STAY LONG WITH THE STOP-LOSS OF 18350

 

STAY LONG WITH THE STOP-LOSS OF 18350

 

WORLD MARKETS

 

U.S. markets were closed yesterday for Memorial Day.

 

In Europe, U.K. markets were closed today for a bank holiday while DAX and CAC fell 0.2% each.

 

Dollar index fell 0.2% to 104.04. Gold fell 0.1% to $1944 per ounce.

 

Brent crude futures rose 0.2% to $77.07 a barrel and WTI crude rose 0.3% to $72.92 a barrel.

 

AT HOME

 

Sensex and Nifty rose half a percent each, extending the winning streak to third consecutive day and closing at the highest level after 2nd and 14th December respectively. Sensex settled at 62846, up 344 points while Nifty added 99 points to finish at 18598. Nifty mid-cap and small-cap indices rose 0.4% and 0.3% respectively. Except 0.5% and 0.4% lower Oil & Gas and IT indices respectively, all the NSE sectoral indices ended higher, with Consumer Durables and Financial Services indices on the top, up 1.3% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1758 cr and 2124 cr respectively but net sold index futures worth Rs 162 cr. DIIs were net buyers to the tune of Rs 854 cr.

 

Rupee depreciated 5 paise to end at 82.63/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.4% and 0.3% respectively while Nikkei is down half a percent. SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, is the next major target to eye while 18350-18300 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty surged to touch a high of 18641 before closing at 18598.

 

18887, the record high made in December 2022, continues to be next major target to eye; 18350 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

44800-44900 is the next target area for Banknifty; 43800 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

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