15513 IS THE IMMEDIATE SUPPORT; 15800 IMMEDIATE HURDLE

 

15513 IS THE IMMEDIATE SUPPORT; 15800 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.4%, S & P 500 ended flat while Nasdaq gained 0.7%.

 

Federal Reserve keeping interest rates in a target range near zero and made no move on asset purchases. Fed Chairman Powell cautioned in a press conference that while the economy is making progress toward its goals, there’s a ways to go before the central bank will adjust its easy policies.

 

The yield on the benchmark 10-year Treasury note was little changed at 1.229%. Spot gold inched up 0.1% to $1,801.10 per ounce.

 

Brent crude rose 26 cents, or 0.4%, to settle at $74.74 per barrel, while WTI crude settled 74 cents, or 1%, higher at $72.39 per barrel after data showed Crude inventories fell by 4.1 million barrels in the week to July 23.

 

In Europe, FTSE and DAX gained 0.3% each while CAC climbed 1.2%.

 

AT HOME

 

After falling a percent and half, benchmark indices recouped most of the losses to end lower by just a fourth of a percent, extending the losing streak to third straight day. Sensex settled at 52443, down 135 points while Nifty lost 37 points to finish at 15709. Nifty mid-cap and small-cap indices fell 0.3% and 0.5% respectively. BSE Telecom index soared 4.4%, becoming top gainer among the sectoral indices, followed by 1.4% higher Metal index. Auto index and Bankex were the top losers, down 1% and 0.8% respectively.

 

FIIs net sold stocks and index futures worth Rs 2275 cr and 356 cr respectively but net bought stock futures worth Rs 435 cr. DIIs were net buyers to the tune of Rs 921 cr.

 

Rupee appreciated 8 paise to end at 74.38/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.8%, with Hang Seng on the top. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 15701, the low made Tuesday, was the immediate support, upon breach of which, 15578, the low made last week, would be the next downside level to eye.

 

Nifty broke 15701 support and plunged all the way to 15513, but rebounded smartly from there to end at 15709.

 

15513, the low made yesterday, which also coincided with a downward sloping trendline adjoining recent bottoms on the hourly chart, is the immediate support to eye.

 

15800 is the immediate hurdle on the houlry chart, upon crossover of which, 15900-15962 would be the next target/resistance zone.