17782 CONTINUES TO BE IMMEDIATE HURDLE; 17452 IMMEDIATE SUPPORT

 

17782 CONTINUES TO BE IMMEDIATE HURDLE; 17452 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.9%-2.1%, with Nasdaq leading the losses as investors continued their rotation out of technology stocks amid rising bond yields.

 

Meanwhile lawmakers are still trying to agree to raise or suspend the U.S. borrowing limit and avert first-ever default on the national debt.

 

US 10-year treasury yield added about 2 bps to 1.488%. Dollar index fell 0.3% to 93.80. Spot rose 0.5% to $1,770 per ounce to rise for the third straight day.

 

Brent crude advanced $1.98, or 2.5%, to $81.26 per barrel and WTI gained $1.74, or 2.23%, to end the day at $77.62 per barrel after OPEC+ agreed to stick to an existing pact to hike oil output by 400,000 barrels per day in November.

 

European markets eased 0.2%-0.8%.

 

AT HOME

 

Benchmark indices climbed 0.9% each, snapping 4-day losing streak. Sensex settled at 59299, up 533 points while Nifty added 159 points to finish at 17691. Nifty mid-cap and small-cap indices soared 1.6% each, with both hitting fresh record highs. Except 0.1% lower Metal index, all the BSE sectoral indices ended higher, with Metal index being the top gainer, up 2.7%, followed by 2.3% higher Realty and Power indices.

 

FIIs net bought stocks worth Rs 860 cr but net sold index futures and stock futures worth Rs 737 cr and 11 cr respectively. DIIs were net buyers to the tune of Rs 228 cr.

 

Rupee depreciated 20 paise to end at 74.31/$.

 

OUTLOOK

 

Today morning, Nikkei is down nearly 3%, Hang Seng is off 0.3% and SGX Nifty is suggesting around 120 points lower start for our market.

 

In yesterday's report we had said that 17326 the bottom made on 21st September continued to be immediate support while 17781 was is the immediate hurdle on the hourly chart.

 

Nifty, after touching a high of 17750, eased to end at 17691 and is set to open near 17600 today.

 

17452, the low made last week, is the immediate support to eye; 17782 continues to be immediate hurdle, a crossover of which is required for a fresh upmove.

 

36876, the low made last week, is the immediate support for Banknifty; 37900 continues to be immediate hurdle.