16350, 16450 ARE UPSIDE LEVELS TO EYE; 15900 IS IMMEDIATE SUPPORT

 

16350, 16450 ARE UPSIDE LEVELS TO EYE; 15900 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.5%-2.3%, with the Nasdaq snapping a 5-day winnin streak, as Wall Street braced for company earnings reports scheduled for later in the week.

 

US 10-year treasury yield fell 8 bps to 2.998% while 2-year yield fell 4 bps to 3.078%. Dollar index jumped 1.2% to 108.21. Spot gold fell 0.3% to $1,737.32 per ounce.

 

Brent crude futures inched up 0.1% to $107.10 per barrel, while WTI crude settled 0.7% lower at $104.09 per barrel.

 

In Europe, FTSE was falt while DAX and CAC slipped 1.4% and 0.6% respectively.

 

AT HOME

 

After falling nearly two third of a percent in the first half, benchmark indices recouped most of the losses in noon trade to end marginally in the red. Sensex settled at 54395, down 86 points while Nifty lost 5 points to finish at 16216. Nifty mid-cap and small-cap indices however gained 0.9% each. BSE Utilities and Power indices soared 4.2% each, becoming top gainers among the sectoral indices while Teck and IT indices tumbled 3.1% and 2.7% respectively, becoming top losers.

 

FIIs net sold stocks, index futures and stock futures worth Rs 171 cr, 525 cr and 560 cr respectively. DIIs were net sellers to the tune of Rs 297 cr.

 

Rupee depreciated 19 paise to end at 79.44/$.

 

OUTLOOK

 

Today morning Asian markets are trading with cuts of 0.3%-1.7% with Nikkei leading the losses. SGX Nifty is suggesting around 100 points lower start for our market.

 

In yesterday's report we had said that 16350 continued to be next upside level to eye while 15900 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 16115, rebounded to end at 16216 and is set to open below 16150 today.

 

16350 continues to be next upside level to eye for Nifty above which, 16450 would be next target; 15900 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

35950-361000 is the upside target zone for Banknfity; Immediate support on hourly chart has moved up to 34700.

 

HCL Tech will report its quarterly earnings today.