19229 CONTINUES TO BE IMMEDIATE SUPPORT; 19584 ABOVE 19400

 

19229 CONTINUES TO BE IMMEDIATE SUPPORT; 19584 ABOVE 19400

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.6% each while Nasdaq gained 0.8%.

 

U.S. 10-year treasury yield fell 3 bps to 4.208%. Dollar index fell 0.2% to 103.98. Gold rose 0.3% to $1920 per ounce.

 

Brent crude fell 6 cents to $83.10 while WTI crude rose 29 cents to $80.12 a barrel.

 

In Europe, FTSE was closed for a public holiday. DAX and CAC climbed 1% and 1.3% respectively.

 

AT HOME

 

Benchmark indices inched up a fifth of a percent each, snapping a 2-day losing streak. Sensex settled at 64996, up 110 points, while Nifty gained 40 points to finish at 19306. Nifty mid-cap and small-cap indices gained 0.5% and 0.7% respectively.          Nifty Capital Goods and Industrial indices were the top gainers among the sectoral indices, up 1.4% and 1% respectively while IT and Teck indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 1393 cr but net bought index futures and stock futures worth Rs 674 cr and 506 cr respectively. DIIs were net buyers to the tune of Rs 1264 cr.

 

Rupee appreciated 2 paise to end at 82.63/$.

 

OUTLOOK

 

Today morning, Asian markets are up 0.1%-0.9% and GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 19229, the low made Friday, was the immediate support while 19400 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a high of 19366, eased to end at 19306.

 

19229, the low made Friday, continues to be immediate support, upon breach of which, 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 up move seen since 26th June, would be next downside levels to eye; 19400 continues to be immediate hurdle on the hourly chart, upon crossover of which, 19584, the top made during last week, would be bigger hurdle to eye.

 

For Banknifty, 44950, the top made last week, is the immediate hurdle, above which, 45700-45800 would be next target area; 43900 continues to be immediate support.

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