17370 ABOVE 17155; 16833 IS THE IMMEDIATE SUPPORT

 

17370 ABOVE 17155; 16833 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 1% while S & P 500 and Nasdaq climbed 1.4% each, with the S & P 500 closing at a record as technology, energy and retail stock led the gainers.

 

Holiday sales rose 8.5% in 2021 from last year, the fastest pace in 17 years, according to Mastercard data.

 

US 10-year treasury yield eased 1.4 bps to 1.479%. Dollar index was flat at 96.07. Gold rose half a percent to $1811 per ounce.

 

Brent crude surged 3.2%, to $78.60 per barrel while WTI crude settled 2.4% higher at $75.57 per barrel.

 

In Europe, FTSE was shut while DAX and CAC gained 0.5% and 0.8% respectively.

 

AT HOME

 

After falling a percent in the initial trade, benchmark indices surged a percent and half from the bottom of the day to end higher by half a percent. Sensex settled at 57420, up 295 points while Nifty added 82 points to finish at 17086. Nifty mid-cap and small-cap indices gained 0.4% and 0.2% respectively. BSE Healthcare and Consumer Durables were the top gainers among the sectoral indices, rising 1.4% and 0.8% respectively. Metal index was the top loser, down 0.4%, followed by marginally lower Telecom, FMCG and Energy indices.

 

FIIs net sold stocks worth Rs 1038 cr but net bought index futures and stock futures worth Rs 55 cr and 537 cr respectively. DIIs were net buyers to the tune of Rs 956 cr.

 

Rupee appreciated 2 paise to end at 74.99/$.

 

OUTLOOK

 

Today morning, Nikkei is up 1% while Hang Seng and Shanghai are modestly lower. SGX Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 16850 was the immediate support on the hourly chart while 20-DMA, placed around 17155, continued to be immediate hurdle to eye.

 

Nifty, after touching a low of 16833, rebounded to end at 17086. The benchmark is set to open near 17150 today.

 

17155, the top made Friday, which coincided with 20-DMA, is the immediate hurdle to eye, upon crossover of which, 34-DMA, placed around 17370, would be the next upside level to eye; On the way down, 16833, the low made yesterday, is the  immediate support.

 

For Banknifty, 35535, the upper end of the gap created by last week's gap-down opening, is the immediate hurdle, upon crossover of which, 20-DMA, placed around 36000, would be the next upside level to eye; 34233, the low made yesterday, is the immediate support.