TRAIL STOP-LOSS TO 19000

 

TRAIL STOP-LOSS TO 19000

 

WORLD MARKETS

 

Dow was little changed while S & P 500 and Nasdaq inched up 0.1% and 0.2% respectively. U.S. markets closed early ahead of the Fourth of July holiday.

 

ISM June manufacturing PMI dropped to 46.0 from 46.9 in May, the lowest reading since May 2020 and marking the eight consecutive month of contraction.

 

U.S. 10-year treasury yield inched up 2 bps to 3.858%. Dollar index was little changed at 102.97. Gold too was flat at $1921 per ounce.

 

Brent as well as WTI crude futures rose 0.6% each to $75.84 and $71.03 respectively.

 

In Europe, FTSE, DAX and CAC fell between 0.1%-0.44%. Euro zone manufacturing activity contracted faster than initially thought in June.

 

China’s Caixin manufacturing PMI for June came in at 50.5, slightly higher than expectations of 50.2. China’s official government PMI readings posted a third straight month of contraction.

 

AT HOME

 

Fresh week, month, quarter as well as second half started on a positive note as benchmark indices surged seven tenth of a percent and hit fresh record highs. Sensex settled at 65205, up 486 points while Nifty added 133 points to finish at 19322. Nifty mid-cap and small-cap indices rose 0.25% and 1.2% respectively. Nifty PSU Bank and Oil & Gas indices surged 3.6% and 2.3% respectively, becoming top gainers among the sectoral indices while Pharma and Healthcare indices were the top losers, down 1.1% and 0.9% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1996 cr, 434 cr and 229 cr respectively. DIIs were net sellers to the tune of Rs 338 cr.

 

Rupee appreciated 8 paise to end at 81.96/$.

 

OUTLOOK

 

Today morning, Nikkei is down 1%, Shanghai is flat while Hang Seng is up 0.6%. GIFT Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 19378 was the next upside target to eye while 18850 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 19345 before closing at 19330.

 

19378, followed by 20071 are the next Fibonacci extension levels and hence continue to be next upside targets to eye; 19000 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of yesterday's high, i.e. 45353, 45600-45700 would be next target area; 44100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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