11250-10866 CONTINUES TO BE IMMEDIATE RANGE
US indices gained 0.2%-0.6%, with the S & P 500 breaking 4-day losing streak, as gains in Apple and Amazon led tech shares higher.
Trump accused China of intending to interfere in November's congressional elections. This prompted an immediate rejection from the Chinese government. Trump also criticized Canada for the slow pace of discussions concerning the overhaul of NAFTA.
US crude rose 55 cents to $72.12 and Brent added 21 cents to $81.55.
Dollar index rose about three fourth of a percent to 94.99 as Euro tumbled amid concerns over Italy's budget and deficit targets for next year.
European markets, except 0.6% lower Italy, gained 0.4%-0.5%.
After gaining a third of a percent in the initial trade, benchmark indices nosedived a percent from the top of the day to end lower by about two third of a percent. Sensex settled at 36324, down 218 points while Nifty lost 76 points to finish at 10977. BSE mid-cap and small-cap indices nosedived 2.2% and 2% respectively and closed at the lowest level since 22 August 2017 and 30 May 2017 respectively. Except a 0.8% and 0.6% higher IT and Teck indices respectively, all the BSE sectoral indices ended in red with Realty index leading the losses, down 2.8%, followed by 2% lower Capital Goods and Finance indices.
FIIs net bought stocks and stock futures worth Rs 552 cr and 780 cr respectively but net sold index futures worth Rs 1536 cr. DIIs were net sellers to the tune of Rs 187 cr.
Rupee appreciated 2 paise to end at 72.59/$.
For the September derivative series, Nifty plunged 6%.
Today morning, Nikkei is up 1.4% while Hang Seng and Shnaghai are up 0.3% and 0.1% respectively. SGX Nifty is suggesting about 50 points higher strat for our market.
For past couple of sessions we have been mentioning that 10866-10750 is the crucial support zone as it hosts trendline adjoining bottoms made in December 2016 and March 2018, 34-week moving average as well as 200-DMA. Also, we have been pointing out that 11250 is the immediate hurdle, a crossover of which is required for a fresh upmove.
Nifty, after touching a low of 10866 last Friday, rebounded to touch a high of 11145 on Wednesday from where it eased to end at 10977 yesterday and is set to open above 11000 today.
11250 continues to be immediate hurdle to eye. Also, 10866-10750 continues to be crucial support zone.