NIFTY ACHIEVES 16570

 

NIFTY ACHIEVES 16570

 

WORLD MARKETS

 

US indices rose 0.2%-1.6% with Nasdaq on the top fueled by a rally in tech stocks. All major averages reached their highest point since early June.

 

Mortgage demand declined more than 6% week-on-week, dropping to its lowest level in 22 years. Existing home sales in June fell 5.4% from May.

 

US 10-year treasury yield was unchanged at 3.027%. Dollar index inched up a third of a percent to 107.04. Spot gold was fell 1% to $1,694.59 per ounce.

 

Brent September futures settled 0.4% cents lower at $106.92 per barrel and WTI August futures settled 1.9% lower at $102.26

 

European markets fell 0.2%-0.4%. UK CPI hit a new 40-year high of 9.4%, slightly above a consensus forecast and up from 9.1% in May.

 

AT HOME

 

Benchmark indices climbed 1.1% each, extending the winning streak to fourth consecutive day and closing at the highest level in a month and half. Sensex added 630 points to settle at 55397 while Nifty finished at 16520, up 180 points. Nifty mid-cap and small-cap indices rose 0.2% and 0.8% respectively. BSE IT and Tech indices surged 2.6% and 2% respectively, becoming top gainers among the sectoral indices while Telecom and Power indices were the top losers, down half a percent each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1781 cr, 2823 cr and 162 cr respectively. DIIs were net sellers to the tune of Rs 230 cr.

 

Rupee depreciated 5 paise to end at 79.99/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.9% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 16570, around which a rising trendline adjoining recent tops on daily chart is placed, is the next upside level to eye; 16100 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty surged to touch a high of 16588 before easing to close at 16520.

 

16600, around which a rising trendline adjoining recent tops on daily chart is placed, continues to be immediate hurdle, upon crossover of which, 16794, the top made in June, would be the next upside level to eye; 16170 is the immediate support, with the stop-loss of which, trading longs can be held on to.