Wednesday, March 23, 2016

7800 CONTINUES TO BE UPSIDE TARGET; 7600 CONTINUES TO BE IMMEDIATE SUPPORT

7800 CONTINUES TO BE UPSIDE TARGET; 7600 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS                             

Dow and S & P 500 ended lower by 0.2% and 0.1% respectively while Nasdaq gained 0.3% yesterday amid news of explosions in Belgium's capital. Dow broke seven day winning streak.

A series of deadly explosions rocked Brussels, targeting the Belgian capital's main airport and metro system which killed at least 31 people and injured nearly 200.

Markit's flash U.S. manufacturing PMI came in at 51.4. Home prices rose 0.5% in January on a seasonally adjusted basis from the previous month. The Richmond Fed manufacturing index rose in March to 22, the highest since April 2010.

Nymex crude fell 7 cents to $41.45 while Brent rose 25 cents to $41.79 a barrel. Gold rose $4.40 to $1249 an ounce.

European markets came off session lows to end with gains of upto 0.4% with DAX leading the gains. The pan-European STOXX 600 provisionally closed lower by 0.21%.

AT HOME

After Monday's big upmove, yesterday was a day of consolidation as benchmark indices, after a heavy intraday volatility, ended modestly higher, nevertheless, extending the rising streak to fifth straight day. Sensex settled at 25330, up 45 points while Nifty added 11 points to finish at 7715. BSE mid-cap and small-cap indices gained 0.5% and 0.3% respectively. Except a 1.2% and 0.01% cut in FMCG index and Bankex, all the BSE sectoral indices ended in green with Realty and Consumer Durable indices leading the tally, up 2.7% and 1.6% respectively.

FIIs net bought stocks and index futures worth Rs 1095 cr and 200 cr respectively but net sold stock futures worth Rs 1127 cr. DIIs were net sellers to the tune of Rs 930 cr.

Rupee depreciated 18 paise to end at 66.71/$.

OUTLOOK

Today morning, Asian markets are trading with modest cuts and SGX Nifty is suggesting a flattish start for our market.

Nifty yesterday ended modestly higher after a choppy session. 7790, where 34-week moving average is placed, continues to be upside hurdle as well as the target to eye.

7600, the erstwhile resistance, continues to be immediate support, with the stop loss of which trading longs should be held on to.

Indian market will remain shut tomorrow for Holi and on Friday on occasion of Good Friday. 

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