TRAIL STOP-LOSS TO 17630

 

TRAIL STOP-LOSS TO 17630

 

WORLD MARKETS

 

US indices soared 2.5%-2.9% after economic data pointed to slowing inflation and a steady consumer.

 

The core personal consumption expenditures price index in September increased 0.5% month-on-month and 5.1% y-o-y, still high but mostly in-line with expectations. Personal spending rose 0.6%, more than expected.

 

Amazon plunged by 6.8% after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance. Apple rose 7.5% after the tech giant reported weaker-than-anticipated iPhone revenue, but beat Wall Street estimates for quarterly earnings and revenue. Oil giants Chevron and Exxon Mobil rose after earnings beat expectations.

 

US 10-year treasury yield rose 9 bps to 4.016%. Dollar index inched up 0.1% to 110.67. Spot gold fell 1.1% to $1,644 per ounce.

 

Brent futures fell 0.9%, to $96.07 a barrel and WTI crude fell 1% to $88.20.

 

In Europe, FTSE fell 0.4% but DAX and CAC gained 0.2% and 0.5% respectively

 

For the week, US indices climbed 2.2%-5.7%, with the Dow extending the winning streak to fourth consecutive week and notching the best week since May.  Brent rose about 2% and WTI was up about 3%.

 

AT HOME

 

After rising six tenth of percent in first hour, benchmark indices gave away half of the gains through the session to end higher by three tenth of a percent. Sensex settled at 59959, up 203 points while Nifty added 50 points to finish at 17786. Nifty mid-cap and small-cap indices however fell 0.5% and 1% respectively. Except 1.6% and 1% higher Auto and Oil & Gas indices respectively, all the NSE sectoral indices ended in red, with Metal and Pharma indices leading the losses, down 1.5% and 1.4% respectively.

 

FIIs net bought stocks worth Rs 1569 cr but net sold index futures and stock futures worth Rs 624 cr and 791 cr respectively. DIIs were net sellers to the tune of Rs 613 cr.

 

Rupee appreciated 2 paise to end at 82.47/$.

 

For the week, Sensex and Nifty gained 1.1% and 1.2% respectively, extending the winning streak to second straight week.

 

OUTLOOK

 

Today morning, Nikkei is up more than a percent while Hang Seng and Shanghai are down 0.3% and 0.5% respectively. SGX Nifty is suggesting around 170 points higher start for our market.

 

In Friday's report we had said that 17811, the top made on Tuesday, continued to be immediate hurdle, upon crossover of which, 18096, the top made in September, would be the next upside target. We had also advised holding on to longs with the stop-loss of 17520.

 

Nifty, after touching a high of 17838, eased to end at 17786 and is set to open above 17900 today.

 

18096, the top made in September, is the next upside target as well as resistance to eye; Immediat support on the hourly chart has moved up to 17630, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the all-time high made in September, is the immediate hurdle, upon crossover of which, 42200 would be next upside level to eye. 40400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Bharti Airtel, L&T and Tata Steel will report their quarterly earnings today.

18096 ABOVE 17811; 17520 CONTINUES TO BE IMMEDIATE SUPPORT

 

18096 ABOVE 17811; 17520 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.6% for its fifth straight day of wins but S & P 500 and Nasdaq fell 0.6% and 1.6% respectively due to a rout in Meta and other tech stocks.

 

U.S. GDP grew 2.6% in the third quarter, better than the expected 2.3%. The chain-weighted price index, a cost-of-living measure that is adjusted to reflect changing consumer behavior, rose 4.1% for the quarter, well below the 5.3% estimate. Also, headline inflation rose 4.2%, down sharply from 7.3%. Initial jobless claims came in at 217,000, which was 3,000 below expectations.

 

Amazon shares fell in extended trading after the company posted weaker-than-expected quarterly revenue and issued disappointing fourth-quarter sales guidance.

 

US 10-year treasury yield fell 8 bps to 3.923%. Dollar index rose 0.8% to 110.57 Spot gold eased 0.1% to $1662 per ounce.

 

Brent crude settled up $1.27, or 1.3%, to $96.96 a barrel while WTI crude settled up $1.17, or 1.3%, to $89.08 a barrel.

 

The European Central Bank announced a 75 bps interest rate hike — its third consecutive increase this year — while also revealing new conditions for European banks.

 

In Europe, FTSE and DAX inched up 0.25% and 0.1% respectively while CAC fell half a percent.

 

AT HOME

 

After rising seven tenth of a percent in the initial trade, Sensex and Nifty gave away all the gains through the session but bounced back again in last 15 minutes to end higher by 0.4% and 0.5% respectively. Sensex settled at 59756, up 212 points while Nifty added 80 points to finish at 17736. Nifty mid-cap and small-cap indices gained 0.6% and 0.4% respectively. Except 0.5% lower IT index, all the NSE sectoral indices ended higher, with Realty and Metal indices on the top, up 3% and 2.7% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2818 cr, 4104 cr and 2557 cr respectively. DIIs were net sellers to the tune of Rs 1580 cr.

 

Rupee appreciated 23 paise to end at 82.49/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.5% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that upon crossover of 17811, 18096, the top made in September, would be the next upside level to eye while 17520 was the immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17784 in the initial trade, fell to 17654 and then rebounded to end at 17737.

 

17811, the top made on Tuesday, which coincided with the 78.6% retracement level of the 18096-16747 fall, continues to be immediate hurdle, upon crossover of which, 18096, the top made in September, would be the next upside target; 17520 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the top made in September, is the next upside level to eye; 40400 is the immediate support.

 

Maruti, Dr Reddy, Vedanta and Tata Power will report their quarterly earnings today.

 

18096 IS THE NEXT TARGET; 17520 IMMEDIATE SUPPORT

 

18096 IS THE NEXT TARGET; 17520 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices surged 1.1% -2.2% on Tuesday for their third consecutive up day as soft economic data indicated the Fed may not need to be so aggressive with rate hikes. Data on Tuesday showed that U.S. consumer confidence ebbed in October, home prices fell sharply in August and there were signs that the Fed’s aggressive stance was starting to cool the labour market.

 

Yesterday, Dow ended flat while S & P 500 and Nasdaq fell 0.7% and 2% respectively after Alphabet and Microsoft earnings disappointed.

 

Data yesterday showed that sales of new U.S. single-family homes dropped in September and data for the prior month was revised lower.

 

Shares of Meta platforms, the Facebook parent company, plummeted 18% in extended trading on a weak fourth-quarter forecast.

 

US 10-year treasury yield fell 7 bps to 4.007%, after falling 14 bps on Tuesday. Dollar index fell 1.1% to 109.69Spot gold rose 0.8% to $1,665 per ounce.

 

Brent crude futures settled up $2.17, or 2.3%, to $95.69 a barrel and WTI crude rose $2.59, or 3%, to $87.91.

 

European markets gained 0.4%-1.1%.

 

AT HOME

 

After opening higher by around half a percent, benchmark indices reversed these gains through the session to end lower by nearly half a percent, snapping a 7-day winning streak. Sensex settled at 59543, down 287 points while Nifty lost 74 points to finish at 17656. Nifty mid-cap index rose 0.4% but small-cap index fell 0.1%. Nifty PSU Bank index soared 3.5%, becoming top gainer among the sectoral indices, followed by 1.2% higher Auto index. FMCG index was the top loser, down 1%, followed by 0.8% lower Private Bank and Financial Services indices.

 

FIIs net sold stocks worth Rs 247 cr but net bought index futures and stock futures worth Rs 53 cr and 2991 cr respectively. DIIs were net buyers to the tune of Rs 873 cr.

 

Rupee depreciated 5 paise to end at 82.7250/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 2.9% and 0.4% respectively while Nikkei is marginally in the red. SGX Nifty is trading around 17900, suggesting nearly 250 points gap-up start when compared to Tuesday's close of Nifty future.

 

In Friday's report we had said that 17807, the 78.6% retracement level of the recent 18096-16747 fall, continued to be next upside level to eye while immediate support on the hourly chart had moved up to 17500, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17811, slipped to end at 17640. The benchmark is set to open near 17850 today.

 

18096, the top made in September, is the next upside level to eye; 17520 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the top made in September, is the next upside level to eye; 40400 is the immediate support.

 

TRAIL STOP-LOSS TO 17500

 

TRAIL STOP-LOSS TO 17500

 

WORLD MARKETS

 

US indices gained 0.9%-1.3%, extending Friday's big upmove.

 

On the data front, S&P Global's Composite PMI fell to a two-month low of 47.3.

 

US 10-year treasury yield added 3 bps to 4.242%. Dollar index inched up 0.1% to 112. Gold fell 0.4% to $1650 per ounce.

 

Shares of Chinese companies listed in the U.S. plunged after Chinese President Xi paved the way for an unprecedented third term as leader and packed the Politburo standing committee, the core circle of power in the ruling Communist Party of China, with loyalists.

 

Brent crude futures for December delivery were down 3 cents, 0.03%, at $93.47 a barrel and WTI crude lost 20 cents, 0.24%, at $84.85 a barrel.

 

European markets gained 0.6%-1.9%  after the announcement that Rishi Sunak would replace Liz Truss as U.K. prime minister.

 

Earlier, shares of Chinese tech giants plunged on fears for what Xi Jinping’s ever-intensifying grip on power means for its companies, following the annual Party Congress.

 

AT HOME

 

Benchmark indices rose 0.9% each on the Muhurat Trading session, extending the winning streak to seventh consecutive session and closing at the highest level after mid-September. Sensex settled at 59831, up 524 points while Nifty added 154 points to finish at 17730. Nifty mid-cap and small-cap indices gained 0.5% and 0.9% respectively. Except 0.1% lower FMCG index, all the NSE sectoral indices ended higher, with Nifty Bank and Financial Services indices on the top, up 1.3% each.

 

OUTLOOK

 

Today morning, Nikkei is up a percent but Hang Seng and Shanghai are modestly lower. SGX Nifty is suggesting around 75 points higher start for our market.

 

In Friday's report we had said that 17607 followed by 17807, the 61.8% and 78.6% retracement levels of the recent 18096-16747 fall, are the upside levels to eye and had advised holding on to long positions with the stop-loss of 17250.

 

Nifty closed at 17576 after touching a high of 17670 on Friday. Yesterday, it surged to 17777 before closing at 17730 and is set to open near 17800 today.

 

17807, the 78.6% retracement level of the recent 18096-16747 fall, continues to be next upside level to eye, upon crossover of which, 18096, the top made in September, would be the next target; immediate support on the hourly chart has moved up to 17500, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the top made in September, is the next upside level to eye; 40300 is the immediate support.

 

17800 ABOVE 17600; 17250 CONTINUES TO BE IMMEDIATE SUPPORT

 

17800 ABOVE 17600; 17250 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After a positive start, US indices slipped to end with cuts of 0.3%-0.8% as investors digested earnings and rising Treasury yields.

 

Economic data was mixed. Initial jobless claims came in at 214,000, below the 230,000 expected. However, the Philadelphia Fed manufacturing index showed a larger than expected decline. Also, U.S. existing home sales dropped for an eighth straight month in September.

 

Corporate earnings were a mixed bag. AT&T and IBM jumped after beating estimates. But Snap and Robert Half fell after posting results that fell short of expectations.

 

US 10-year treasury yield rose 10 bps to 4.23%. Dollar index was flat at 112.85. The British pound rose against the dollar after U.K. Prime Minister announced her resignation. Spot gold fell 0.1% to $1,628 per ounce.

 

Brent crude futures rose 14 cents to settle at $92.57 a barrel. WTI for December delivery edged down 1 cent at $84.51 per barrel.

 

European markets rose 0.2%-1.1%

 

AT HOME

 

After starting half a percent lower, Sensex and Nifty rebounded smartly through the session to end higher by 0.2% and 0.3% respectively, extending the winning streak to fifth straight day. Sensex settled at 59202, up 95 points while Nifty finished at 17563, up 51 points. Nifty mid-cap index fell 0.3% while small-cap index inched up 0.1%. Nifty PSU Bank and Oil & Gas indices climbed 1.9% and 1.5% respectively, becoming top gainers among the sectoral indices while Consumer Durables and Bank indices were the top losers, down 0.8% and 0.7% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1865 cr and 1249 cr respectively but net sold index futures worth Rs 1785 cr. DIIs were net sellers to the tune of Rs 887 cr.

 

Rupee appreciated 26 paise to end at 82.76/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 0.2% and 0.1% respectively while Shanghai is up 0.2%. SGX Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 17607, the top made Wednesday, which roughly coincided with 61.8% retracement level of the recent 18096-16747 fall, was the immediate hurdle while immediate support on the hourly chart had moved up to 17250, with the stop-loss of which, trading longs coul be held on to.

 

Nifty, after touching a low of 17421, rebounded to end at 17563.

 

17607, the top made Wednesday, which roughly coincided with 61.8% retracement level of the recent 18096-16747 fall, continues to be immediate hurdle, upon crossover of which, 17807, the 78.6% retracement level of this fall, would be the next target; 17250 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 40760, the 78.6% retracement levels of the recent 41677-37386 fall, is the next upside levels to eye; 39450 is the immediate support.

 

Reliance Industries, HUL, Bajaj Finserve, JSW Steel, Ambuja Cement, HDFC Life and SBI Life will report their quarterly earnings today.

 

TRAIL STOP-LOSS TO 17250

 

TRAIL STOP-LOSS TO 17250

 

WORLD MARKETS

 

US indices fell 0.3%-0.8% to snap a 2-day winning streak amid a sharp rise in treasury yields.

 

US 10-year Treasury yield jumped nearly 14 bps to 4.138%, the highest level since July 23, 2008. Dollar index rose 0.8% to 112.90. Spot gold fell 1.5% to $1,627.81 per ounce.

 

housing starts and new building permits for September were both weaker than expected. The Fed’s Beige Book showed an economy growing modestly, with the labor market weakening in some pockets of the country.

 

Netflix surged 13% after posting earnings and revenue that beat estimates as well as strong subscriber growth for the third quarter. United Airlines climbed 5% after beating estimates on the top and bottom lines.

 

Brent crude future rose 2.6% to $92.41 a barrel and WTI future ended at $85.55 a barrel, up 3.3%. U.S. crude inventories fell unexpectedly last week - down 1.7 million barrels, against expectations for a build of 1.4 million barrels.

 

European markets fell 0.2%-0.4%. U.K. September CPI rose to 10.1%, after falling to 9.9% in August and matching the 40-year high posted in July.

 

AT HOME

 

After rising seven tenth of a percent in first hour and half, benchmark indices gave away large chunk of gains to end just modestly higher. Sensex settled at 59107, up 146 points while Nifty added 25 points to finish at 17512. Nifty mid-cap and small-cap indices gained a fourth of a percent each. Nifty Oil & Gas index rose 0.6%, becoming top gainer among sectoral indices, followed by 0.4% higher Realty, FMCG and Financial Services indices. IT and Metal indices were the top losers, down 0.9% and 0.7% respectively.

 

FIIs net sold stocks and index futures worth Rs 454 cr and 141 cr respectively but net bought stock futures worth Rs 155 cr. DIIs were net buyers to the tune of Rs 908 cr.

 

Rupee plunged 66 paise to end at record closing low of 83.02/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-2.2% with Hang Seng being the top loser. SGX Nifty is suggesting around 130 points gap-down start for our market.

 

In yesterday's report we had said that 17581 and 17807, the 61.8% and 78.6% retracement levels of recent 18096-16747 fall, were the next upside levels to eye and that 17160 was the immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17607, eased to end at 17512 and is set to open near 17400 today.

 

17607, the top made yesterday, which roughly coincided with 61.8% retracement level of the recent 18096-16747 fall, is the immediate hurdle, upon crossover of which, 17807, the 78.6% retracement level of this fall, would be the next target; Immediate support on the hourly chart has moved up to 17250, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 40760, the 78.6% retracement levels of the recent 41677-37386 fall, is the next upside levels to eye; 39450 is the immediate support.

 

Asian Paints, Axis Bank, Bajaj Finance and Tata Consumer Products will report their quarterly results today.

TRAIL STOP-LOSS TO 17160

 

TRAIL STOP-LOSS TO 17160

 

WORLD MARKETS

 

Dow and S & P 500 climbed 1.1% each while Nasdaq rose 0.9% as strong earnings reports fueled stock gains for a second session.

 

Goldman Sachs rose 2.3% after strong trading results helped the investment bank beat quarterly earnings and revenue expectations. Lockheed Martin surged 8.7% after its earnings per share topped estimates. Salesforce rose 4.3% after activist Starboard Value LP revealed a stake in the company.

 

On the data front, homebuilder sentiment fell more than expected in October.

 

US 10-year treasury yield was little changed at 4.011%. Dollar index eased 0.1% to 111.99. Spot gold was up 0.1% at $1,651.50 per ounce.

 

Brent crude futures fell 1.7%, to $90.03 per barrel and WTI crude settled down 3.1% at $82.82 per barrel.

 

European markets rose 0.2%-0.9%.

 

AT HOME

 

Benchmark indices surged a percent, extending the winning streak to third straight day and closing at the highest level after 22nd September. Sensex settled at 58960, up 550 points while Nifty added 175 points to finish at 17487. Nifty mid-cap and small-cap indices rose 1.1% and 0.8% respectively. All the NSE sectoral indices ended higher, with PSU Bank index on the top, up 4%, followed by 2.1% higher Media index.

 

FIIs net sold stocks worth Rs 153 cr but net bought index futures and stock futures worth Rs 2421 cr and 595 cr respectively. DIIs were net buyers to the tune of Rs 2085 cr.

 

Rupee depreciated 1 paise to end at 82.36/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.7% while Hang Seng and Shanghai are down 0.6% and 0.4% respectively. SGX Nifty is suggesting 15-20 points higher start for our market.

 

In yesterday's report we had said that 17428, the top made on 6th October, was the immediate hurdle, upon crossover of which, 17581 and 17807, the 61.8% and 78.6% retracement levels of recent 18096-16747 fall, would be next upside levels to eye. We had also said that 17098, the low made Monday, was the immediate support.

 

Nifty crossed 17428 and surged all the way to 17527 before closing at 17487.

 

17581 and 17807, the 61.8% and 78.6% retracement levels of recent 18096-16747 fall, are the next upside levels to eye; 17160 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 40760, the 78.6% retracement levels of the recent 41677-37386 fall, is the next upside levels to eye, upon crossover of which, 41677; 39300 is the immediate support.

 

Ultratech Cement and Indusind Bank will report their quarterly earnings today.

 

17581 ABOVE 17428; 17098 IS THE IMMEDIATE SUPPORT

 

17581 ABOVE 17428; 17098 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices surged 1.9%-3.4% on the back of strong earnings from Banks.

 

Bank of America surged 6% after reporting better-than-expected results. Bank of New York Mellon too jumped 5% on earnings beat.

 

US 10-year treasury yield was nearly flat at 4.015%. Dollar index plunged 1.1% to 112.06. Sterling jumped 1.6% and the yield on the U.K. 10-year gilt fell around 36 bps to 3.967% after new UK finance minister Jeremy Hunt announced that almost all planned tax cuts would be scrapped. Gold rose 0.4% to $1650 per ounce.

 

European markets rose 0.9%-2.4%.

 

AT HOME

 

After starting half a percent lower, Sensex and Nifty saw a sustained northward move through the session to end with gains of 0.7% and 0.8% respectively. Sensex settled at 58410, up 491 points while Nifty added 126 points to finish at 17311. Nifty mid-cap and small-cap indices gained 0.2% and 0.4% respectively. Nifty Bank and Financial Services indices were the top gainers, up 1.6% and 1.2% respectively while Metal and Media indices were the top losers, down 1% and 0.8% respectively.

 

FIIs net sold stocks worth Rs 372 cr but net bought index futures and stock futures worth Rs 416 cr and 2290 cr respectively. DIIs were net buyers to the tune of Rs 1582 cr.

 

Rupee was unchanged at 82.35/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.7% each while Shanghai is up 0.1%. SGX Nifty is suggesting around 140 points higher start for our market.

 

In yesterday's report we had said that 16950, where Nifty had repeatedly taken support last week, was the immediate support while 17428, the top made on 6th October, was the important hurdle.

 

Nifty, after touching a low of 17098, rebounded to end at 17311 and is set to open above 17400 today.

 

17428, the top made on 6th October, continues to be important immediate hurdle, upon crossover of which, 17581 and 17807, the 61.8% and 78.6% retracement levels of recent 18096-16747 fall, would be next upside levels to eye; 17098, the low made yesterday, is the immediate support.

 

For Banknifty, 40760, the 78.6% retracement levels of the recent 41677-37386 fall, is the next upside levels to eye; 39150 is the immediate support.