11181-10901 CONTINUES TO BE IMMEDIATE RANGE

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

Us indices surged 1.2%-1.7% on Friday as a rebound in bond yields eased fears of a recession.

Nvidia’s stock jumped more than 7% after it reported better-than-expected fiscal-second quarter earnings.

Brent crude rose 49 cents, or 0.8%, to $58.72 a barrel, after falling 2.1% on Thursday and 3% the previous day. U.S. crude rose 40 cents, or 0.7%, to $54.87 a barrel after having dropped 1.4% in the previous session and 3.3% on Wednesday.

European markets rose 0.7%-1.8%.

For the week, US indices ended with cuts of 0.85-1.5%, extending the losing streak to third consecutive week. European markets fell 0.5%-1.9%. In Asia, Nikkei and Hang Seng fell 1.3% and 0.8% respectively but Shanghai added 1.8%.

AT HOME

After plunging nearly a percent in the initial trade, benchmark indices saw a sustained northward move through the session to end marginally higher, extending the winning streak to second straight day. Sensex settled at 37350, up 38 points while Nifty added 18 points to finish at 11047. BSE mid-cap and small-cap indices too gained 0.1% each. BSE Utilities index climbed 1.5%, becoming top gainer among the sectoral indices, followed by 1.1% higher Auto and Power indices. IT index was the top loser, down 0.8%, followed by 0.6% lower Teck, Consumer Durable and Energy indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1339 cr, 294 cr and 491 cr respectively. DIIs were net buyers to the tune of Rs 1058 cr.

Rupee appreciated 12 paise to end at 71.15/$.

For the week, Sensex and Nifty fell 0.6% each.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.4%-1% and SGX Nifty is suggesting about 20 points higher start for our market.

In Friday's report we had reiterated the view that 10901, the low made on Tuesday, continued to be immediate support while 11181, the top made the previous week, continues to be immediate hurdle.

Nifty, on Friday, after touching a low of 10924, rebounded to end at 11047 and is set to open higher today.

11181, the top made on 9th August, continues to be immediate hurdle to eye, a crossover of which is required for the next leg of upmove.

10901, the bottom made last week, continues to be immediate support.