STAY LONG WITH THE STOP-LOSS OF 17630

 

STAY LONG WITH THE STOP-LOSS OF 17630

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.2% and 0.1% respectively while Nasdaq fell 0.3%.

 

Dallas Fed’s report showed manufacturing activity in Texas contracted in April.

 

US 10-year treasury yield fell 7 bps to 3.494%. Dollar index fell 0.4% to 101.34. Gold rose 0.3% to $1989 per ounce.

 

Brent crude settled up 1.3% at $82.73 a barrel while WTI crude settled up 1.1% at $78.76.

 

European markets ended marginally in the red.  A survey showed that German business morale rose slightly in April.

 

AT HOME

 

Benchmark indices climbed 0.7% each, posting their best day in nearly 3-weeks. Sensex settled at 60056, up 401 points while Nifty added 119 points to finish at 177743. Nifty mid-cap and small-cap indices gained 0.4% and 0.6% respectively. Nifty PSU Bank surged 2.6%, becoming top gainer among the sectoral indices, followed by 1.3% higher Financial Services index. Media and Pharma indices were the top losers, down 1.3% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 412 cr but net bought index futures and stock futures worth Rs 1113 cr and 1312 cr respectively. DIIs were net buyers to the tune of Rs 1177 cr.

 

Rupee appreciated 19 paise to end at 81.91/$.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent but Hang Seng and Shanghai are down 1.2% and 0.2% respectively. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 17554, the low made on Friday, was the immediate support while 17863, the top made last week, was the immediate hurdle.

 

Nifty surged to touch a high of 17754 before closing at 17743.

 

17863, the top made last week, is the next upside target; 17630 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42966, the 78.6% retracement level of the entire 44151-38613 fall seen since December 2022, is the next upside level to eye; 42250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Bajaj Auto, HDFC AMC, Tata Consumer and Nestle will report their quarterly earnings today.