19100-19150 IS THE NEXT TARGET AREA; 18800 IS IMMEDIATE SUPPORT

 

19100-19150 IS THE NEXT TARGET AREA; 18800 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

On Wednesday, Nasdaq rose 0.3%, S & P 500 ended little changed while Dow fell 0.2%. Fed Chair Powell, speaking at the ECB Forum on Central Banking said more restrictive policy is still to come as the Fed continues to fight inflation, including the likelihood of interest rate hikes at consecutive meetings.

 

Yesterday, Dow and S & P 500 gained 0.8% and 0.4% respectively while Nasdaq ended flat as banks rose after passing the Federal Reserve’s annual stress test.

 

At the European Central Bank forum in Sintra, Portugal, ECB President Christine Lagarde, Bank of England Governor Andrew Bailey and Federal Reserve Chairman Jerome Powell vowed to push on despite growth risks.

 

Weekly initial jobless claims decreased 26,000 to a seasonally adjusted 239,000, the largest drop in 20 months and below the expectation of 265,000. The Commerce Department revised its estimate of first-quarter GDP to 2%, up from the 1.3% reported in May and above the 1.4% previous estimate.

 

U.S. 10-year treasury yield jumped 13 bps to 3.842%. Dollar index rose 0.4% to 103.35. Gold was flat at $1907 per ounce.

 

Brent crude futures rose 0.4% to $74.34 a barrel and WTI crude futures rose 0.4% to $69.86 a barrel.

 

In Europe, FTSE fell 0.4%, DAX was flat while CAC rose 0.4%. German inflation rose more than expected in June, while inflation in Spain and Italy eased.

 

 

AT HOME

 

Benchmark indices climbed 0.8% each and hit fresh record highs. Sensex, after hitting a high of 64050, settled at 63915, up 499 points. Nifty surged to 19011 before closing at 18972, gaining 155 points. Nifty mid-cap and small-cap indices rose 0.6% and 0.4% respectively. Except 0.7% lower Media index, all the NSE sectoral indices ended higher, with Pharma and Metal indices on the top, up 1.5% and 1.4% respectively.

 

FIIs net bought stocks worth Rs 12350 cr but net sold index futures and stock futures worth Rs 848 cr and 1666 cr respectively. DIIs were net sellers to the tune of Rs 1021 cr.

 

Rupee depreciated 3 paise to end at 82.06/$.

 

OUTLOOK

 

China's June manufacturing PMI has come in at 49, matching estimate.

 

Today morning, Shanghai and Hang Seng are modestly higher while Nikkei is off 0.6%. SGX Nifty is suggesting more than 100 points higher start for our market.

 

In Wednesday's report we had said that 18887 continued to be immediate hurdle, upon crossover of which, 19050, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye.

 

Nifty crossed 18887 and surged all the way to 19011 before closing at 18972. The benchmark is set to open above 19050 today.

 

19100-19150 is the next target area for Nifty; 18800 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44800 is the next target, above which, 45500-45600 would be next major target area; 43900 is immediate support.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

NIFTY SET TO CHALLENGE 18887 HURDLE

 

NIFTY SET TO CHALLENGE 18887 HURDLE

 

WORLD MARKETS

 

U.S. indices climbed 0.6%-1.6%, with Dow snapping a 6-day losing streak.

 

May durable goods orders data showed a surprising increase for the month, while home sales and consumer confidence came in stronger than expected.

 

European Central Bank President Christine Lagarde said inflation was still too high in the euro area and it was too soon to “declare victory.”

 

U.S. 10-year treasury yield rose 4 bps to 3.768%. Dollar index fell 0.2% to 102.50. Gold fell half a percent to $1913 per ounce.

 

Brent crude futures fell 2.6% to $72.26 a barrel and WTI futures dropped 2.4% to $67.70.

 

European markets rose 0.1%-0.4%.

 

AT HOME

 

Benchmark indices climbed 0.7% each and registered second best close ever. Sensex settled at 63416, up 446 points while Nifty added 126 points to finish at 18817. Nifty mid-cap and small-cap indices gained 0.5% and 0.6% respectively. Except marginally lower FMCG and Oil & Gas indices, all the NSE sectoral indices ended higher, with Nifty Financial Services and Realty indices being the top gainers, up 1.6% and 1.2% respectively.

 

FIIs net bought stocks and stock futures worth Rs 2024 cr and 1329 cr respectively but net sold index futures worth Rs 2861 cr. DIIs were net sellers to the tune of Rs 1991 cr.

 

Rupee appreciated 1 paise to end at 82.03/$.

 

India’s current account deficit for Jan-March 2023 quarter came in at just 1.3 billion dollars or 0.2% of GDP. This is the lowest since Q1 of FY22. However, expectation was of a minor current account surplus of 5-6 billion dollars or 0.5% of GDP.

 

OUTLOOK

 

Today morning, Nikkei is up 0.7% but Hang Seng and Shanghai are down 0.3% and 0.6% respectively. SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 18647 continued to be immediate support, while 18887 continued to be immediate hurdle.

 

Nifty surged to touch a high of 18829 before closing at 18817 and is set to open above 18850 today.

 

18887 continues to be immediate hurdle, upon crossover of which, 19050, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye.

 

For Banknifty, 44500 is the immediate hurdle, upon crossover of which, 44800 would be next target; 43600 is immediate support.

 

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

NIFTY REBOUNDS FROM 18647 SUPPORT

 

NIFTY REBOUNDS FROM 18647 SUPPORT

 

WORLD MARKETS

 

Dow ended marginally in the red, extending the losing streak to sixth straight session, while S & P 500 and Nasdaq fell 0.4% and 1.2% respectively

 

Tesla tumbled 6% after Goldman Sachs downgraded the stock, citing pricing headwinds. Other tech names like Nvidia, Alphabet and Meta Platforms also lost more than 3% each.

 

U.S. 10-year treasury yield fell 1 bps to 3.725%. Dollar index fell 0.1% to 102.75. Gold was little changed at $1922 per ounce.

 

WTI as well as Brent futures rose 0.8% each to $69.74 and $74.47 per barrel respectively.

 

In Europe, FTSE and DAX fell 0.1% each while CAC rose 0.3%. S&P Global Ratings raised its 2023 GDP forecast for the euro zone to 0.6% from 0.3% but nudged its 2024 growth forecast down to 0.9% from 1%. Meanwhile, a German business sentiment survey significantly missed economists’ expectations.

 

AT HOME

 

Sensex ended marginally in the red while Nifty inched up 0.1% after a rangeboud but choppy session. Sensex settled at 62970, down 9 points while Nifty added 25 points to finish at 18691. Nifty mid-cap and small-cap indices rose 0.9% and 0.6% respectively, snapping a 2-day losing streak. Except 0.2% and 0.1% lower PSU Bank and Oil & Gas indices respectively, all the NSE sectoral indices ended higher, with Pharma and Healthcare indices on the top, up 1.5% each.

 

FIIs net sold stocks worth Rs 409 cr but net bought index futures and stock futures worth Rs 263 cr and 1948 cr respectively. DIIs were net buyers to the tune of Rs 250 cr.

 

Rupee ended flat at 82.04/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.3% respectively but Nikkei is down a percent. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 18887 continued to be important immediate hurdle while 18647, the low made last week, was the immediate support.

 

Nifty, after touching a low of 18647, rebounded to end at 18691.

 

18647 continues to be immediate support, upon breach of which, 34-DMA, placed around 18530, would be next downside level to eye; 18887 continues to be immediate hurdle.

 

For Banknifty, 43345, the low made last week, continues to be immediate support, upon breach of which, 42800-42600 would be next support area; 44000-44100 is the immediate resistance zone, above which, 44500 would be bigger hurdle to eye.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

18515 BELOW 18647; 18887 CONTINUES TO BE HURDLE

 

18515 BELOW 18647; 18887 CONTINUES TO BE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.6%-1% on Friday.

 

U.S. 10-year treasury yield fell 6 bps to 3.737%. Dollar index rose half a percent to 102.87. Gold gained 0.4% to reach $1920 per ounce.

 

Brent crude fell 0.4% to $73.85 barrel and WTI crude fell 0.50% to $69.16 a barrel.

 

European markets fell 0.5%-1%.

 

For the week, Dow and S&P 500 fell 1.7% and 1.4% respectively, ending three-week and five-week winning streak respectively. Nasdaq dropped 1.4%, snapping an eight-week win streak and posting its worst weekly performance since March.

 

AT HOME

 

Sensex and Nifty fell 0.4% and 0.6% respectively, extending the losing streak to second straight session. Sensex settled at 62979, down 259 points while Nifty lost 105 points to finish at 18665. Nifty mid-cap and small-cap indices tumbled 1.2% each for their worst fall since 13th March and 27th March respectively. Except 0.2% higher Pharma index, all the NSE sectoral indices ended in red, with Metal and Media indices being the top losers, down 2.5% and 2.1% respectively.

 

FIIs net sold stocks and index futures worth Rs 345 cr and 248 cr respectively but net bought stock futures worth Rs 494 cr. DIIs were net sellers to the tune of Rs 684 cr.

 

For the week, Sensex and Nifty fell 0.6% and 0.8% respectively, snapping a 4-week winning streak. Nifty mid-cap and small-cap indices saw first red week after 12-consecutive positive weeks.

 

OUTLOOK

 

Today morning, Nikkei is marginally in the green, Hang Seng is flat while Shanghai is down 0.8%. SGX Nifty is suggesting around 20 points higher start for our market.

 

In Friday's report we had said that 18887, the high made in December 2022, continued to be immediate hurdle while 18660, the low made Tuesday, continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 18647 before closing at 18665.

 

18887, the top made in December 2022, which was retested last week, continues to be important immediate hurdle, a crossover of which is required for a fresh upmove; On the way down, 18647, the low made on Friday, which roughly coincided with 20-DMA, is the immediate support, upon breach of which, 34-DMA, placed around 18515, would be next downside level to eye.

 

For Banknifty, 43345, the low made last week, which roughly coincided with the low made the previous week, is the immediate support, upon breach of which, 42800-42600 would be next support area; 44000-44100 is the immediate resistance zone, above which, 44500 would be bigger hurdle to eye.

18660-18887 CONTINUES TO BE IMMEDIATE RANGE

 

18660-18887 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow ended marginally in the red while S & P 500 and Nasdaq rose 0.4% and 1% respectively, snapping a 3-day losing streak.

 

Fed Chair Powell, during the second day of testimony, said the central bank would move interest rates at a “careful pace” from here and that two more rate hikes of 25 basis points each by the end of the year was “a pretty good guess.”

 

U.S. weekly jobless claims, at 264000, held steady at a 20-month high last week. Expected figure was 256000.

 

Bank of England (BoE), the Swiss National Bank (SNB) and Norges Bank all hiked their benchmark interest rates. BoE voted 7-2 to raise its main interest rate to 5% from 4.5%, its highest since 2008 and its largest rate increase since February. Swiss National Bank (SNB) hiked its benchmark interest rate by 25 basis points to 1.75%. Norges Bank raised its benchmark interest rate by 50 bps to a 15-year high.

 

U.S. 10-year treasury yield rose 8 bps to 3.799%. Dollar index rose 0.3% to 102.4. Gold fell 1% to $1913 per ounce.

 

Brent futures plunged 3.9% to $74.14 a barrel and WTI crude futures tumbled 4.2% to $69.51.

 

In Europe, FTSE and CAC dipped 0.8% each while DAX eased 0.2%.

 

AT HOME

 

Benchmark indices fell half a percent, snapping a 2-day winning streak. Sensex settled at 63238, down 284 points while Nifty lost 85 points to finish at 18771. Nifty mid-cap and small-cap indices tumbled 1.1% and 0.8% respectively, snapping 8-session winning streak and mid-cap index suffering biggest cut since 24th March, 2023. Except marginally higher Media and Metal indices, all the NSE sectoral indices ended lower, with PSU Bank index being the top loser, down 1.7%, followed by 0.8% lower Realty and Oil & Gas indices.

 

FIIs net sold stocks and stock futures worth Rs 693 cr and 2517 cr respectively but net bought index futures worth Rs 325 cr. DIIs were net buyers to the tune of Rs 219 cr.

 

Rupee appreciated 9 paise to end at 81.95/$.

 

OUTLOOK

 

Japan’s core inflation rate in May eased slightly to 3.2% year-on-year, lower than April’s 3.4% but still above the BOJ’s 2% target.

 

Chinese markets are closed today for a public holiday. Nikkei and Hang Seng are down 1.3% and 1.8% respectively. SGX Nifty is suggesting aroun 25 points lower start for our market.

 

In yesterday's report we had said that 18887, the high made in December 2022, continued to be immediate hurdle while 18660, the low made Tuesday, continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18886, slipped to end at 18771.

 

18887, the high made in December 2022, continued to be immediate hurdle; 18660, the low made Tuesday, continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 44500 continues to be important immediate hurdle, a crossover of which is required for a fresh upmove; 43400-43350 is the immediate support area, below which, 42800-42600 would be next support area.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19050 ABOVE 18887; 18660 CONTINUES TO BE IMMEDIATE SUPPORT

 

19050 ABOVE 18887; 18660 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.3%-1.2%, extending the losing streak to third consecutive day.

 

Federal Reserve Chair Jerome Powell, in remarks prepared for testimony before the House Financial Services Committee, said more rate hikes are likely ahead to combat inflation.

 

 

U.S. 10-year treasury yield was unchanged at 3.725%. Dollar index fell 0.4% to 102.08. Gold fell 0.2% to $1932 per ounce.

 

Brent futures firmed 23 cents to $76.13 a barrel and WTI crude futures inched up 26 cents to $71.45 a barrel.

 

European markets fell 0.1%-0.6%. U.K. inflation figures came in higher than expected at 8.7% for May. Core inflation — excluding energy and food — accelerated to 6.5% from 6.2% in April.

 

AT HOME

 

Sensex and Nifty inched up 0.3% and 0.2% respectively, with the former hitting record intraday as well as closing high while later notched highest ever close. Sensex settled at 63523, up 195 points while Nifty added 40 points to finish at 18856. Nifty mid-cap and small-cap indices gained 0.8% and 0.1% respectively. Nifty Financial Services and Media indices were the top gainers among the sectoral indices, up 1% and 0.6% respectively while Metal and FMCG indices were the top losers, down 0.9% and 0.4% respectively.

 

 

FIIs net bought stocks and index futures worth Rs 4013 cr and 212 cr respectively but net sold stock futures worth Rs 818 cr.

 

DIIs were net buyers to the tune of Rs 550 cr. Rupee appreciated 8 paise to end at 82.04/$.

 

OUTLOOK

 

Markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday today. Nikkei is down 0.3% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 18887, the high made in December 2022, was the immediate hurdle, while 18660, the low made Tuesday, was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 18875 before closing at 18856.

 

18887, the high made in December 2022, continues to be immediate hurdle, upon crossover of which, 19050, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye; 18660, the low made Tuesday, continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500 is the important immediate hurdle, a crossover of which is required for a fresh upmove. 43400-43350 is the immediate support area, below which, 42800-42600 would be next support area.

 Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

18660-18887 IS THE IMMEDIATE RANGE

 

18660-18887 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices fell 0.2%-0.7%.

 

U.S. single-family homebuilding jumped in May to its highest in more than a year and permits issued for future construction also climbed.

 

U.S. 10-year treasury yield fell 5 bps to 3.725%. Dollar index was little changed at 102.53. Gold fell 0.7% to $1935 per ounce.

 

European markets fell 0.2%-0.6%.

 

AT HOME

 

After falling half a percent, benchmark indices reversed and surged to end higher by nearly  three tenth of a percent. Sensex settled at 63327, up 159 points while Nifty added 61 points to finish at 18816. Nifty mid-cap and small-cap indices added half a percent each. Nifty IT index was the top gainer among the sectoral indices, up 0.8%, followed by 0.7% higher Auto and Metal indices. Media index was the top loser, down 1.2%, followed by 0.3% lower Healthcare index.

 

FIIs net sold stocks and stock futures worth Rs 1943 cr and 326 cr respectively but net bought index futures worth Rs 370 cr. DIIs were net buyers to the tune of Rs 1973 cr.

 

Rupee depreciated 18 paise to end at 82.12/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% but Hang Seng and Shanghai are down 1.4% and 0.4% respectively. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18887, the high made in December 2022, was the immediate hurdle, while 18670 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 18660, rebounded to end at 18816.

 

18887, the high made in December 2022, is the immediate hurdle, upon crossover of which, 19050, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye; 18660, the low made yesterday, is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500 is the important immediate hurdle, a crossover of which is required for a fresh upmove. 43400-43350 is the immediate support area, below which, 42800-42600 would be next support area.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

NIFTY RETREATS FROM 18887 HURDLE

 

NIFTY RETREATS FROM 18887 HURDLE

 

WORLD MARKETS

 

U.S. markets were closed for the Juneteenth holiday.

 

European markets fell 0.4%-1%.

 

Brent crude fell 1.5% to $75.46 and WTI crude was down 1.5% to $70.69.

 

Dollar index rose 0.2% to 102.48. Gold fell 0.4% to $1949 per ounce.

 

AT HOME

 

After starting higher by three tenth of a percent, benchmark indices reversed these gains through the session to end lower by around a third of a percent. Sensex settled at 63168, down 216 points while Nifty lost 70 points to finish at 18755. Nifty mid-cap and small-cap indices however inched up 0.04% and 0.3% respectively. Nifty Private Bank and Media indices fell 0.9% each, becoming top losers among the sectoral indices while PSU Bank index was the top gainer, up 1%, followed by 0.4% higher IT and Financial Services indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1031 cr, 1325 cr and 1883 cr respectively. DIIs were net sellers to the tune of Rs 365 cr.

 

Rupee ended unchanged at 81.93/$.

 

 

OUTLOOK

 

China's Central Bank has slashed its one-year and five-year loan prime rate by 10 basis points each to 3.55% and 4.20% respectively.

 

Asian markets are trading with cuts of 0.2%-1% and SGX Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 18887, the high made in December 2022, was the immediate upside level to eye, while 18700-18670 was the immediate support area on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18881, slipped to end at 18755.

 

18887, the high made in December 2022, is the immediate hurdle, upon crossover of which, 19050, around which an upward sloping trendline adjoining tops made in October 2021 and December 2022 is placed, would be the next target to eye; 18670 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500 is the important immediate hurdle, a crossover of which is required for a fresh upmove. 43400, the low made last week, is the immediate support, below which, 42800-42600 would be next support area.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.