17757 IS NEXT SUPPORT; 18061, 18112 HURDLES

 

17757 IS NEXT SUPPORT; 18061, 18112 HURDLES

 

WORLD MARKETS

 

Dow, dragged down by Disney’s post-earnings slide, fell 0.4% while S & P 500 and Nasdaq gained 0.1% and 0.5% respectively.

 

US bond market was closed yesterday for Veterans Day. Dollar index rose 0.3% to 95.15, hitting 16-month high. Spot gold was up 0.6% at $1,861.39 per ounce

 

Brent crude futures eased 8 cents to $82.56 a barrel  while WTI futures fell 2 cents to $81.32.

 

European markets gained 0.1%-0.6%. U.K. GDP grew by 0.6% in September, while figures for the previous months were revised downward.

 

AT HOME

 

Sensex and Nifty slipped 0.7% and 0.8% respectively, extending the losing streak to third consecutive day. Sensex settled at 59919, down 433 points while Nifty lost 143 points to finish at 17873. Nifty mid-cap and small-cap indices fell 0.8% and 0.5% respectively. BSE Realty index tumbled 2.5%, becoming top loser among the sectoral indices, followed by 1.2% each lower Finance, Healthcare and Bankex indices. Consumer Durables and Metal index was the top gainer, up 0.7%, followed by 0.3% higher Metal and Power indices.

 

FIIs net sold stocks and stock futures worth Rs 1637 cr and 742 cr respectively but net bought index futures worth Rs 193 cr. DIIs were net buyers to the tune of Rs 446 cr.

 

Rupee depreciated 12 paise to end at 74.51/$

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.1%-1.1% with Nikkei on the top and SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 17885 continued to be the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty broke this support and plunged all the way to 17798 before closing at 17873 and is set to open above 17900 today.

 

18061 followed by 18112 are the upside hurdles for Nifty; 17757 is the next support.

 

38300, 37700 are supports for Banknifty; 39200 is immediate hurdle.

 

Coal India, Hero Motocorp, Hindalco and Grasim will report their quarterly earnings today.

 

October CPI and September IIP data will be released today.