14698 ABOVE 14559; 14273 IS IMMEDIATE SUPPORT

 

14698 ABOVE 14559; 14273 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq rose 0.2% and 0.9% respectively to close at record highs,

 

Brent crude settled 0.7% lower at $65.65 per barrel while WTI crude futures slid 0.4% to settle at $61.91 per barrel.

 

The yield on the benchmark 10-year Treasury note was flat at 1.57%. Spot gold was up 0.1% to $1,778.50 per ounce.

 

European markets rose 0.1%-1%. German business morale improved by less than expected in April as a third wave of COVID-19 infections and problems with supply of components in the industrial sector seemed to slow the recovery.

 

AT HOME

 

Benchmark indices climbed a percent each to close at the highest level since 16th April. Sensex settled at 48386, up 508 points while Nifty added 143 points to finish at 14485. Nifty mid-cap and small-cap indices rose 0.8% and 1.1% respectively. Except 0.6% lower Healthcare index, all the BSE sectoral indices ended in green, with Realty and Metal indices leading the tally, up 3.7% and 2.2% respectively.

 

FIIs net sold stocks worth Rs 1112 cr but net bought index futures and stock futures worth Rs 1218 cr and 1210 cr respectively. DIIs were net buyers to the tune of Rs 1023 cr.

 

Rupee closed at 74.71/$, appreciating 29 paise compared to previous close.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.1% and 0.3% respectively while Hang Seng is marginally higher. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 14527, the top made last week, continued to be the immediate hurdle while 14151, the bottom made last week, continued to be immediate support.

 

Nifty, after touching a high of 14557, ended at 14485.

 

14557, the top made yesterday, also coincided with the upper end of the gap created by last Monday's gap-down opening placed at 14559. This makes 14559 immediate hurdle to eye, above which, 14698, the top made on 15th April, which also roughly coincides with the 34-DMA, would be the bigger hurdle to eye.

 

14273, the low made Friday, is the immediate support, below which, 14151, the bottom made last week, would be the next downside level to eye.

 

Maruti, Axis Bank, Bajaj Finance and Britannia will report their quarterly earnings today.