RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET
WORLD MARKETS                             
Dow fell 0.1% while S & P 500 and Nasdaq gained 0.04% and 0.2% yesterday, awaiting outcome of the two-day Fed meeting that begins today.
Meanwhile, data released on Friday showed US economy added 235000 jobs in February along with a fall in unemployment and a slight rise in wages, which has propelled the case for an interest rate hike on Wednesday.
WTI crude hit a three-and-a-half month low of $47.90 before closing 0.2% lower at $48.40 a barrel yesterday.
Treasury yields edged higher. The 2-year note yield was a touch below seven-year highs around 1.38%, while the benchmark 10-year yield traded near 2.61%.
European markets added 0.1%-0.3% with basic resources leading the gains.
AT HOME
After opening higher by about half a percent, benchmark indices gave away most of the gains through the session to end just marginally higher. Sensex settled at 28946, up 17 points while Nifty added 8 points to finish at 8935. BSE mid-cap and small-cap indices however ended lower by 0.25% and 0.1% respectively. BSE Telecom and Teck indices gained 0.9% and 0.5% respectively, becoming top gainers among the sectoral indices while Metal and Power indices were the top losers, down 0.6% each.
FIIs net bought stocks worth Rs 412 cr but net sold index futures and stock futures worth Rs 104 cr and 925 cr respectively. DIIs were net sellers to the tune of Rs 14 cr.
Rupee appreciated 15 paise to end at 66.7250/$.
For the week, Sensex and Nifty gained 0.4% each.
The results of the assembly elections held in 5 states were out on Saturday. In the most important state of UP, BJP won 312 out of 403 seats, achieving three fourth majority and winning by the biggest margin in 37 years. In Uttarakhand too BJP won by big margin, winning 57 out of 70 seats. In Punjab, Congress was the winner with 77 out of 117 seats. In the 40 member Goa assembly, Congress and BJP won 17 and 13 seats respectively. In Manipur, Congress won 25 out of 60 seats, while BJP was second with 21 seats.
OUTLOOK
Today morning, Asian markets are trading mixed with modest changes and SGX Nifty is trading around 9196, which is 240 points higher than Friday’s close of Nifty future at 8955. A 240 points higher start would take Nifty to 9176, which will be a record high for the benchmark, as previous high made in March 2015 was 9119.
As readers would recall, we have been saying that a decisive crossover of 8970, the top made in September 2016, would mark a big breakout from the 2-year consolidation and net major target to eye in that case would be around 10000.

While Nifty might go for a small phase of consolidation after today’s big gap up opening, 10000, as mentioned above, would be the big target to eye over next couple of months.
Click here for reuse options!
Copyright 2017 einfoMet
Tweet about this on Twitter





Related News

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGET

RECORD HIGH ON CARDS; 10000 EMERGES AS NEXT BIG TARGETWORLD MARKETS                              Dow fell 0…

Click here for reuse options!
Copyright 2017 einfoMet

  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • 8970-8860 CONTINUES TO BE THE RANGE; US DATA, ASSEMBLY ELECTION RESULTS TO BE WATCHED
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • OIL TUMBLES, YIELDS RISE; EXIT POLLS IN FOCUS AT HOME
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • NIFTY FAILS TO CROSS 8970 HURDLE YET AGAIN; 8860 CONTINUES TO BE IMMEDIATE SUPPORT
  • Leave a Reply

    Your email address will not be published. Required fields are marked *

    CommentLuv badge

    Follow

    Get every new post delivered to your Inbox

    Join other followers: