19303-19523 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow rose 0.6% while S & P 500 and Nasdaq inched up 0.2% each, snapping a three-day losing streak.

 

U.S. 10-year treasury yield fell 7 bps to 3.998%. Dollar index fell 0.3% to 101.95. Gold was flat at $1925 per ounce.

 

Brent crude futures settled down 1% at $77.69 a barrel and WTI crude fell 1.2% to $72.99.

 

European markets gained 0.2%-0.4%.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound but choppy session. Sensex settled at 65344, up 63 points while Nifty added 24 points to finish at 19355. Nifty mid-cap and small-cap indices fell 0.4% and 0.6% respectively, extending the losing streak to second straight session. Except 1.7% and 0.6% higher Metal and Oil & Gas indices respectively, all the NSE sectoral indices ended lower, with IT and Media indices being the top losers, down 1.2% and 1% respectively.

 

FIIs net bought stocks and index futures worth Rs 588 cr and 321 cr respectively but net sold stock futures worth Rs 1025 cr. DIIs were net buyers to the tune of Rs 288 cr.

 

Rupee appreciated 17 paise to end at 82.57/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up half a percent each while Shanghai is marginally lower. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 19303, the low made Friday, was the immediate support while 19523, the top made on Friday, was the immediate hurdle.

 

Nifty, after touching a low of 19327, closed at 19355. The benchmark is set to open near 19400 today.

 

19303, the low made Friday, continues to be immediate support, below which, a rising trendline adjoining tops made since mid-May, would land support in 19150-19200 region; 19523, the top made on Friday, continues to be immediate hurdle.

 

For Banknifty, 20-DMA, placed around 44300, is the next downside level to eye. On the way up, 45655, the top made last week, is the immediate hurdle, upon crossover of which, 46400-46500 would be next target area.

 

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