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.