14750-14416 CONTINUES TO BE IMMEDIATE RANGE

 

14750-14416 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq slipped 0.7% and 1.9% respectively as Big Tech and other high-growth stocks fell following treasury Secretary Janet Yellen’s comments that interest rates may have to rise somewhat to keep economy from overheating.

 

Dollar index rose 0.4% to 91.34, it's highest in nearly two weeks. 10-year treasury yield, after making a low of 1.557, rebounded to end at 1.594. Spot gold fell over 1% to $1774.70.

 

Brent crude rose $1.01, or 1.5%, to $68.50 a barrel while WTI settled $1.20, or 1.9%, higher at $65.69 per barrel after more U.S. states eased lockdowns and the European Union sought to attract travellers.

 

European markets fell 0.7%-2.5%.

 

Markets in China and Japan remain closed for public holidays.

 

AT HOME

 

After rising more than half a percent in the initial trade, benchmark indices nosedived a percent and half from the top of the day to end lower by nearly a percent. Sensex settled at 48253, down 465 points while Nifty lost 137 points to finish at 14496. Nifty mid-cap and small-cap indices fell 0.4% and 0.9% respectively. BSE Healthcare and Telecom indices tumbled 1.5% and 1.3% respectively, becoming top losers among the sectoral indices while Oil & Gas and Utilities indices were the top gainers, up 0.7% and 0.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 1772 cr and 288 cr respectively but net bought stock futures worth Rs 1178 cr. DIIs were net buyers to the tune of Rs 987 cr.

 

Rupee appreciated 7 paise to end at 73.85/$.

 

OUTLOOK

 

Markets in China and Japan remain closed for public holidays. Hang Seng is up 0.4%. SGX Nifty is suggesting around 20 points higher star for our market.

 

In yesterday's report we had said that 14750 was the immediate hurdle on the hourly chart while 14416, the low made Monday, was the immediate support.

 

Nifty, after touching a high of 14723 in the initial trade, slipped to end at 14507.

 

14750 continues to be immediate hurdle on the hourly chart.

 

14416, the bottom made Monday, continues to be immediate support, below which, 14273 and 14151 would be next downside levels to eye.