TRAIL STOP-LOSS TO 19330

 

TRAIL STOP-LOSS TO 19330

 

WORLD MARKETS

 

Dow plunged 1.1% while S & P 500 and Nasdaq fell 0.8% each after a better-than-expected private payrolls report fueled expectations for more rate hikes from the Federal Reserve, lifting Treasury yields higher.

 

Data from ADP showed private sector jobs saw their biggest monthly gain since July 2022 at 497,000 in June, which was double the estimate of 220,000 and far better than the downwardly revised 267,000-job addition seen in May. ISM Services PMI faster than expected growth in June. The number of Americans filing new claims for unemployment benefits rose moderately last week.

 

U.S. 10-year treasury yield jumped 10 bps to 4.035% while 2-year treasury yield surged to 5.118%, its highest level since 2007, before easing to 4.987%. Dollar index fell 0.2% to 103.11. Gold fell 0.2% to $1911 per ounce.

 

Brent crude futures settled 13 cents lower at $76.52 a barrel and WTI crude gained 1 cent to $71.80 a barrel.

 

European markets nosedived 2.2%-3.1%.

 

AT HOME

 

Benchmark indices jumped half a percent each to hit fresh record highs. Sensex added 340 points to settle at 65785 while Nifty settled at 19497, up 99 points.  Nifty mid-cap and small-cap indices gained 1% and 0.8% respectively with the former hitting fresh record highs and the later scaling highest level in 17-months. Nifty Realty and Oil & Gas indices surged 2.2% and 1.9% respectively, becoming top gainers among the sectoral indices while Financial Services and IT indices were the top losers, down 0.1% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2641 cr, 780 cr and 2956 cr respectively. DIIs were net sellers to the tune of Rs 2352 cr.

 

Rupee depreciated 28 paise to end at 82.51/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1% and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 20071, the next Fibonacci extension level, continued to be next major target to eye while 19080 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 19512 before closing at 19497. The benchmark is set to open near 19450 today.

 

20071, the next Fibonacci extension level, continues to be next major target to eye; Immediate support on the hourly chart has moved up to 19330, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of Tuesday's high, i.e. 45655, 46200 would be next target; 44600 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

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