16003 IS IMMEDIATE SUPPORT; 16414 IMMEDIATE HURDLE
WORLD MARKETS
US indices climbed
1.6%-2%, staging a rebound from last week’s steep sell-off, which saw the Dow
hit its first eight-week losing streak since 1923, and the S&P 500 briefly
fall into bear market territory on an intraday basis.
US 10-year treasury yield
rose 7 bps to 2.855%. Dollar index tumbled 0.9% to 102. Gold rose 0.4% to $1853
per ounce.
WTI crude was little
changed at $110.29 a barrel while Brent crude futures settled up 87 cents, or
0.7%, at $113.42.
European markets gained
1.2%-1.7%.
U.S. President Joe Biden,
at a press confidence during his trip in Japan as part of his first Asia tour,
said he was considering cutting U.S. tariffs on Chinese goods.
AT HOME
After gaining just under
a percent, Sensex and Nifty nosedived in late noon trade to end lower by 0.1%
and 0.3% respectively. Sensex settled at 54288, down 37 points while Nifty lost
51 points to finish at 16214. Nifty mid-cap and small-cap indices slipped 0.4%
and 0.8% respectively. BSE Metal index collapsed 8.3%, becoming top loser among
the sectoral indices, followed by 4.1% lower Basic Materials index. Auto and
Capital Goods indices were the top gainers, up 1.9% and 0.9% respectively.
FIIs net sold stocks and index futures worth Rs 1951 cr
and 42 cr respectively but net bought stock futures worth Rs 400 cr. DIIs were
net buyers to the tune of Rs 1445 cr.
Rupee appreciated 3 paise
to end at 77.52/$.
Steel stocks tumbled
while Auto stocks gained following government decision on Saturday to impose
15% export duty on hot-rolled and cold-rolled steel products.
OUTLOOK
Today morning, Hang Seng
and Shanghai are little changed while Nikkei is down 0.3%. SGX Nifty is
suggesting around 50 points higher start for our market.
In yesterday's report we
had said that 16400, the top made last week, was the next upside level to eye
while 16003, the low made Friday, was the immediate support.
Nifty, after touching a
high of 16414, reversed and plunged all the way to 16185 before closing at
16214.
16003, the low made
Friday, is the immediate support, upon breach of which, 15735, the low made on
12th May, would be the crucial support; 16414, the top made yesterday, which is
now very close to 20-DMA, is the immediate hurdle, upon crossover of which, 16651, the upper end
of the gap created by gap-down opening on 6th May, would be the next upside
level to eye.
For Banknifty, 34820, the
top made yesterday, which coincided with 20-DMA, is the immediate hurdle, upon
crossover of which, 35133, the upper end of the gap created by gap-down opening
on 6th May, would be the next upside level to eye.
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