11590-11760 CONTINUES TO BE IMMEDIATE RANGE
US indices fell 0.3%-0.5%, breaking four-day winning streak, on a news report that Trump said to his aides that he supports going ahead with the imposition of proposed tariffs on an additional $200 billion in Chinese goods.
Jobless claims rose slightly to 213,000 last week. Personal income rose 0.3% in July.
US crude rose 1.1% to $70.25, marking a six-week high on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories. Brent rose 56 cents to $77.70.
Emerging-market stocks were under pressure ase lira fell 3% to 6.66 per dollar, while the peso dropped more than 10% to a record low.
European markets fell 0.4%-1.3% with Italy falling the most.
Benchmark indices ended lower by 0.1% after the usual last half hour expiry day volatility. Sensex lost 33 points to settle at 38690 while Nifty finished at 11676, down 15 points. BSE mid-cap and small-cap indices gained 0.4% and 0.3% respectively. BSE Utilities and Telecom indices climbed 1.4% and 1.3% respectively, becoming top gainers among the sectoral indices while Energy index was the top loser, down 1.1%, followed by 0.4% lower Finance index and Bankex each.
FIIs net bought stocks, index futures and stock futures worth Rs 958 cr, 896 cr and 801 cr respectively. DIIs were net sellers to the tune of Rs 1597 cr.
Rupee depreciated 15 paise to end at a fresh lifetime low of 70.74/$.
Today morning, Hang Seng is down 1.5% while Shanghai and Nikkei are off 0.6% and 0.3% respectively. SGX Nifty is suggesting a marginally lower start for our market.
After getting resisted at the upward sloping trendline adjoining recent tops on the daily chart at 11760 on Tuesday, Nifty has witnessed some profit booking over past two sessions. Yesterday, it touched a low of 11640 and finally settled at 11676.
11590, as mentioned in yesterday's report, continues to be immediate support.
11760 continues to be immediate hurdle, upon crossover of which, 11850-11900 would be the next target zone.
Traders are advised to hold long positions with the stop-loss of 11590.