NIFTY REBOUNDS FROM 17750 SUPPORT
WORLD MARKETS
US indices ended higher
by 0.1%-0.7% after a choppy session.
Data showed producer
prices fell for second straight month in August.
US 10-year Treasury yield
eased 1 bps to 3.412%. 2-year yield however rose 4 bps to 3.799%. Dollar index
fell 0.3% to 109.55. Spot gold fell 0.3% to $1,697 per ounce
Brent crude futures rose
$1.61 a barrel, or 1.8%, to $94.78 a barrel. WTI crude gained $1.89, or 2.1%,
to $89.20.
European markets fell
0.4%-1.5%.
AT HOME
After opening with cuts
of more than a percent and half, benchmark indices recouped most of the losses through
the session to end lower by just four tenth of a percent. Sensex settled at
60346, down 224 points while Nifty lost 66 points to finish at 18003. Nifty mid-cap
and small-cap indices fell 0.3% and 0.1% respectively. BSE IT and Teck indices
tumbled 3.3% and 2.8% respectively, becoming top losers among the sectoral
indices while Metal index and Bankex were the top gainers, up 1.9% and 1.3%
respectively.
FIIs net sold stocks,
index futures and stock futures worth Rs 1398 cr, 2030 cr and 1740 cr
respectively. DIIs were net buyers to the tune of Rs 188 cr.
Rupee depreciated 29
paise to end at 79.44/$.
India's Wholesale Price
inflation eased to 12.41% in August from 13.93% month-on-month. Core WPI too
eased to 7.8% from 8.3%.
OUTLOOK
Today morning, Asian
markets are trading with gains of upto 0.6% and SGX Nifty is suggesting around
30 points higher start for our market.
In yesterday's report we
had said that 17750 continued to be immediate support.
Nifty, after opening at
17771, reversed and touched a high of 18091 before closing at 18003.
18115, followed by 18350,
the tops made in April and January respectively, are the upside levels to eye;
17750 continues to be immediate support, with the stop-loss of which, trading
longs can be held on to.
41830, the all-time high
made in October 2021, is the upside level for Banknifty; 40288, the low made
yesterday, would now act as immediate support.
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