19650-19600 IS THE SUPPORT AREA

 

19650-19600 IS THE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices rose 0.1%-0.6%, with the Dow rising for the 12th straight session, ahead of the Federal Reserve’s policy decision Wednesday.

 

U.S. consumer confidence increased to a two-year high in July amid a persistently tight labor market and receding inflation. However, consumers remain fearful of a recession over the next year.

 

U.S. 10-year treasury yield inched up 1 bps to 3.888%. Dollar index fell 0.1% to 101.30. Gold rose half a percent to $1965 per ounce.

 

Brent futures rose 90 cents to $83.64 a barrel and WTI crude rose 89 cents to $79.63.

 

In Europe, FTSE and DAX rose 0.2% and 0.1% respectively while CAC fell 0.2%. A recent survey showed demand for loans in the euro zone hitting a record low in the second quarter, and separate data showed deterioration of business confidence in Germany this month.

 

AT HOME

 

Benchmark indices ended flat after a rangebound but choppy session. Sensex settled at 66355, down 29 points while Nifty added 8 points to finish at 19680. Nifty mid-cap index rose 0.4% while small-cap index fell 0.1%. Nifty Metal index surged 2.9%, becoming top gainer among the sectoral indices, followed by 1.5% higher Media index. PSU Bank and FMCG indices were the top losers, down 1.5% and 0.9% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1089 cr and 2267 cr respectively but net sold index futures worth Rs 1060 cr. DIIs were net sellers to the tune of Rs 334 cr.

Rupee depreciated 5 paise to end at 81.87/$.

 

Tata Motors reported solid set of numbers driven by JLR. Revenue rose 57% while margins expanded. It also announced conversion of DVR shares to ordinary shares. L&T's revenue and EBIDTA beat estimate while margin was a miss. Company’s order book crossed 4 lk cr. It announced Rs. 10000 cr buyback at Rs. 3000 per share

 

IMF raised India's FY24 GDP growth to 6.1% from 5.9% earlier.

 

OUTLOOK

 

Today morning, Asian markets are trading flat to modestly lower and GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 19650 continued to be immediate support on the hourly chart, upon beach of which, 19500, would be next downside level to eye.

 

Nifty, after touching a low of 19615, rebounded to end at 19680.

 

19650-19600 is the immediate support area, upon breach of which, 19500 would be next support to eye; 19991, the top made last week, continues to be immediate hurdle.

 

For Banknifty, 45400 continues to be immediate support on the hourly chart; 46500, followed by 46800 are the upside targets to eye.

 

Axis Bank, Bajaj Finance, BPCL, Cipla and Dr Reddy will report their quarterly earnings today.

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