18460-18430 IS THE NEXT SUPPORT AREA; 18670-18730 IS THE IMMEDIATE RESISTACE ZONE

 

18460-18430 IS THE NEXT SUPPORT AREA; 18670-18730 IS THE IMMEDIATE RESISTACE ZONE

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq fell 0.2% and 0.5% respectively, with S & P 500 extending the losing streak to fifth consecutive day.

 

US 10-year treasury yield fell 9 bps to 3.419%. Dollar index dipped 0.4% to 105.18.

Gold gained 0.9% to reach $1786 an ounce.

 

Oil fell to its lowest level this year. Brent futures fell $2.18 to $77.17 a barrel and WTI crude fell $2.24 to $72.01 a barrel.

 

In Europe, FTSE and CAC fell 0.4% each while DAX was down 0.6%.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.4% respectively, with Sensex extending the losing streak to fourth straight day. Sensex settled at 62410, down 215 points while Nifty lost 82 points to finish at 18560. Nifty mid-cap and small-cap indices fell 0.6% each. Except 1% and 0.3% higher FMCG and PSU Bank indices respectively, all the NSE sectoral indices ended in red, with Media and Realty indices leading the losses, down 1.4% and 1.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1242 cr, 1218 cr and 918 cr respectively. DIIs were net buyers to the tune of Rs 389 cr.

 

Rupee appreciated 15 paise to end at 82.47/$.

 

OUTLOOK

 

Today morning, Hang Seng is up nearly 2%, Shanghai is little changed while Nikkei is down a percent. SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 18887, the top made last week, continued to be immediate hurdle while 18560 continued to be immediate support on the hourly chart below which, 20-DMA, placed around 17450, would be next downside level to eye.

 

Nifty broke 18560 and touched a low of 18528 before closing at 18560.

 

20-DMA, placed around 18460, followed by 18430, where a trendline adjoining bottoms made on 10th and 21st November is placed, are the downside supports to eye; 18670-18730 is the immediate resistance zone on the hourly chart.

 

For Banknifty, 44000-44100 continues to be next target area on the way up; 42900-42800 continues to be immediate support area below which, 20-DMA, placed around 42650, would be next support.