STAY LONG WITH THE STOP-LOSS OF 9110

STAY LONG WITH THE STOP-LOSS OF 9110
WORLD MARKETS                             
US indices gained 0.3%, with Nasdaq posting a record close, amidst upward revision in GDP and rising oil. Financials and energy stocks gained the most.
U.S. fourth-quarter gross domestic product was revised up to a growth of 2.1% year-on-year, higher than the initial estimate of 1.9%. Weekly jobless claims fell by 3,000 to 258,000.
WTI crude rose 1.7% to $50.35, it’s highest in 3-weeks after Kuwait Oil Minister said his country was in support of extending the OPEC production cut deal.
Dollar index gained more than half a percent to reach 100.55, extending the winning streak to third straight day.
European markets, except a 0.1% lower FTSE, gained 0.4%.
AT HOME
Benchmark indices gained a third of a percent on the expiry day of the March derivative series, extending the winning streak to third straight day. Nifty closed at fresh record high. Sensex added 116 points to settle at 29647 while Nifty finished at 9174, up 30 points. BSE mid-cap and small-cap indices gained 0.4% and 1% respectively. BSE Realty and Consumer Durable indices were the top gainers among the sectoral indices, rising 2.2% and 1.4% respectively while IT and Metal indices fell 0.3% and 0.2% respectively.
FIIs net bought stocks and index futures worth RS 68 cr and 1244 cr respectively but net sold stock futures worth Rs 1542 cr. DIIs were net buyers to the tune of Rs 1702 cr.
Rupee appreciated 4 paise to end at 65.0925/$.
In the March derivative series, Sensex and Nifty gained 2.6% each.
The Parliament yesterday passed the Finance Bill 2017, even as the Lok Sabha rejected the amendments to the Bill suggested by the Rajya Sabha.
OUTLOOK
Today morning Nikkei is up about 0.6%, other Asian markets are little changed and SGX Nifty is suggesting about 15 points higher start for our market.
After Nifty crossed the immediate hurdle of 9130, we have been working with the immediate target of 9218, the top made in the middle of March. Nifty yesterday touched a high of 9183 before closing at 9174, moving towards this target.
9218 continues to be immediate upside target above which 9420 would be the next major target to eye.

Immediate support on the hourly chart has moved up to 9110, with the stop-loss of which trading longs should be held on to.
Click here for reuse options!
Copyright 2017 einfoMet
Tweet about this on Twitter





Related News

WINNING TRADER V/S LOOSING TRADER

RepublishReprint WINNING TRADER V/S LOOSING TRADER   We tried to put few characteristic of winningRead More

Click here for reuse options!
Copyright 2017 einfoMet

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.

Click here for reuse options!
Copyright 2017 einfoMet

  • 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
  • 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: