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.