the gains in last 45 minute dip to end higher by a fourth of a percent. Sensex added 89 points to settle at 29421 while Nifty finished at 9108, up 22 points. BSE mid-cap index ended marginally lower while small-cap index gained 0.4%. BSE Bankex climbed 1.2%, becoming top gainer among the sectoral indices, followed by 0.9% rise in Finance index. IT and Teck indices were the top losers, down 0.8% and 0.7% respectively.
FIIs net bought stocks worth Rs 543 cr but net sold index futures and stock futures worth Rs 316 cr and 81 cr respectively. DIIs were net buyers to the tune of Rs 117 cr.
Rupee appreciated 16 paise to end at 65.41/$.
SEBI banned Reliance Industries and 12 others from equity derivatives trading for one year and directed the firm to disgorge nearly Rs 1,000 crore for alleged fraudulent trading in a 10-year-old case. The company said it will appeal against the order.
For the week, Sensex and Nifty lost 0.6% and 0.8% respectively, breaking two-week winning streak.
OUTLOOK
Today morning, except a marginally higher Shanghai, other Asian markets are trading with cuts of 0.2%-1.5% with Nikkei leading the losses. SGX Nifty is suggesting about 25 points lower start for our market.
In Friday’s report we had mentioned that “9120-9130 continues to be immediate resistance area, a sustained trading above which is required to generate a buy on the hourly chart”. The benchmark, after touching a high of 9134, retreated to end at 9108 and is set to open lower today.

9130 continues to be immediate hurdle, a decisive crossover of which is required to generate a fresh buy on the hourly chart. 9218, the top made on 17th March, would be th next target in that case. On the way down, 9019, the bottom made last week, is the immediate support, below which 34-DMA, placed around 8930, would be the next support to eye.
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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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