NIFTY REBOUNDS FROM INDICATED SUPPORT

 

NIFTY REBOUNDS FROM INDICATED SUPPORT

 

WORLD MARKETS

 

US indices surged 1%-2.6% as treasury yields and dollar dipped after initial unemployment claim data pointed to a cooling off in the U.S. labor market.

 

Initial claims for unemployment benefits rose 9,000 to a seasonally adjusted 225,000 for the week ended Dec. 24, slightly above the 223,000 estimate.

 

US 10-year treasury yield dipped 7 bps to 3.818%, having hit a six-week high in the previous session. Dollar index fell half a percent to 103.98. Gold gained 0.6% to reach $1814 per ounce.

 

Brent crude futures fell 1.2% to $82.26 and WTI futures settled 0.7% lower at $78.40 per barrel.

 

In Europe, FTSE inched up 0.2% while DAX and CAC climbed 1% each.

 

AT HOME

 

After falling around 0.7% in first hour, benchmark indices surged more than a percent from the lowest point of the day to end higher by 0.4%. Sensex settled at 61133, up 223 points while Nifty added 68 points to finish at 18191. Nifty mid-cap and small-cap indices gained 0.1% and 0.2% respectively. Nifty Oil & Gas and Metal indices were the top gainers among the sectoral indices, up 1.2% and 1.1% respectively while Media and Consumer Durables indices were the top losers, down 0.6% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 573 cr, 14 cr and 511 cr respectively. DIIs were net buyers to the tune of Rs 516 cr.

 

Rupee appreciated 6 paise to end at 82.80/$.

 

India's Q2 Current Account Deficit surged to $36.4 bn, hitting a 9-year high of 4.4% of GDP, as imports surged 30% while exports rose 16%.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.4% and 0.6% respectively while Nikkei is marginally in the green. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 17967, the low made Tuesday, was the immediate support, while 34-DMA, placed around 18400, was the next upside target/resistance.

 

Nifty, after making a low of 17992, rebounded to end at 18191.

 

34-DMA, placed around 18400, continues to be next upside target/resistance to eye; 17967, the low made Tuesday, continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43614, the top made last week, is the next target above which, 44151, the top made in mid-December would be next upside level to eye; 42394, the low made Tuesday, continues to be immediate support.

17967 IS THE IMMEDIATE SUPPORT

 

17967 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices tumbled 1.1%-1.4% on the back of a 3% slide in Apple, rising treasury yields and weak economic data.

 

Apple tumbled 3% to hit fresh 52-week low. Energy was the biggest laggard in the S&P 500 as oil and natural gas prices fell.

 

Pending home sales slipped 4.0% in November on a monthly basis, worse than the expected decline of 1.8%.

 

US 10-year treasury yield rose 4 bps to 3.886%. Dollar index inched up 0.2% to 104.46. Gold fell half a percent to $1804 per ounce.

 

Brent crude futures fell 1.5% to $83.03 a barrel and WTI crude futures settled at $78.62 per barrel, down 1.1%%.

 

In Europe, FTSE rose 0.3% but DAX and CAC fell 0.5% and 0.6% respectively.

 

AT HOME

 

It was a day of consolidation as benchmark indices ended marginally in the red after yo-yoing near zero line. Sensex settled 17 points lower at 60910 while Nifty lost 10 points to finish at 18122. Nifty mid-cap index inched up 0.1% but small-cap index eased 0.1%. Nifty Consumer Durables and Oil & Gas indices climbed 1.4% and 1.3% respectively, becoming top gainers among the sectoral indices while Pharma and Metal indices were the top losers, down 0.6% and 0.3% respectively.

 

FIIs net sold stocks and stock futures worth Rs 873 cr and 259 cr respectively but net bought index futures worth Rs 385 cr. DIIs were net buyers to the tune of Rs 373 cr.

 

Rupee depreciated 1 paise to end at 82.86/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1.3% each while Shanghai is off 0.6%. SGX Nifty is suggesting around 75 points lower start for our market.

 

In yesterday's report we had said that a crossover of 18149 would pave the way for further upmove till 34-DMA placed around 18400. We had also side that 17967, the low made Tuesday, was the immediate support.

 

Nifty, after touching a high of 18173, eased to end at 18122. The benchmark is set to open near 18050 today.

 

17967, the low made Tuesday, is the immediate support, below which, 17774, the low made on Monday, would be next downside level to eye; 34-DMA, placed around 18400, is the next upside target/resistance.

 

For Banknifty, 20-DMA, placed around 43200, continues to be next upside level to eye; 42394, the low made Tuesday, is the immediate support.

 

18400 ABOVE 18149

 18400 ABOVE 18149

 

WORLD MARKETS

 

Dow inched up 0.1% but S & P 500 and Nasdaq fell 0.4% and 1.4% respectively as bond yields climbed and Tesla shares plunged 11% on reports that it would continue a weeklong production pause at a Shanghai facility.

 

US 10-year treasury yield rose 10 bps to 3.845%. Dollar index fell 0.2% to 104.15. Gold rose 0.9% to $1813 per ounce.

 

Brent crude rose 0.8% to $84.58 a barrel and WTI crude settled 18 cents higher at $79.73 per barrel.

 

In Europe, DAX and CAC gained 0.4% and 0.7% respectively.

 

Earlier, China officially announced that it will end quarantine for inbound travelers on Jan. 8.

 

AT HOME

 

Benchmark indices ended higher by six tenth of a percent each after a choppy session, extending yesterday's big surge. Sensex settled at 60927, up 361 points while Nifty added 117 points to finish at 18132. Nifty mid-cap and small-cap indices gained 1% and 1.2% respectively. Except 0.4% lower FMCG index, all the NSE sectoral indices ended in green, with Metal index on the top, up 4.2%, followed by 1.3% higher PSU Bank index.

 

FIIs net sold stocks worth Rs 868 cr but net bought index futures and stock futures worth Rs 43 cr and 602 cr respectively. DIIs were net buyers to the tune of Rs 622 cr.

 

Rupee depreciated 20 paise to end at 82.85/$.

 

OUTLOOK

 

Today morning, Hang Seng has opened nearly 2% higher after holidays while Nikkei and Shanghai are down 0.6% and 0.4% respectively. SGX Nifty is suggesting around 65 points lower start for our market.

 

In yesterday's report we had said that 17774, was the immediate support while 18200 continued to be immediate hurdle.

 

Nifty surged to touch a high of 18149 before closing at 18132.

 

A crossover of yesterday's high, i.e. 18149, would confirm a "Buy" on the hourly chart, paving the way for further upmove till 34-DMA placed around 18400; 17967, the low made yesterday, is the immediate support, below which, 17774, the low made on Monday, would be next downside level to eye.

 

In Banknifty as well, a crossover of yesterday's high, i.e. 42927, would confirm a "Buy" on the hourly chart, paving the way for further upmove till 20-DMA placed around 43200; 42394, the low made yesterday, is the immediate support, below which, 41569, the low made Monday, would be next downside level to eye.

 

18200 CONTINUES TO BE IMMEDIATE HURDLE

 

18200 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US and European markets were shut yesterday for Christmas holiday.

 

AT HOME

 

After last week's savage cuts, bulls tried to make a comeback as benchmark indices surged 1.2% in today's trade. Sensex settled at 60566, up 721 points while Nifty added 207 points to finish at 18014. Nifty mid-cap and small-cap indices soared 2.7% and 3.8% respectively. Except 0.8% lower Healthcare and Pharma indices each, all the sectoral indices ended higher, with PSU Bank index on the top, up 7.3%, followed by 2.8% higher Media index.

 

FIIs net sold stocks worth Rs 498 cr but net bought index futures and stock futures worth Rs 1032 cr and 2298 cr respectively. DIIs were net buyers to the tune of Rs 1286 cr.

 

Rupee appreciated 21 paise to end at 82.65/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up nearly half a percent and SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that upon breach of Friday's low. i.e. 17779, next support to watch out for Nifty would be 17565, which is the 61.8% retracement level of the 16747-18887 upmove. We had also advised trailing stop-loss in short positions to 18200.

 

Nifty, after making a low of 17774 at the open, surged all the way to 18084 before closing at 18014.

 

17774, the low made yesterday, is the immediate support, upon breach of which, 17565, the 61.8% retracement level of the 16747-18887 upmove, would be the next downside level to eye; 18200 continues to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

41800-41900 is the immediate resistance zone for Banknifty; 41569, the low made yesterday, is the immediate support.

 

TRAIL STOP-LOSS TO 18200

 

TRAIL STOP-LOSS TO 18200

 

WORLD MARKETS

 

US indices rose 0.2%-0.6% on Friday.

 

Core personal consumption expenditures price index, the Federal Reserve’s preferred gauge of inflation, climbed 4.7% y-o-y in November, slightly topping 4.6% estimate. Month over month, the index advanced 0.2%, matching expectations.

 

US 10-year treasury yield rose 7 bps to 3.751%. Dollar index fell 0.1% to 104.32. Gold rose 0.3% to $1798 per ounce.

 

Oil rose after Russia said it could cut crude output in response to the G7 price cap on Russian exports. Brent crude rose 2.7%, to $83.20 a barrel, while WTI crude rose 2.5% to $79.43 a barrel.

 

In Europe, DAX rose 0.2%, FTSE was little changed while CAC fell 0.2%

 

Data earlier showed core consumer prices in Japan rose 3.7% in November on an annualized basis, marking the fastest pace since December 1981.

 

For the week, Dow rose 0.9% but S & P 500 and Nasdaq fell 0.2% and 0.9%, extending the losing streak to third straight week.

 

AT HOME

 

Sensex and Nifty nosedived 1.6% and 1.8% respectively, extending the losing streak to fourth straight day, suffering the worst cut since late September and closing at the lowest level after late October. Sensex settled at 59845, down 980 points while Nifty lost 320 points to finish at 17806. Nifty mid-cap and small-cap indices collapsed 3.8% and 4.7% respectively. All the NSE sectoral indices ended in red, with PSU Bank and Media indices leading the losses, down 6.1% and 5% respectively.

 

FIIs net sold stocks and index futures worth Rs 707 cr and 551 cr respectively but net bought stock futures worth Rs 825 cr. DIIs were net buyers to the tune of Rs 3399 cr.

 

Rupee depreciated 10 paise to end at 82.86/$.

 

OUTLOOK

 

Today morning, Hang Seng is shut while Nikkei and Shanghai are up 0.4% and 0.2% respectively. SGX Nifty is trading around 18000, suggesting nearly 135 points higher start when compared to Friday's close of Nifty futures.

 

In Friday's report we had said that 18068, the low made Thursday, was the immediate support, below which, 17900-17950 would be next support area. We had also advised holding on the short positions with the stop-loss of 18350.

 

Nifty plunged all the way to 17779 before closing at 17806 and is set to open near 17900 today.

 

Upon breach of Friday's low. i.e. 17779, next support to watch out for Nifty would be 17565, which is the 61.8% retracement level of the 16747-18887 upmove seen since September bottom; On the way up, 18200 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknfity, 40770 followed by 39970, the 50% and 61.8% retracement levels of the upmove seen since September, are the next downside levels to eye; 42800 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

NIFTY ACHIEVES MAJOR DOWNSIDE TARGETS

 

NIFTY ACHIEVES MAJOR DOWNSIDE TARGETS

 

WORLD MARKETS

 

US indices nosedived 1%-2.2%, as stronger than expected economic data raised concerns of further monetary tightening. Surging Covid Cases in China also weighed on the sentiment.

 

Initial weekly jobless claims rose less than expected for the week ending Dec. 17, rising by 2,000 to 216,000. GDP data showed the economy rebounded faster in the third quarter, rising 3.2% against the previously estimated 2.9%.

 

US 10-year treasury yield rose 2 bps to 3.682%. Dollar index inched up 0.2% to 104.39. Gold tumbled 1.2% to $1792 per ounce.

 

Brent crude futures settled 1.5% lower at $80.98 while WTI crude futures fell 1% to $77.49 a barrel.

 

European markets fell 0.4%-1.3%. U.K.'s third quarter GDP fell 0.3%.

 

AT HOME

 

After rising six tenth of a percent in the initial trade, benchmark indices a percent from the top to end lower by four tenth of a percent and closed at the lowest level after 10th November 2022. Sensex settled at 60825, down 241 points while Nifty lost 71 points to finish at 18127. Nifty mid-cap and small-cap indices tumbled 0.9% and 1.6% respectively. Except a flat IT index, all the NSE sectoral indices ended in red, with Realty and PSU Bank indices being the top loser, down 1.4% and 1.2% respectively.

 

FIIs net bought stocks and stock futures worth Rs 929 cr and 738 cr respectively but net sold index futures worth Rs 651 cr. DIIs were net buyers to the tune of Rs 2207 cr.

 

Rupee appreciated 5 paise to end at 82.76/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-1.1% and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 18133, the bottom made on 21st November, continued to be next support, below which, 18000-18050 would be next support area.

 

Nifty broke 18133 and plunged all the way to 18068 before closing at 18127.

 

18068, the low made yesterday, also coincided with the trendline adjoining bottoms made in June and September and hence is the immediate support to eye. Below yesterday's low, 17900-17950 would be next support area; 18300-18350 is the immediate resistance area, with the stop-loss of which, trading shorts can be held on to.

 

For Banknfity, 42000-41900 is the next support area; 43100-43200 is the immediate resistance zone.

 

18000-18050 BELOW 18133; 18500-18550 IS THE RESISTANCE ZONE

 

18000-18050 BELOW 18133; 18500-18550 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices surged 1.5%-1.6%, following strong consumer confidence data and upbeat earnings from Nike and FedEx.

 

Consumer confidence for December jumped to the highest level since April.

 

Nike surged 12% after beating expectations for quarterly earnings and revenue. FedEx gained 3.4% after reporting earnings per share that beat estimates.

 

US 10-year treasury yield fell 2 bps to 3.664%. Dollar index fell 0.7% to 103.97. Gold eased  0.2% to $1814 per ounce.

 

Oil rose after data showed a larger-than-expected draw in U.S. crude stockpiles. Brent crude futures for February delivery rose 2.8% to $82.20 a barrel and WTI futures gained 2.7% to $78.29.

 

European markets climbed 1.5%-2%.

 

AT HOME

 

After gaining half a percent in the initial trade, benchmark indices nosedived a percent and half from the top to end lower by a percent and closed at the lowest level in a month. Sensex settled at 61067, down 635 points while Nifty lost 186 points to finish at 18199. Nifty mid-cap and small-cap indices tumbled 1.6% and 2.2% respectively. Nifty Media and PSU Bank indices were the top losers among the sectoral indices, down 3% and 2.8% respectively while Healthcare and Pharma indices surged 2.7% and 2.4% respectively, becoming top gainers.

 

FIIs net sold stocks and index futures worth Rs 1119 cr and 585 cr respectively but net bought stock futures worth Rs 201 cr. DIIs were net buyers to the tune of Rs 1757 cr.

 

Rupee depreciated 5 paise to end at 82.81/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-2% with Hang Seng on the top. SGX Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 18500-18550 continued to be immediate resistance zone while 18133, the low made on 21st November, continued to be next support.

 

Nifty, after touching a high of 18473, reversed and plunged all the way to 18162 before closing at 18199.

 

18133, the bottom made on 21st November, continues to be next support below which, 18000-18050 would be next support area; 18500-18550 continues to be resistance zone.

 

For Banknfity, upon breach of 42363, i.e. the low made yesterday, 42000-41900 would be next support area; 43600 is the immediate hurdle.

 

18500-18550 IS THE RESISTANCE ZONE

 

18500-18550 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices ended flat to modestly higher, snapping 4-day losing streak.

 

Bank of Japan unexpectedly raised its cap on 10-year Japanese government bond yields, in a move aimed at cushioning the effects of protracted monetary stimulus measures. The move prompted the Japanese yen and bond yields around the world to rise suddenly.

 

US 10-year treasury yield rose 10 bps to 3.688%. Dollar index fell 0.7% to 103.97. Gold jumped 1.7% to $1818 per ounce.

 

Brent crude futures rose 19 cents to $79.99 while WTI crude futures settled up 90 cents at $76.09 per barrel.

 

In Europe, FTSE inched up 0.1% but DAX and CAC fell 0.4% each.

 

AT HOME

 

After plunging more than a percent in the morning, benchmark indices recouped most of the losses in noon rebound to end lower by just a fifth of a percent. Sensex settled at 61702, down 104 points while Nifty lost 35 points to finish at 18385. Nifty mid-cap and small-cap indices fell 0.2% and 0.4% respectively. Nifty Realty index was the top loser among the sectoral indices, down 1.2%, followed by 0.8% lower Media and Auto indices. Oil & Gas and IT indices were the top gainers, up 0.2% each.

 

FIIs net bought stocks worth Rs 456 cr but net sold index futures and stock futures worth Rs 2986 cr and 1130 cr respectively. DIIs were net buyers to the tune of Rs 495 cr.

 

Rupee depreciated 5 paise to end at at 82.76/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of upto 0.6% and SGX Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18540, continued to be immediate hurdle while 18133, the low made on 21st November, continued to be next support.

 

Nifty, after touching a low of 18202, rebounded sharply to end at 18385. The benchmark is set to start near 18450 today.

 

18500-18550 continues to be immediate resistance zone; 18133, the low made on 21st November, continues to be next support.

 

For Banknifty, 43600 is the immediate hurdle on the hourly chart, above which, 44151, the top made last week, would be the next target; 42955, the low made yesterday, is the immediate support, below which, 34-DMA, placed around 42800, would be crucial support to eye.

 

18133 CONTINUES TO BE NEXT SUPPORT; 20-DMA RESISTANCE AT 18540

 

18133 CONTINUES TO BE NEXT SUPPORT; 20-DMA RESISTANCE AT 18540

 

WORLD MARKETS

 

US indices fell 0.5%-1.5%, extending the losing streak to fourth consecutive day.

 

US 10-year treasury yield rose 10 bps to 3.59%. Dollar index fell 0.2% to 104.66. Gold fell 0.3% to $1787 per ounce.

 

Brent crude gained 76 cents to settle at $79.80 a barrel, while WTI crude rose 90 cents to $75.19.

 

European markets gained 0.3%-0.4%. Ifo business climate survey showed German business morale rose more than expected in December.

 

In a statement following the annual budget-setting Central Economic Work Conference, Chinese officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key target.

 

AT HOME

 

Benchmark indices rose eight tenth of a percent, snapping a 2-day losing streak. Sensex settled at 61806, up 468 points while Nifty added 151 points to finish at 18420. Nifty mid-cap and small-cap indices gained 0.6% and 0.5% respectively. Except 0.5% and 0.1% lower IT and PSU Bank indices respectively, all the NSE sectoral indices ended higher, with Auto and FMCG indices on the top, up 1.6% and 1.5% respectively.

 

FIIs net sold stocks worth Rs 538 cr but net bought index futures and stock futures worth Rs 1156 cr and 1766 cr respectively. DIIs were net buyers to the tune of Rs 687 cr.

 

Rupee appreciated 16 paise to end at 82.70/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% but Hang Seng and Shanghai are down 1.5% and 0.5% respectively. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 18133, the low made on 21st November was the next support, while 20-DMA, placed around 18530 would be the immediate hurdle.

 

Nifty rose to touch a high of 18431 before closing at 18420.

 

20-DMA, placed around 18540, continues to be immediate hurdle on the way up; 18133, the low made on 21st November, continues to be next support.

 

For Banknifty, 43080, the low made last week, is the immediate support, upon breach of which, 34-DMA, placed around 42700, would be crucial support to eye. On the way up, 43800 is the immediate hurdle on the hourly chart, above which, 44151, the top made last week, would be next resistance.