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.

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