11796-11624 IS THE IMMEDIATE RANGE

11796-11624 IS THE IMMEDIATE RANGE

WORLD MARKETS

US indices ended with modest gains, with the S & P 500 and Nasdaq hitting fresh record high.

The core personal consumption expenditures index — the Fed’s preferred measure of inflation — remained unchanged in March, as against expected a gain of 1.7%. Earlier, data showed US GDP growth stood at an annualized rate of 3.2% in the first quarter of 2019, beating analyst expectations.

US crude rose 20 cents to $63.50 a barrel while Brent fell 11 cents to $72.04. On Friday, both had fallen nearly 3% after Trump told reporters that he had called OPEC and told the cartel to lower oil prices.

European markets ended with modest gains. Sentiment in the bloc fell to 104.0 points in April, down from 105.6 in March, also marking its 10th consecutive month and its lowest level in more than two years.

The U.S. and China are set to resume trade talks today. U.S. Treasury Secretary Steven Mnuchin said in an interview on Sunday that negotiations between the two economic powerhouses were in “the final laps,”.

AT HOME

Benchmark indices soared nearly a percent to end the week on a positive note. Sensex added 336 points to settle at 39067 while Nifty finished at 11754, up 112 points. BSE mid-cap and small-cap indices however ended with cuts of 0.4% and 0.2% respectively. BSE Metal index and Bankex soared 1.9% and 1.5% respectively, becoming top gainers among the sectoral indices while Auto and Consumer Durable indices were the top losers, down 1.1% and 1% respectively.

FIIs net sold stocks worth Rs 71 cr but net bought index futures and stock futures worth Rs 304 cr and 1022 cr respectively. DIIs were net buyers to the tune of Rs 133 cr.

Rupee appreciated 24 paise to end at 70.01/$.

For the week, Sensex lost 0.2% while Nifty ended flat.

Yes Bank reported highest ever quarterly loss of over Rs 1500 cr. Asset quality as well as slippages too were worst in the history of the bank. Gross NPA ratio rose to 3.22% from 2.1% q-o-q and slippages surged 51% to Rs 3481 cr. Loan growth at 18.7% was the lowest in 3 years.

Hero Motocorpo reported weak numbers as expected. Margins fell for the 4th consecutive quarter, falling 240 bps y-o-y to 13.5%.

OUTLOOK

China's official manufacturing PMI for April has come in below expectation at 50.1 Vs 50.5 in March. Composite PMI is at 53.4 Vs 54. Caixin/Markit manufacturing PMI too has come in below expectation at 50.2.

Today morning, Nikkei is shut, Hang Seng is down 0.2% while Shanghai is up 0.3%. SGX Nifty is suggesting about 30 points higher start when compared to Friday's close of Nifty futures.

On Friday, Nifty traded within the 11796-11624 range made on Thursday and these continue to be immediate resistance-support levels to eye.

Upon crossover of 11796, 11856, the top made last week, would be the next target to eye.

Below 11624, 11550 would be the crucial support to eye.

Traders are advised to hold long positions with the stop-loss of 11624.

Kotak Mahindra Bank and TVS Motors will report their quarterly earnings today.

11564 BELOW 11624; 11856 ABOVE 11796

11564 BELOW 11624; 11856 ABOVE 11796

WORLD MARKETS

Dow fell 0.5%, S & P 500 ended flat while Nasdaq rose 0.2% as a sharp decline in 3M shares weighed on the Dow while Facebook and Microsoft jumped on strong quarterly numbers.

3M plunged 12.9%, suffering its worst fall in more than 30 years, after the company reported earnings that were much lower than expected. The company also slashed its full-year outlook and announced plans to cut 2,000 jobs worldwide. Facebook shares rose 5.5% after its first-quarter numbers showed promising growth in Stories and ads. Microsoft climbed more than 3% as its better-than-expected earnings were driven by a 41% surge in its commercial cloud revenue business.

US crude settled 68 cents lower at $65.21 per barrel and Brent fell 22 cents to $74.35

Main European markets saw cuts of 0.2%-0.5% amidst weak earnings from Nokia and Barclays. Data from Sapin showed the unemployment rate rose to 14.7% in the three-month period to March, up from 14.45% in the final three months of 2018.

AT HOME

After rising about half a percent in the morning session, benchmark indices in the noon trade to end with cuts of about three fourth of a percent. Sensex settled at 38730, down 323 points while Nifty lost 84 points to finish at 11641. BSE mid-cap index fell 0.6% while small-cap index ended flat. BSE Telecom and Metal indices tumbled 2.3% and 1.9% respectively, becoming top losers among the sectoral indices while Basic Material index was the top gainer, up 0.3%, followed by 0.1% higher Oil & Gas and Realty indices.

FIIs net bought stocks, index futures and stock futures worth Rs 3786 cr, 152 cr and 579 cr respectively. DIIs were net sellers to the tune of Rs 4070 cr.

Rupee depreciated 38 paise to end at 70.25/$, its lowest level since March 6.

Maruti reported better-than-expected revenue, in-line with expected bottom-line but operational performance was a miss. Revenue rose 1.4% y-o-y to Rs 21459, EBITDA fell 24.9% to Rs 2263 cr, margins contracted 360 bps to 10.6% and net profit fell 4.6% to Rs 1796 cr. Company guided for a single digit growth in Fy20.

Axis Bank's NII grew at the fastest pace in eleven quarters and slippage ratio came in at the lowest in three quarters and asset quality improved. The bank reported a profit of Rs 1505 cr as against loss of Rs 2189 cr in the same quarter last year. NII rose 20.6% to Rs 5705 cr. Gross NPA ratio improved 49 bps q-o-q to 5.26% while net NPA ratio improved 30 bps to 2.06%.

Tata Steel’s Consolidated net profit fell 76% y-o-y to Rs 2353 cr. However, adjusted for extraordinary gain of Rs 11376 cr, profit was down 29%. Revenue grew 25.9% to Rs 42423 cr, EBITDA grew 17.4% to Rs 7513 cr and margin fell to 17.7% from 19%. Operationally, India business was stable while European business was a positive surprise.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.1%-0.7% and SGX Nifty is suggesting a flattish start for our market.

After Nifty crossed the immediate hurdle of 11700, we had given 11856, the top made last week, as the next target.

Yesterday, Nifty, after touching a high of 11796, plunged sharply to 11624 before closing at 11641 and is set to open flat today.

11624, the low made yesterday, also coincides with a trendline support on hourly chart and hence is the immediate support to eye. If 11624 breaks, 11564, the low made on Tuesday, would be the next important support to eye.

11796, the top made yesterday, is the immediate hurdle, upon crossover of which 11856, the top made last week, would be the next target.

Yes Bank and Hero Motocorp will report their quarterly earnings today.

11856 ABOVE 11740; 11645 IS THE IMMEDIATE SUPPORT

11856 ABOVE 11740; 11645 IS THE IMMEDIATE SUPPORT

WORLD MARKETS

US indices slipped from record levels to end lower by a fifth of a percent after digesting a mixed batch of corporate earnings.

Caterpillar fell 3% despite posting better-than-expected quarterly earnings as it's CFO warned of a possible slowdown in its China business. AT&T fell more than 4% after revenue disappointed.

WTI crude fell 41 cents to $65.89 per barrel after data from EIA showed U.S. crude inventories rose 5.5 million barrels last week, far more than forecast of an increase of 1.3 million barrels. Brent rose 6 cent to $74.57.

In Europe, DAX gained 0.6% but other markets saw cuts of 0.3%-0.8%.

AT HOME

After a lackluster first half, benchmark indices saw a mammoth surge in second half to end with hefty gains of a percent and third. Sensex settled at 39054, up 490 points while Nifty added 150 points to finish at 11726. BSE mid-cap and small-cap indices gained 0.4% each. Except 0.3% lower Auto index, all the BSE sectoal indices ended higher with Oil & Gas and Energy indices leading the tally, up 2.3% and 2% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 975 cr, 441 cr and 382 cr respectively. DIIs were ner sellers to the tune of Rs 657 cr.

Rupee depreciated 25 paise to end at 69.87/$.

Ultratech reported solid set of quarterly numbers. Revenue rose 18.3% y-o-y to Rs 10500 cr, EBITDA was up 30% at Rs 2213 cr., margins expanded 180 bps to 21% and net profit soared 108% to Rs 1017 cr.

OUTLOOK

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.4% each. SGX Nifty is suggesting about 20 points lower start for our market.

After nearly achieving the downside target of 11550 on Tuesday, Nifty yesterday surged to touch a high of 11740 before closing at 11726, taking out the immediate hurdle of 11700.

Upon crossover of yesterday's high, 11740, the next target to watch out would be 11856, the top made last week.

11645 is the immediate support on the hourly chart below which, 11564, the low made on Tuesday, would be the important support to eye.

Maruti, Tata Steel and Axis Bank will report their quarterly earnings today.

NIFTY NEARLY ACHIEVES 11550 TARGET; 11700 CONTINUES TO BE IMMEDIATE HURDLE

NIFTY NEARLY ACHIEVES 11550 TARGET; 11700 CONTINUES TO BE IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.6%-1.3%, with the S & P 500 and Nasdaq hitting record closing highs, on the back of stronger-than-expected corporate earnings.

Coca-Cola and United Technologies rose 1.7% and 2.3% respectively while Twitter surged 15.6% after reporting better-than-expected quarterly earnings. Defense giant Lockheed Martin also rallied more than 5% after its earnings easily topped expectations. Procter & Gamble also posted stronger-than-forecast earnings, but its stock closed down 2.7%.

US oil rose 75 cents to $66.30 a barrel while Brent rose 53 cents to $74.57, both hitting fresh six-month high, as they continued their ascent after U.S. President Trump’s administration announced on Monday that it will not extend sanctions waivers to countries that import Iranian oil. 

In Europe, FTSE surged 0.8% while DAX and CAC ended modestly higher.  Italian index however fell 0.3% as banking stocks fell sharply after official figures revealed a worsening picture for the country’s government debt. Data published by the European Commission on Tuesday showed consumer confidence in the euro zone fell in April.

AT HOME

Benchmark indices ended lower by a fifth of a percent after a choppy session, extending the losing streak to third consecutive day. Sensex lost 80 points to settle at 38564 while Nifty finished at 11576, down 18 points. BSE mid-cap index ended flat while small-cap index fell 0.1%. BSE Telecom and Auto indices tumbled 1.4% and 1.3% respectively, becoming top losers among the sectoral indices while Energy and Consumer Durable indices were the top gainers, up 1.2% and 1% respectively.

FIIs net sold stocks worth Rs 237 cr but net bought index futures and stock futures worth Rs 1794 cr and 193 cr respectively. DIIs were net buyers to the tune of Rs 198 cr.

Rupee appreciated 5 paise to end at 69.62/$.

ACC reported lower-than-expected results. Revenue rose 8% y-o-y, margins at 13.5% were flat while volume growth stood at 5.6%.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.2%-0.5% and SGX Nifty is suggesting about 20 points higher start for our market.

After Nifty broke the immediate support of 11660, we had given downside target of 11550. Nifty yesterday touched a low of 11564, coming in very close to this target, before closing at 11575, and is set to open around 11600 today.

11550, the bottom made on 11th April, continues to be important immediate support to eye. If that gets breached, 34-DMA, placed around 11475, would be the next support to eye.

11700 continues to be immediate hurdle, a crossover of which is required for a fresh upmove.

Indiabulls Housing and Ultratech Cement will report their quarterly earnings today.

11550 IS THE NEXT SUPPORT; 11700 IMMEDIATE HURDLE

11550 IS THE NEXT SUPPORT; 11700 IMMEDIATE HURDLE

WORLD MARKETS

Dow fell 0.2% while S & P 500 and Nasdaq gained 0.1% and 0.2% respectively, bracing for a busy week of corporate earnings.

US crude surged 2.7% or $1.70 to $65.70 and Brent climbed 2.9% or $2.07 to $74.04 a barrel, both hitting highest level since October 31, 2018, after the Trump administration announced that all oil buyers will have to end imports from Iran in just over a week or be subject to U.S. sanctions.

US existing home sales for March fell 4.9% to a seasonally adjusted annual rate of 5.21 million.

Earlier Shanghai composite fell 1.7% after reports suggested China’s policy-making committee will pursue structural changes to its economy, rather than add stimulus.

European markets were shut on account of Easter Monday.

AT HOME

Benchmark indices nosedived a percent and third, suffering worst percentage fall in four months. Sensex settled at 38645, down 495 points while Nifty lost 158 points to finish at 11594. BSE mid-cap and small-cap indices fell 1.5% and 1.4% respectively.

Except 0.6% and 0.5% higher IT and Teck indices respectively, all the BSE sectoral indices ended in red, with Oil & Gas and Energy indices leading the losses, down 3.2% and 2.7% respectively.

FIIs net bought stocks and index futures worth Rs 73 cr and 294 cr respectively but net sold stock futures worth Rs 454 cr. DIIs were net sellers to the tune of Rs 68 cr.

Rupee depreciated 31 paise to end at 69.67/$.

OUTLOOK

Today morning, Asian markets are trading flat to modestly lower and SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had said that 11660 was the immediate support on the hourly chart, with the stop-loss of which trading longs can be held on to.

Nifty broke this support in the first hour itself and plunged all the way to 11583 before closing at 11594.

11550, the low made on 11th April, is now the important support to eye. If that breaks, 34-DMA, placed around 11460, would be the next level to eye.

11700 is the immediate hurdle on the upside, a crossover of which is required for a fresh upmove.

Third Phase of General election will be held today. 116 constituencies across 13 states and two union territories will vote for the same.

11856 IS THE IMMEDIATE HURDLE; 11660 IMMEDIATE SUPPORT

11856 IS THE IMMEDIATE HURDLE; 11660 IMMEDIATE SUPPORT

WORLD MARKETS

American markets were closed on Friday due to Good Friday.

On Thursday, Dow and S & P 500 gained 0.4% and 0.2% respectively while Nasdaq ended flat after digesting solid retail data and more corporate earnings reports.

Retail sales rose by 1.6% last month, higher than the expected gain of 0.9% and marking the strongest gain since September 2017.

Honeywell rose more than 3% on better-than-expected earnings while United Rentals surged 8.2% on its quarterly numbers. Dow member Travelers Cos gained 2.3% on its earnings report while Snap-on jumped 6.5%.

WTI crude settled 24 cents higher at $64 per barrel while Brent rose 35 cents to $71.97 a barrel.

In Europe, FTSE fell 0.2% while DAX and CAC rose 0.6% and 0.3% respectively on Thursday. Equities initially turned negative after German manufacturing data came in below expectations, while France’s data also showed a decline in output. PMI data for the euro zone came also came in below forecasts. The euro fell to a one-week low against the dollar after the figures were released. On the flip side, earnings from consumer goods giant Unilever and energy management firm Schneider Electric beat expectations.

For the week, the Dow and Nasdaq rose 0.6% and 0.2% for the week, respectively, while the S&P 500 slipped 0.1%.

AT HOME

After gaining about half a percent at the open, benchmark indices nosedived to end lower by three tenth of a percent on the last day of the truncated trading week. Sensex settled at 39140, down 135 points while Nifty lost 34 points to finish at 11752. BSE mid-cap and small-cap indices slumped 0.9% and 1% respectively. Except 1.9% and 0.8% higher Energy and Oil & Gas indices respectively, all the BSE sectoral indices ended in red with Realty index leading the losses, down 2.3%, followed by 1.3% lower Power and Metal indices.

FIIs net bought stocks and index futures worth Rs 1038 cr and 1207 cr respectively but net sold stock futures worth Rs 17 cr. DIIs were net sellers to the tune of Rs 338 cr.

Rupee appreciated 24 paise to close at 69.34/$.

For the week, Sensex and Nifty gained 1% and 0.9% respectively.

HDFC Bank's earnings beat estimates. NII rose 22.8% y-o-y to Rs 13090 cr while Net profit was up 22.6% at Rs 5885 cr. Gross NPA ratio fell 2 bps to 1.36% while net NPA ratio improved 3 bps to 0.39%. Loan growth at 25% was a 5-quarter high while Net interest margin at 4.4% hit a 7-quarter high.

In case of Reliance Industries, performance of both refining and petchem disappointed. Refining GRMs were lowest since Q3 FY15. Petchem EBIT fell for the first time in 8 quarters while refining EBIT fell 17% q-o-q. In case of Jio, there was no positive surprise on revenue front but margin was a beat.

OUTLOOK

Today morning, Nikkei is up half a percent while Shanghai is up 0.4%. Hang Seng is shut. SGX Nifty is suggesting about 30 points higher start for our market.

Readers would recall that after Nifty crossed 11700 hurdle, we had given upside target of 11820, followed by 11900.

Nifty, on Thursday, after touching a high of 11856, slipped to end at 11752 and is set to open higher today.

11856, the top made last week, is now the immediate hurdle to eye, upon crossover of which, 11900 would be the next target.

11660 is the immediate support on the hourly chart, with the stop-loss of which, existing longs can be held on to.

NIFTY NEARLY ACHIEVES 11820 TARGET; TRAIL STOP-LOSS TO 11700

NIFTY NEARLY ACHIEVES 11820 TARGET; TRAIL STOP-LOSS TO 11700

WORLD MARKETS

US indices ended flat to modestly lower as sharp losses in the health-care sector offset strong quarterly earnings results along with better-than-expected economic data out of China.

Pharma stocks fell after UnitedHealth CEO David Wichmann warned that proposals pushed by Democratic lawmakers, such as “Medicare for All,” would “surely jeopardize the relationship people have with their doctors, destabilize the nation’s health system and limit the ability of clinicians to practice medicine at their best. ”

Morgan Stanley shares rose 2.6% after posting earnings and revenue that topped expectations. PepsiCo also reported stronger-than-forecast earnings. IBM reported better-than-expected earnings, but its stock fell 5.5% as its revenue fell for a third straight quarter. Netflix also fell 1.6% as its guidance for second-quarter earnings disappointed.

China’s economy grew by 6.4% in the first quarter, official data showed, defying expectations for a further slowdown to 6.3%. Industrial production also surged 8.5% in March, surging past a 5.9% forecast.

WTI oil settled 29 cents or half a percent lower at $63.76 per barrel while Brent fell 10 cents to $71.62.

In Europe, FTSE ended flat while other markets gained 0.4%-0.6%.

AT HOME

Benchmark indices soared just under a percent to hit record intraday as well as closing high. Sensex added 370 points to settle at 39275 while Nifty finished at 11787, up 97 points. BSE mid-cap and small-cap indices however underperformed, gaining just 0.1% and 0.4% respectively. Except a 0.9% lower Realty index, all the BSE sectoral indices ended in green with Bankex leading the tally, up 1.6%, followed by 1.2% higher Consumer Durable index.

FIIs net bought stocks and index futures worth Rs 1039 cr and 741 cr respectively but net sold stock futures worth Rs 369 cr. DIIs were net buyers to the tune of Rs 37 cr.

Rupee depreciated 18 paise to end at 69.60/$.

OUTLOOK

Today morning, Asian markets are trading with modest cuts while SGX Nifty is trading around 10850, suggesting about 25 points higher start when compared to Tuesday's close of Nifty futures.

After Nifty took out the immediate hurdle on 11700 on Monday, in Tuesday's report we had said that 11760, followed by 11820 were the upside targets.

Nifty surged to touch a high of 11810, nearly achieving 11820 target, before closing at 11787.

11820 continues to be immediate target above which 11900 would be the next target to eye.

Immediate support on the hourly chart has moved up to 11700, with the stop-loss of which, trading longs should be held on to.

Reliance Industries will report its quarterly earnings today.

In the second phase of General elections, 97 constituencies across 13 states/Union territories will go for polling today.

11761, 11820 ARE UPSIDE TARGETS TO EYE; 11625 IS THE NEAREST SUPPORT

11761, 11820 ARE UPSIDE TARGETS TO EYE; 11625 IS THE NEAREST SUPPORT

WORLD MARKETS

US indices ended marginally in the red after digesting mixed quarterly numbers from big banks like Goldman Sachs and Citigroup.

Goldman Sachs fell 3.8%, after earnings came better-than-expected but revenue missed estimate. Citigroup earnings topped expectations but overall revenue fell 2%.

On the front of US-China trade talks, treasury Secretary Steven Mnuchin said Sunday that the U.S. is open to facing penalties if it doesn’t comply with an agreed-upon trade deal. However, Mnuchin also said Monday the two sides still have lots of work ahead of them.

WTI crude fell 49 cents to $63.40 a barrel while Brent fell 37 cents to $71.18.

European markets, except a flat FTSE, gained 0.1%-0.3%.

AT HOME

Benchmark indices rose four tenth of a percent, extending the winning streak to third straight day. Sensex settled at 38905, up 138 points while Nifty added 47 points to finish at 11690. BSE mid-cap and small-cap indices gained 0.5% and 0.7% respectively. Except 0.4% and 0.04% lower Oil & Gas and Energy indices respectively, all the BSE sectoral indices ended in green with Metal and Realty indices leading the tally, up 2.2% and 1.6% respectively.

FIIs net bought stocks worth Rs 713 cr but net sold index futures and stock futures worth Rs 222 cr and 270 cr respectively. DIIs were net buyers to the tune of Rs 581 cr.

Rupee depreciated 27 paise to end at 69.42/$.

March WPI inflation rose to 3.18% from 2.93% in February. Core WPI rose to 2.5% as against 2.3%.

Trade deficit in March fell 20% y-o-y $10.89 bn as exports rose 11% to $32.5 bn, while imports rose 1.4% to $43.44 bn. $9.6 bn in February.

Indian Meteorological Department's first projection for 2019 pegs near-normal monsoons at 96% of the long-term average.

OUTLOOK

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.2% and 0.4% respectively. SGX Nifty is suggesting about 20 points higher start for our market.

For past couple of sessions we had been mentioning that 11700 was the immediate hurdle, a crossover of which is required for a fresh upmove.

Nifty yesterday touched a high of 11704 before closing at 11690 and is set to open above 11700 today.

11760, the top made in early April, is the next upside target to eye above which 11820 would be the next target.

Immediate support on the hourly chart is placed around 11625, with the stop-loss of which, trading longs can be held on to.

Wipro will report its quarterly earnings today.

11700-11550 CONTINUES TO BE IMMEDIATE RANGE

11700-11550 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices climbed 0.5%-1% after J.P. Morgan posted strong earnings and Chevron said it will buy Anadarko in a $33 billion cash and stock deal.

In addition to J.P. Morgan, Wells Fargo also reported better-than-expected results, but the stock turned south on the back of the lender’s tepid outlook for net interest income. Disney shares surged more than 11% after the media giant unveiled a streaming service at a lower price point than Netflix. Shares of Netflix, meanwhile, dipped 4.5%.

US crude rose 31 cents to $63.89/barrel while Brent rose 72 cents or 1% to $71.55.

European markets gained 0.3%-0.8%. Eurozone industrial output fell by less than expected 0.2% in February. While production fell in Germany, France and Italy, the euro zone’s second and third biggest economies, saw industrial output increase.

Data earlier showed Chinese exports rebounded in March, growing 14.2% in dollar terms and topping prediction of a 7.3% gain, but imports shrank for the fourth straight month and at a sharper pace.

AT HOME

A sharp surge in noon trade helped benchmark indices end higher by four tenth of a percent on the last day of the week. Sensex settled at 38767, up 160 points while Nifty added 46 points to finish at 11643. BSE mid-cap and small-cap indices rose 0.3% and 0.4% respectively. BSE FMCG and Utilities indices gained 1.7% and 1.1% respectively, becoming top gainers among the sectoral indices while Telecom index fell 1%, becoming top loser, followed by 0.4% lower Capital Goods and Consumer Durable indices.

FIIs net bought stocks worth Rs 897 cr but net sold index futures and stock futures worth Rs 436 cr and 414 cr respectively. DIIs were net sellers to the tune of Rs 16 cr.

Rupee depreciated 23 paise to end at 69.15/$.

For the week, Sensex and Nifty fell 0.2% each, breaking seven-week winning streak.

India's Industrial output growth hit the lowest level in 20 months, coming in at 0.1% in February, down from 1.4% in January. Retail inflation meanwhile rose to a 5-month high at 2.86% in March, up from 2.57% in February.

TCS reported healthy set of numbers as profit and revenue beat street but margin contracts.

Infosy was a mixed bag as net profit was a beat but guidance disappointed.

OUTLOOK

Today morning, key Asian markets are trading with gains of 1.1%-1.8% but SGX Nifty is suggesting is suggesting about 25 points lower start for our market.

For past couple of days we have been mentioning that 11700 is the immediate hurdle while 11550 is the immediate support to eye.

That continues to be the view. If 11700 is taken out, 11760, followed by 11810 would be the upside targets to eye.

IF 11550 breaks, 11480-11460 would be the next support zone.