11394 CONTINUES TO BE IMPORTANT IMMEDIATE SUPPORT; 11600 IMMEDIATE HURDLE

11394 CONTINUES TO BE IMPORTANT IMMEDIATE SUPPORT; 11600 IMMEDIATE HURDLE

WORLD MARKETS

Dow gained 0.1% while S & P 500 and Nasdaq lost 0.4% and 0.9% respectively with Nasdaq extending the losing streak to third straight day as Amazon and Apple fell.

Trade remained in focus with negotiations between the U.S. and Canada still underway. On US-China front, reports suggested the Trump administration could place tariffs on an additional $200 billion worth of Chinese goods as soon as a public comment period ends at 12:00 p.m. HK/SIN today. China's commerce ministry has said the country would retaliate if the U.S. imposes new tariffs.

Private companies added 163,000 jobs last month, according to ADP and Moody's Analytics, lower than the expected 190000 figure.

U.S. crude futures fell 95 cents or 1.4% to $67.77 a barrel and Brent lost 63 cents or 0.8% to $76.64 after data showed gasoline inventories rose unexpectedly last week.

European markets fell 0.3%-1%.

AT HOME

After trading in the red in first half, benchmark indices saw a smart rebound later to end higher by more than half a percent. Sensex settled at 38242, up 224 points while Nifty added 60 points to finish at 11536. BSE mid-cap and small-cap indices gained 0.3% and 0.5% respectively. BSE Healthcare and Energy indices soared 2.2% and 2.1% respectively, becoming top gainers among the sectoral indices while Telecom and Consumer Discretionary Goods & Services indices were the top losers, down 0.3% and 0.2% respectively.

FIIs net sold stocks and index futures worth Rs 455 cr and 1155 cr respectively but net bought stock futures worth Rs 124 cr. DIIs were net buyers to the tune of Rs 612 cr.

Rupee touched a record low of 72.11/$ before closing at 71.99/$, depreciating 23 paise compared to previous close and extending the losing streak to seventh straight day.

OUTLOOK

Today morning, Nikkei is down a percent while Hang Seng and Shanghai are up 0.4% and 0.9% respectively. SGX Nifty is suggesting a flattish start for our market.

After taking support at important 34-DMA on Wednesday, Nifty yesterday bounced back 60 points to end at 11536.

11394, the bottom made on Wednesday, continues to be important support to eye below which 11300, the 38.2% retracement level of the 10557-10760 upmove, would be the next support to eye.

11600 continues to be immediate support on the hourly chart, a crossover of which is required for a fresh upmove. 11760, the top made last week, would be the next target if that happens.