Tuesday, March 19, 2024

21831 BELOW 21900; 22250-22300 IS THE IMMEDIATE RESISTANCE ZONE

 

21831 BELOW 21900; 22250-22300 IS THE IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.8%.

 

U.S. 10-year treasury yield rose 1 bps to 4.324%. Dollar index inched up 0.1% to 103.58. Gold rose 0.2% to $2160 per ounce.

 

Oil prices climbed to a four-month high on on lower crude exports from Iraq and Saudi Arabia and signs of stronger demand and economic growth in China and the U.S. Brent futures rose 1.8% to settle at $86.89 a barrel, while WTI crude rose 2.1%, to settle at $82.72.

 

European markets ended flat to modestly lower.

 

AT HOME

 

After falling half a percent in the morning, benchmark indices recouped all the losses and some more to end marginally higher. Sensex settled at 72748, up 105 points while Nifty added 32 points to finish at 22055. Nifty Mid-cap and small-cap indices however fell 0.4% and 0.6% respectively. Nifty Metal and Auto indices climbed 2.5% and 1.3% respectively, becoming top gainers among the sectoral indices while IT index tumbled 1.6%, becoming top loser, followed by half a percent lower FMCG index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2051 cr, 179 cr and 606 cr respectively. DIIs were net buyers to the tune of Rs 2261 cr.

 

Rupee depreciated 3 paise to end at 82.91/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.7% each while Shanghai is off 0.1%. GIFT Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 21831, followed by 21667, which are the 50% and 61.8% retracement levels of the 21137- 22526 upmove seen since 24th January, were the next downside levels to eye while 22350 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 21916, rebounded to end at 22055 but is set to open below 22000 today.

 

Nifty has been taking support near 21900 level for past four sessions and that is the immediate support to eye, upon breach of which, 21831, followed by 21667, which are the 50% and 61.8% retracement levels of the 21137- 22526 upmove seen since 24th January, would be next downside levels to eye; 22250-22300 is the immediate resistance zone.

 

For Banknifty, 46000, the is immediate support, upon breach of which 45661, the bottom made on 29th Feb., would be next downside level to eye. On the way up, 47000 is the immediate hurdle on the hourly chart.


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Monday, March 18, 2024

21831, 21667 ARE SUPPORTS; 22350 IS IMMEDIATE HURDLE

 

21831, 21667 ARE SUPPORTS; 22350 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.5%-1% on Friday.

 

Data showed a solid U.S. manufacturing sector, with output rebounding by 0.8% last month after a downwardly revised 1.1% decline in the prior month. The University of Michigan’s preliminary reading on the overall index of consumer sentiment for March came in at 76.5, down from a final reading of 76.9 in February. The survey’s reading of one-year inflation expectations, was unchanged at 3.0% and five-year inflation outlook held steady as well at 2.9% for the fourth straight month.

 

U.S. 10-year treasury yield rose 2 bps to 4.31%. Dollar index inched up 0.1% to 103.45. Gold fell 0.3% to $2156 per ounce.

 

WTI crude futures fell 0.3% to settle at $81.04 a barrel and Brent futures eased 0.1% to $85.34 a barrel.

 

In Europe, CAC and DAX were little changed while FTSE fell 0.2%.

 

For the week, Dow was little changed while S & P 500 and Nasdaq fell 0.1% and 0.7% respectively.

 

AT HOME

 

Benchmark indices ended lower by 0.6% each on the last day of the turbulent week. Sensex settled at 72643, down 453 points while Nifty lost 123 points to finish at 22023. Nifty mid-cap index fell half a percent while small-cap index rose 0.4%, extending yesterday's big upmove. Except marginally higher Metal and FMCG indices, all the NSE sectoral indices ended lower, with Oil & Gas and Auto indices being the top losers, down 2% and 1.6% respectively.

 

FIIs net bought stocks worth Rs 849 cr but net sold index futures and stock futures worth Rs 633 cr and 1921 cr respectively. DIIs were net sellers to the tune of Rs 682 cr.

 

Rupee depreciated 6 paise to end at 82.88/$.

 

For the week, Sensex and Nifty fell 2% and 2.1% respectively, snapping 4-week winning streak and posting worst weekly cut since 27th October 2023. Nifty mid-cap index tumbled 4.6%, extending the losing streak to third consecutive week and posting worst week since 23rd December 2022. Small-cap index nosedived 5.5%, extending the losing streak to sixth straight week and had it's worst week since 23rd December 2022.

 

OUTLOOK

 

Today morning, Nikkei is up more than 2% while Shanghai and Hang Seng are up 0.5% and 0.1% respectively. GIFT Nifty is suggesting around 70 points lower start for our market.

 

In Friday's report we had said that 21860, the bottoms made on 29th February, continued to be next downside level to eye while 22350 continued to be immediate hurdle.

 

Nifty, after touching a low of 21931, closed at 22023.

 

21831, followed by 21667, which are the 50% and 61.8% retracement levels of the 21137- 22526 upmove seen since 24th January, are the next downside levels to eye. 22350 is the immediate hurdle on the hourly chart.

 

For Banknifty, 46200, the 78.6% retracement level of the upmove since 29th February, is the immediate support, upon breach of which 45661, the bottom made on 29th Feb., would be next downside level to eye. On the way up, 47225 is the immediate hurdle on the hourly chart.


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Friday, March 15, 2024

21860 CONTINUES TO BE IMMEDIATE SUPPORT; 22350 IMMEDIATE HURDLE

 

21860 CONTINUES TO BE IMMEDIATE SUPPORT; 22350 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.3%-0.4% after the release of hotter-than-expected U.S. inflation data sent Treasury yields higher.

 

February’s producer price index advanced 0.6% last month. Core PPI rose 0.3%. Expected figures were 0.3% and a 0.2% respectively. Weekly jobless claims fell 1,000 to a seasonally-adjusted 209,000 as against forecast of 218,000 claims. Retail sales rose 0.6% last month, lower than the expected 0.8% rise. The numbers for January were revised lower to show sales tumbling 1.1% instead of 0.8% as previously reported.

 

U.S. 10-year treasury yield rose 10 bps to 4.29%. Dollar index jumped 0.6% to 103.36. Gold fell 0.6% to $2162 per ounce.

 

Oil prices rose to four-month highs as the International Energy Agency predicted a tighter market in 2024 and raised its view on oil demand growth this year. Brent futures climbed 1.7% to settle at $85.42 a barrel and WTI futures rose 1.9% to end at $81.26.

 

In Europe, CAC rose 0.3% while FTSE and DAX fell 0.4% and 0.1% respectively.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.7% respectively, recouping nearly half of yesterday's steep losses. Sensex settled at 73097, up 335 points while Nifty finished at 22151, up 153 points. Nifty mid-cap and small-cap indices climbed 2% and 3.4% respectively, recovering 45% and 64% of yesterday's cuts respectively. Nifty Oil & Gas index was the top gainer among the sectoral indices, up 2.3%, followed by 2% higher Metal, IT and Media indices. Nifty Bank and Financial Services indices were the top losers, down 0.4% and 0.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 1356 cr and 711 cr respectively but net bought stock futures worth Rs 2138 cr. DIIs were net buyers to the tune of Rs 139 cr.

 

Rupee appreciated 4 paise to end at 82.82/$.

 

OUTLOOK

 

Today morning, Hang Seng is down 1.4% while Shanghai and Nikkei are off 0.2% each. GIFT Nifty is suggesting nearly 100 points gap-down start for our market.

 

In yesterday's report we had said that 21860, the bottoms made on 29th February, was the next downside level to eye while 22350 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 21917, rebounded to end at 22151. The benchmark is set to open near 22050 today.

 

21860, the bottoms made on 29th February, continues to be next downside level to eye; 22350 continues to be immediate hurdle.

 

For Banknifty, 46500, around which 34-DMA is placed, is the immediate support to eye; 47500 is immediate hurdle.


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Thursday, March 14, 2024

21860, 21530 ARE NEXT SUPPORTS; 22350 IMMEDIATE HURDLE

 

21860, 21530 ARE NEXT SUPPORTS; 22350 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq fell 0.2% and 0.5% respectively as tech stocks cooled off.

 

U.S. 10-year treasury yield rose 4 bps to 4.19%. Dollar index fell 0.1% to 102.79. Gold rose 0.8% to $2175 per ounce.

 

Oil futures jumped after Ukraine struck refineries in Russia. WTI crude futures rose 2.8% to $79.72 a barrel while Brent futures added 2.6% to settle at $84.03 a barrel.

 

In Europe, FTSE and CAC rose 0.3% and 0.6% respectively while DAX was little changed. Britain’s economy returned to growth in January after entering a shallow recession in the second half of 2023. Eurozone industrial production decreased by 3.2% in January from the previous month.

 

AT HOME

 

Sensex and Nifty tumbled 1.2% and 1.5% respectively for their worst session since 23rd January. Sensex lost 906 points to settle at 72761 while Nifty finished at 21997, down 338 points. Nifty mid-cap index nosedived 4.4% for it's worst day since 24th February 2022 and closed at the lowest level since 28th December 2023. Small-cap index collapsed 5.3%, it's worst day since 24th February 2022 as well and closed at the lowest level after 1st December 2023. Except 0.05% higher FMCG index, all the NSE sectoral indices ended in red, with Metal and Media indices being the top losers, down 5.7% and 5.6% respectively.

 

FIIs net sold stock and index futures worth Rs 4595 cr and 1382 cr respectively but net bought stock futures worth Rs 4828 cr. DIIs were net buyers to the tune of Rs 9094 cr.

 

Rupee depreciated 11 paise to end at 82.86/$.

 

OUTLOOK

 

Today morning, Nikkei is down 0.3% while Hang Seng and Shanghai are up quarter of a percent each. GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 22224, the low made last week, continued to be immediate support while 22526, the top made Monday, continued to be immediate hurdle.

 

Nifty broke 22224 and plunged all the way to 21905 before closing at 21997.

 

21860, followed by 21530, the bottoms made on 29th and 14th February respectively, are the next downside levels to eye; 22350 is the immediate hurdle on the hourly chart.

 

For Banknifty, 46600, the 61.8% retracement level of the recent 45661-48161 upmove, is the next support; 47600 is immediate hurdle.

Wednesday, March 13, 2024

22224 CONTINUES TO BE IMMEDIATE SUPPORT; 22526 IMMEDIATE HURDLE

 

22224 CONTINUES TO BE IMMEDIATE SUPPORT; 22526 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices climbed 0.6%-1.5%, with the S & P 500 posting new closing high, as technology stocks surged after digesting retail inflation data.

 

The consumer price index climbed 0.4% in February and 3.2% y-o-y, as against expected figures of 0.4% and 3.1% respectively. Core inflation, which strips out food and energy from the headline reading, rose 0.4%, compared to a forecast gain of 0.3%.

 

U.S. 10-year treasury yield rose 5 bps to 4.15%. Dollar index inched up 0.1% to 102.92. Gold fell 1.1% to $2157 per ounce.

 

WTI crude futures fell 0.5% to $77.56 a barrel and Brent futures shed 0.4% to settle at $81.92 a barrel.

 

European markets gained 0.6%-1.2%.

 

AT HOME

 

Sensex gained 0.2% while Nifty ended flat after a choppy session. Sensex settled at 73667, up 165 points while Nifty inched up 3 points to finish at 22335. Nifty mid-cap and small-cap indices tumbled 1.4% and 2% respectively, with the latter erasing all the gains of calendar 2024. Except 0.6% and 0.04% higher IT and Private Bank indices, all the NSE sectoral indices ended lower, with Realty and PSU Bank indices being the top losers, down 3.7% and 2.6% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 73 cr, 442 cr and 2095 cr respectively. DIIs were net buyers to the tune of Rs 2358 cr.

 

Rupee depreciated 1 paise to end at 82.77/$.

 

India's retail inflation cooled to 5-month low of 5.09% in February from 5.1% in January. Core CPI fell to 3.3% from 3.6%. Industrial output in January eased to 3.8% from upwardly revised 4.2% in December.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.2% while Nikkei and Shanghai are down 0.2% and 0.4% respectively. GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 22224, the low made last week, was the next downside level/support to eye while 22526, the top made Monday, was the immediate hurdle.

 

Nifty fell to 22256 before closing at 22335.

 

22224, the low made last week, continues to be immediate support to eye; 22526, the top made Monday, continues to be immediate hurdle.

 

For Banknifty, 46884, the low made yesterday, which coincided with the 50% retracement level of the recent 45661-48161 upmove, is the immediate support, upon breach of which, 46600, the 61.8% retracement level, would be next downside levels to eye; 47812, the top made yesterday, is the immediate resistance zone.


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Tuesday, March 12, 2024

22224 IS THE NEXT SUPPORT; 22526 IMMEDIATE HURDLE

 

22224 IS THE NEXT SUPPORT; 22526 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq fell 0.1% and 0.4% respectively, ahead of Tuesday's CPI data.

 

U.S. 10-year treasury yield rose 3 bps to 4.10%. Dollar index inched up 0.1% to 102.84. Gold too rose 0.1% to $2182 per ounce.

 

WTI crude futures eased 0.1% to settle at $77.93 a barrel while Brent futures added 0.2% to settle at $82.21 a barrel.

 

In Europe, FTSE inched up 0.1% while DAX and CAC fell 0.4% and 0.1% respectively.

 

AT HOME

 

Sensex and Nifty fell 0.8% and 0.7% respectively, their biggest cut in the month so far. Sensex settled at 73502, down 616 points while Nifty lost 160 points to finish at 22332. Nifty mid-cap and small-cap indices fell 0.4% and 2% respectively, with the latter posting it's worst day in a month and closing at the lowest level since 24th January. Except 0.4% and 0.04% higher Healthcare and Pharma indices, all the NSE sectoral indices ended lower, with Media and PSU Bank indices being the top losers, down 2.9% and 1.6% respectively.

 

FIIs net bought stocks and stock futures worth Rs 4213 cr and 895 cr respectively but net sold index futures worth Rs 173 cr. DIIs were net buyers to the tune of Rs 3238 cr.

 

Rupee appreciated 3 paise to end at 82.76/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.1% respectively while Nikkei is down 1%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday’s report we had said that 22700-22750 was the next target area for Nifty; 22350-22325 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty plunged all the way to 22307 before closing at 22332.

 

22224, the low made last week, is the next downside level/support to eye; 22526, the top made yesterday, is the immediate hurdle.

 

For Banknifty, 46900, followed by 46600, which are the 50% and 61.8% retracement levels of the recent 45661-48161 upmove, are the next downside levels to eye; 47650-47700 is the immediate resistance zone.

 

India's February CPI and January IIP data will be released today.


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Monday, March 11, 2024

22700-22750 IS THE NEXT TARGET AREA; 22350-22325 IMMEDIATE SUPPORT ZONE

 

22700-22750 IS THE NEXT TARGET AREA; 22350-22325 IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

On Thursday, Nasdaq and S & P 500 surged 1.5% and 1% respectively, both notching all-time intraday highs, while the S&P 500 also clinched a closing record. Dow rose 0.3%.

 

On Friday, after rising to new all-time highs earlier in the session, S & P 500 and Nasdaq reversed to end with cuts of 0.6% and 1.2% respectively as earlier rally in Nvidia lost steam. Dow fell 0.2%.

 

February jobs data was mixed. While the number of jobs added last month was much more than expected, coming in at 275,000 compared with an estimate of 198,000, the unemployment rate unexpectedly ticked higher to 3.9% and wage growth was lighter than feared.

 

U.S. 10-year treasury yield fell 1 bps to 4.079%. Dollar index was little changed at 102.74. Gold surged 0.9% to $2179 per ounce.

 

WTI crude future fell 1.2% to settle at $78.01 a barrel while Brent future dropped 1.1% to $82.08 a barrel.

 

In Europe, CAC rose 0.2% while FTSE and DAX fell 0.4% and 0.2% respectively. European Central Bank left rates unchanged on Thursday and cut its forecast for inflation as well as growth.

 

For the week, U.S. indices fell 0.3%-1.2%. Gold soared 4.6% for it's best week since mid-October.

 

AT HOME

 

It was a day of consolidation as benchmark indices ended little changed after a rangebound session. Sensex settled at 74119, up 33 points while Nifty added 19 points to finish at 22493. Nifty mid-cap and small-cap indices gained 0.2% and 0.8% respectively. Nifty Media and Metal indices climbed 2.5% and 1.4% respectively, becoming top gainers among the sectoral indices while Oil & Gas index was the top loser, down 1.2%, followed by 0.3% lower Auto and Bank indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 7304 cr, 822 cr and 3623 cr. DIIs were net buyers to the tune of Rs 2602 cr.

 

Rupee appreciated 3 paise to end at 82.79/$.

 

For the week, Sensex and Nifty gained 0.4% and 0.5% respectively, extending the winning streak to fourth consecutive week.

 

OUTLOOK

 

China recorded its first month of inflation in four months with the country’s consumer price index climbing 0.7% year on year in February.  Japan averted a technical recession, after revised official data showed the economy expanded 0.4% in the October-December period last year.

 

Today morning, Hang Seng is up 1.5%, Shanghai is flat while Nikkei is down 2.2%. GIFT Nifty is suggesting around 90 points higher start for our market.

 

In Thursday's report we had said that 22600, followed by 22750 continued to be next upside levels to eye while 22300-22250 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 22525, closed at 22493. The benchmark is set to open above 22450 today.

 

22700-22750 is the next target area for Nifty; 22350-22325 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48636, the record high made on 28th December, is the next upside target to eye, upon crossover of which, 49000-49100 would be next target area. 47300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.


Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.