15900-15673 CONTINUES TO BE IMMEDIATE RANGE

 

15900-15673 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow and S & P 500 were little changed while Nasdaq inched up 0.2%.

 

Homebuilder stocks rose after data from S&P CoreLogic Case-Shiller showed home prices rose more than 14% in April from the previous year. The Conference Board’s consumer confidence index also came in at its highest level since March 2020.

 

US 10-year treasury yield were little changed at 1.476%. The dollar index rose 0.2% to 92.077. Spot gold fell 0.93% to $1,761.66 per ounce, its lowest since mid-April.

 

Brent futures rose 37 cents, or 0.5%, to $75.05 a barrel while WTI futures rose 40 cents, or 0.6%, to $73.31 a barrel.

 

European markets gained 0.1%-0.9%. Euro zone economic sentiment index rose to a 21-year high of 117.9 in June, up from 114.5 in May and ahead of an estimate of 116.5. German annual consumer price inflation rose by 2.1% in June, slightly down from a 2.4% increase in May.

 

AT HOME

 

After a flattish start, benchmark indices slipped to end lower by four tenth of a percent, extending the losing streak to second straight day. Sensex settled at 52550, down 186 points while Nifty lost 66 points to finish at 15748. Nifty mid-cap and small-cap indices fell 0.5% and 0.1% respectively.  BSE Metal index tumbled 1.4%, becoming top loser among the sectoral indices, followed by 1.2% lower Oil & Gas and Telecom indices. Healthcare and FMCG indices were the top gainers, up 0.7% and 0.6% respectively.

 

FIIs net bought stock worth Rs 117 cr but net sold index futures and stock futures worth Rs 1301 cr and 1177 cr respectively. DIIs were net buyers to the tune of Rs 1810 cr.

 

Rupee depreciated 3 paise to end at 74.22/$.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are modestly higher while Hang Seng is little changed. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that a sustained trading above 15900 was required for a fresh upmove and that 15673 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a high of 15835 in the initial trade, slipped to 15724 before closing at 15748.

 

15900 continues to be immediate hurdle, a sustained trading above which is required for a fresh upmove. If that happens, 16100 and 16350 would be subsequent targets to eye.

 

15673, the low made last Wednesday, continues to be immediate support, upon breach of which, 15500-15450 would be the next support zone.

NIFTY RETREATS FROM 15900 HURDLE

 

NIFTY RETREATS FROM 15900 HURDLE

 

WORLD MARKETS

 

Dow, weighed down by weakness in Boeing and Chevron, fell 0.4% while S & P 500 and Nasdaq gained 0.2% and 1% respectively to close at record highs amid strength in big tech.

 

Morgan Stanley advanced 3% during extended trading after the company doubled its quarterly dividend and also announced a $12 billion stock buy back program.

 

Brent crude eased 67 cents, or 0.9%, to $73.40 a barrel while U.S. crude fell 74 cents or 1% to $75.44 a barrel.

 

The yield on the benchmark 10-year Treasury note fell 5.8 basis points to 1.478%. Dollar index inched up 0.1% to 91.897. Spot gold was steady at $1,779.70 per ounce.

 

European markets saw cuts ranging from 0.3%-1%. Travel and leisure stocks lead the losses on news that Portugal has imposed a quarantine on unvaccinated arrivals from the U.K.

 

AT HOME

 

After opening higher by nearly a third of a percent, benchmark indices reversed these gains through the session to end lower by a third of a percent, snapping 2-day winning streak. Sensex lost 189 points to settle at 52735 while Nifty finished at 15814, down 45 points. Nifty mid-cap and small-cap indices however gained 0.5% and 0.4% respectively.  BSE Metal and Healthcare indices rose 1.3% and 1% respectively, becoming top gainers among the sectoral indices while Energy and Capital Goods indices were the top losers, down 0.8% and 0.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1659 cr, 729 cr and 1059 cr respectively. DIIs were net buyers to the tune of Rs 1277 cr.

 

Rupee appreciated 1 paise to end at 74.19/$.

 

Government announced more relief measures for covid affected areas. Prominent among them were a Rs 1.1 kh cr loan guarantee scheme out of which Rs 50000 cr are for non-metro medical infrastructure and Rs 60000 cr for other sectors. Government also announced an additional Rs 1.5 lh cr for ECLGS.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-0.8% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 15901, the top made on 15th June, continued to be immediate hurdle while 15673, the low made Wednesday, continues to be immediate support.

 

Nifty, after touching a high of 15915 at the open, slipped to end at 15814.

 

A sustained trading above 15900 is required for a fresh upmove. If that happens, 16100 and 16350 would be subsequent targets to eye.

 

15673, continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

STAY LONG WITH THE STOP-LOSS OF 15673

 

STAY LONG WITH THE STOP-LOSS OF 15673

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.7% and 0.3% respectively while Nasdaq inched down 0.1% on Friday.

 

Core personal consumption expenditures price index rose 3.4% y-o-y in May, the biggest rise in almost 30 year. The reading matched the expectation. Month-on-month, it ticked up 0.5%, which was below the 0.6% estimate. University of Michigan’s June consumer sentiment index rose to 85.5 from 82.9 in May.

 

US 10-year Treasury yield rose nearly 4 bps to 1.526%. Dollar index fell 0.26% to 91.598. Spot gold inched 0.1% higher to $1,776.96 per ounce

 

Brent crude rose 18 cents, or 0.2%, to $75.74 a barrel while WTI rose 29 cents, or 0.4% to $73.59 a barrel.

 

In Europe, FTSE and DAX gained 0.4% and 0.1% respectively while CAC eased 0.1%. Germany's GFK consumer sentiment index rose to -0.3 points heading into July, vastly outstripping a consensus forecast of -4.0, and up from -6.9 the previous month.

 

For the week, US indices gained 2.4%-3.4%. Gold gained 0.8%, snapping 3-week losing streak. Brent and WTI climbed 2.9% and 2.6% respectively, extending the winning streak to fifth consecutive week.

 

AT HOME

 

Sensex and Nifty gained 0.4% after a choppy session, extending the winning streak to second consecutive day and registering record closing highs. Sensex added 226 points to settle at 52925 while Nifty finished at 15860, up 70 points. Nifty mid-cap and small-cap indices climbed 1.1% and 0.5% respectively. BSE Metal index climbed 2.8%, becoming top gainer among the sectoral indices, followed by 1.5% higher Bankex. Energy index was the top loser, down 1.8%, followed by 1% lower Oil & Gas and Utilities indices.

 

FIIs net sold stocks and index futures worth Rs 679 cr and 858 cr respectively but net bought stock futures worth Rs 44 cr. DIIs were net buyers to the tune of Rs 1833 cr.

 

Rupee depreciated 4 paise to end at 74.20/$.

 

For the week, Sensex and Nifty gained 1.1% each.

 

OUTLOOK

 

Today morning, Hang Seng is up more than a percent while Nikkei and Shanghai are little changed. SGX Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 15674, the low made Wednesday, continued to be immediate support while 15901 continued to be immediate hurdle.

 

Nifty rose to end at 15860.

 

15901, the top made on 15th June, continues to be immediate hurdle, upon crossover of which, 16100 and 16350 would be subsequent targets to eye. 15673, the low made Wednesday, continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

15901-15673 CONTINUES TO BE IMMEDIATE RANGE

 

15901-15673 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

US indices gained 0.6%-1% after President Biden announced the White House had reached an infrastructure deal after meeting with a bipartisan group of senators and Federal Reserve's stress test revealed that the banks could easily withstand a severe recession.

 

Two Federal Reserve officials warned that higher inflation might be around for longer than anticipated.

 

Jobless claims totaled 411,000 for the week ended June 19, higher than an estimate of 380,000. New orders for key U.S.-made capital goods unexpectedly fell in May.

 

The yield on the benchmark 10-year Treasury note was barely changed at 1.49%. The dollar index was little changed at 91.790. Spot gold fell 0.1% to $1,776.65 per ounce.

 

Brent crude advanced 0.5% to $75.56 per barrel while U.S. crude gained 0.3% to settle at $73.30 per barrel.

 

European markets rose 0.5%-1.3%. The Bank of England kept its monetary policy unchanged but vowed to monitor rising inflation.  Data from Germany showed the largest gain in retail conditions since German reunification more than three decades ago.

 

AT HOME

 

After a flattish start, benchmark indices saw a sustained northward move through the session to end higher by seven tenth of a percent each. Sensex added 392 points to settle at 52699 while Nifty finished at 15790, up 103 points. Nifty mid-cap index fell 0.3% while small-cap index was little changed. BSE IT and Teck indices soared 2.9% and 2.5% respectively, becoming top gainers among the sectoral indices while Energy and Oil & Gas indices tumbled 2.2% and 1.8% respectively, becoming top losers.

 

FIIs net sold stocks and stock futures worth Rs 2891 cr and 23 cr respectively but net bought index futures worth Rs 1780 cr. DIIs were net buyers to the tune of Rs 1139 cr.

 

Rupee appreciated 11 paise to end at 74.16/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of nearly half a percent while SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 15674, the low made Wednesday, was the immediate support while 15901 continued to be immediate hurdle.

 

Nifty, after touching a low of 15702 in the initial trade, rose to end at 15790.

 

15674, the low made Wednesday, continues to be immediate support, upon breach of which, 15598, the 67% retracement level of the recent 15450-15895 upmove, would be the next support to eye.

 

15901, the top made last week, continues to be immediate hurdle.

 

15598 BELOW 15674; 15901 CONTINUES TO BE IMMEDIATE HURDLE

 

15598 BELOW 15674; 15901 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.2% and 0.1% respectively while Nasdaq inched up 0.1%

 

New home sales in the U.S. fell 5.9% in May for their second monthly decline.

 

Atlanta Fed President said with growth surging to an estimated 7% this year and inflation well above the Fed’s 2% target, he now expects interest rates will need to rise in late 2022.

 

US 10-year Treasury yield rose 1.7 bps to 1.489%. The dollar index gained 0.06% to 91.798. Spot gold rose 0.3% to $1,782.96 per ounce.

 

Brent crude rose 38 cents, or 0.5%, to $75.19 while WTI added 23 cents, or 0.3%, to settle at $73.08 a barrel. U.S. crude inventories fell by 7.6 million barrels last week to 459.1 million barrels, a much steeper drawdown than the 3.9 million barrels expected.

 

European markets ended with cuts ranging from 0.2%-1.2% with DAX being the top loser. Eurozone IHS Markit flash composite PMI for June came in at 59.2, its highest reading since 2006 and up from 57.1 in May. In the U.K., the composite reading came in at 61.7, down from May’s unprecedented 62.9.

 

AT HOME

 

After opening nearly half a percent higher, benchmark indices plunged a percent from the top of the day to end lower by half a percent. Sensex settled at 52306, down 282 points while Nifty lost 85 points to finish at 15686. Nifty mid-cap and small-cap indices fell 0.2% and 0.5% respectively. BSE Oil & Gas and Utilities indices were the top losers among the sectoral indices, down 1.2% each while Consumer Durables and Auto indices were the top gainers, up 0.8% and 0.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 3157 cr, 372 cr and 479 cr respectively. DIIs were net buyers to the tune of Rs 1317 cr.

 

Rupee appreciated 9 paise to end at 74.27/$.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are trading with modest gains while Shanghai is off 0.4%. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 15901, the top made last week, continued to be immediate hurdle while 15700 is the immediate support on the hourly chart.

 

Nifty, after making a top of 15863 at the open, plunged to touch a low of 15674 before closing at 15696.

 

15674, the low made yesterday, meets a trendline adjoining recent bottoms on the hourly chart and also coincides with the 50% retracement level of the recent 15450-15896 upmove and hence is the immediate support to eye. Below 15674, 15598, the 67% retracement level of this upmove, would be the next support. If 15598 gives way, 15450, the low made last week, would be the crucial support to eye.

 

15901, the top made last week, continues to be immediate hurdle, upon crossover of which, 16050 would be the next upside target.

 

NIFTY RETREATS FROM 15901 TARGET; 15700 IS IMMEDIATE SUPPORT

 

NIFTY RETREATS FROM 15901 TARGET; 15700 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.2%-0.8% with Nasdaq closing at record.

 

In his testimony before the House of Representatives, Fed Chair  Powell reiterated that inflation pressures will be temporary and that the economy is growing, although the threat of the pandemic is still present. New York Fed President said it was too soon to shift policy, and that he expects inflation to ease from about 3% this year to close to 2% in 2022 and 2023.

 

 

US 10-year Treasury yield dipped 1.5 bps to 1.47%.  Dollar index was steady at 91.915. Spot gold fell 0.3% to $1,777.91 per ounce.

 

Brent crude dipped 0.12% to $74.81 per barrel, while WTI slipped 0.8% to $73.06 a barrel.

 

European markets rose 0.1%-0.4%. ECB President Christine Lagarde gave an optimistic outlook for the euro zone economy and noted that the bloc is “clearly in a different situation” to the U.S. with regard to inflation. On the data front, euro zone consumer confidence for June rose 1.8 points from a month earlier.

 

AT HOME

 

After rising nearly a percent in the first hour, benchmark indices gave away most of the gains through rest of the session to end just marginally higher. Sensex settled at 52588, up 14 points while Nifty added 26 points to finish at 15772. Nifty mid-cap and small-cap indices rose 0.1% and 0.5% respectively. BSE Capital Goods and Industrials indices climbed 2% and 1.4% respectively, becoming top gainers among the sectoral indices while Realty index and Bankex were the top losers, down 0.8% and 0.3% respectively.

 

FIIs net sold stocks and stock futures worth Rs 1028 cr and 337 cr respectively but net bought index futures worth Rs 669 cr. DIIs were net buyers to the tune of Rs 302 cr.

 

Rupee depreciated 26 paise to end at 74.36/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.4%, Nikkei is flat while Shanghai is off 0.2%. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 15770 continued to be immediate hurdle, upon crossover of which, 15901, the top made last week, would be the next upside target.

 

Nifty crossed 15770 hurdle and surged all the way to 15895, nearly achieving the target mentioned above. From there, it slipped to end at 15772.

 

15901, the top made last week, continues to be immediate hurdle, upon crossover of which, 16050 would be the next upside level to eye.

 

15700 is the immediate support on the hourly chart, upon breach of which, 15450, the low made last week, would be the crucial support.

 

 

15901 ABOVE 15770; 15450 CONTINUES TO BE IMMEDIATE SUPPORT

 

15901 ABOVE 15770; 15450 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices climbed 0.8%-1.8%, with the Dow posting its best day since March.

 

Two Fed officials said that a faster withdrawal from the central bank’s bond purchase program could give it more leeway in deciding when to raise interest rates. New York Fed President also said that more progress is needed before the Fed should begin to scale back some of its economic support.

 

US 10-year treasury yield rose 4 bps to 1.489% while that on the 30-year bond rose 7.6 bps to 2.104%. Dollar index fell 0.44% to 91.849, retreating from two-month highs. Spot gold rose 1.1% to $1,782.83 per ounce.

 

Brent futures gained 1.9% to settle at $74.90 per barrel while WTI rose 2.82% to $73.66 per barrel.

 

European markets gained 0.5%-1%.

 

Fed Chair Powell will testify before the House of Representatives today on the central bank’s response to the pandemic. His comments will be in focus to see if he confirms the hawkish outlook or tries to row back market expectations of faster tightening.

 

AT HOME

 

After falling more than a percent in the initial trade, benchmark indices surged a percent and half from the bottom to end higher by 0.4% each, with Nifty snapping a 3-day losing streak. Sensex settled at 52574, up 230 points while Nifty added 63 points to finish at 15746. Nifty mid-cap and small-cap indices gained 0.8% and 0.6% respectively. BSE Power and Realty indices climbed 2.6% and 2.4% respectively, becoming top gainers among the sectoral indices while Auto index was the top loser, down 0.5%, followed by 0.3% lower IT and Teck indices.

 

FIIs net sold stocks and index futures worth Rs 1245 cr and 478 cr respectively but net bought stock futures wroth Rs 74 cr. DIIs were net buyers to the tune of Rs 138 cr.

 

Rupee depreciated 24 paise to end at 74.10/$.

 

OUTLOOK

 

Today morning, Nikkei is up more than 2%, Shanghai is up nearly half a percent while Hang Seng is off 0.3%. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 15450, the low made Friday, was the immediate support while 15770 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a low of 15505, surged to touch a high of 15765 before closing at 15746.

 

15770 continues to be immediate hurdle, upon sustained trading above which, 15901, the top made last week, would be the next upside target.

 

15450, the low made Friday, continues to be important immediate support.

 

15450-15770 IS THE IMMEDIATE RANGE

 

15450-15770 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

US indices plunged 0.9%-1.6% on Friday.

 

St. Louis Fed President James Bullard said that inflation was stronger than anticipated and faster tightening of monetary policy was a “natural” response to it.

 

US 10-year treasury yield fell 7 bps to 1.441% but 2-year yield rose 4.3 bps to 0.256%. Dollar index rose 0.43% to 92.28, its highest since mid-April. Spot gold edged 0.17% lower to $1,770.36 per ounce.

 

Brent crude futures rose 39 cents, or 0.53% to $73.47 a barrel while WTI crude futures settled at $71.64 per barrel, up 0.8%.

 

European markets slipped 1.5%-1.9%. The German Producer Price Index rose 1.5% month-on-month in May, outstripping 0.7% consensus forecast. May’s U.K. retail sales fell 1.4% month on month, falling short of the 1.6% expansion expected.

 

For the week, Dow lost 3.5% to close out its worst week since October. The S&P 500 and Nasdaq were down by 1.9% and 0.2%, respectively. In Europe, FTSE and DAX slipped 1.6% each while CAC was off half a percent. In Asia, except a flat Nikkei, other markets fell 0.1%-1.8%, with Shanghai leading the losses. Dollar index climbed 2% to 92.32 for its best week in nearly nine months. Gold plunged 6.2% to $1764 per ounce, for its's worst week in over a year. Copper nosedived nearly 7.5% for its worst weekly fall since March last year.

 

AT HOME

 

After plunging nearly a percent and half till 11.00 am, benchmark indices staged a stunning rebound to end on a flat note. Sensex settled at 52344, up 21 points while Nifty lost 8 points to finish at 15683. Nifty mid-cap and small-cap indices however ended with deep cuts of 1% and 0.9% respectively. BSE Power and Utilities indices were the top losers among the sectoral indices, down 2.8% and 2.5% respectively. Telecom index climbed 1.5%, becoming top gainer, followed by 0.2% higher FMCG index.

 

FIIs net bought stocks worth Rs 2681 cr but net sold index futures and stock futures worth Rs 101 cr and 221 cr respectively. DIIs were net buyers to the tune of Rs 446 cr.

 

Rupee appreciated 22 paise to end at 73.86/$.

 

For the week, Sensex and Nifty eased 0.25% and 0.7% respectively, snapping four-week winning streak.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down more than 3% and 1% respectively while Shanghai is marginally in the red. SGX Nifty is suggesting around 140 points lower start for our market.

 

In Friday's report we had said that 15606, the low made Monday, continued to be immediate support, upon breach of which, 15460, the bottom made on 2nd June, would be the next downside level to eye.

 

Nifty broke 15606 support and plunged all the way to 15450, but staged a smart rebound from there to end at 15683. The benchmark is set to open near 15550 today.

 

15450, the low made Friday, is the immediate support to eye.

 

On the way up, 15770 is the immediate hurdle on the hourly chart.