18314-18384 CONTINUES TO BE RESISTANCE ZONE; 17968 IMMEDIATE SUPPORT

 

18314-18384 CONTINUES TO BE RESISTANCE ZONE; 17968 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and Nasdaq inched up less than 0.1% while S & P 500 rose 0.2%.

 

New home sales in the U.S. in September came in at 800,000, up from a downwardly revised pace of 702,000 in August and expected figure of 760,000.

 

US 10-year treasury yield dipped 2.3 bps to 1.612%. Dollar index inched up 0.1% to 93.9280. Spot gold fell 0.9% to $1,790.54 per ounce, snapping a five-session long streak of gains.

 

Brent futures rose 41 cents, or 0.5%, to $86.40 a barrel, while WTI crude ended 89 cents, or 1.1%, higher at $84.65. Both closed at the highest level since October 2014.

 

European markets climbed 0.8%-1%.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.8% respectively, extending the winning streak to second straight day. Sensex added 383 points to settle at 61350 while Nifty finished at 18268, up 143 points. Nifty mid-cap and small-cap indices climbed 1.8% and 2.6% respectively, snapping 5-day losing streak. All the BSE sectoral indices ended higher with Realty and Metal indices leading the tally, up 3.4% and 2.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2369 cr, 340 cr and 151 cr respectively. DIIs were net buyers to the tune of Rs 1385 cr.

 

Rupee depreciated 12 paise to end at 74.96/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1.5% with Hang Seng leading the losses. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17968, the low made Monday, which also coincided with 20-DMA, was the immediate support while 18314-18384 was the immediate resistance zone.

 

Nifty surged to touch a high of 18310 before closing at 18268.

 

18314-18384 continues to be immediate resistance zone, upon crossover of which, 18604, the top made last week, would be the bigger hurdle to eye.

 

17968, the bottom made Monday, continues to be immediate support.

 

41830, the top made Monday, is immediate hurdle for Banknifty, above which, 42600 would be the next target; 40000 is immediate support.

 

Maruti, Bajaj Auto, L&T, ITC, Adani Ports, Titan and Indusind Bank will report their quarterly earnings today.