TRAIL STOP-LOSS TO 19450

 

TRAIL STOP-LOSS TO 19450

 

WORLD MARKETS

 

U.S. indices fell 0.6%-1.1%, with Nasdaq notching a third straight day of losses, as concerns mounted that the Fed may not be done hiking interest rates.

 

U.S. 10-year treasury yield rose 2 bps to 4.284%. Dollar index was little changed at 104.84. Gold fell half a percent to $1916 per ounce.

 

The ISM services index climbed to a six-month high in August, while the price segment ticked up to 58.9%.

 

Brent crude futures settled up 56 cents to $90.60 a barrel while WTI futures settled up 85 cents to $87.54.

 

In Europe, FTSE and DAX fell 0.2% each while CAC dipped 0.8%.

 

AT HOME

 

After trading in red for better part of the day, benchmark indices surged in last hour to end modestly higher, extending the winning streak to fourth straight day. Sensex settled at 65880, up 100 points while Nifty added 36 points to finish at 19611. Nifty mid-cap and small-cap indices inched up 0.1% and 0.2% respectively, extending the winning streak to eighth straight session and hit fresh record highs.Nifty FMCG index was the top gainer among the sectoral indices, up 1%, followed by 0.9% higher Healthcare and Pharma indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3246 cr, 33 cr and 2319 cr respectively. DIIs were net sellers to the tune of Rs 247 cr.

 

Rupee depreciated 13 paise to end at 83.13/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.7% and GIFT Nifty is suggesting 30-40 points lower start for our market.

 

In yesterday's report we had said that 19645, the top made on 9th August, was the next upside level to eye and had advised holding on to longs with the stop-loss of 19400.

 

Nifty, after touching a low of 19491, rebounded to touch a high of 19636 before closing at 19611.

 

19645, the top made on 9th August, continues to be immediate upside level to eye, upon crossover of which, 19795, the top made in August, would be next target; 19450 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty 34-DMA, placed around 44800 continues to be immediate hurdle, upon crossover of which, 45300, followed by 45775, the 61.8% and 78.6% retracement level of the 46370-43600 fall, would be next upside levels to eye; On the way down, 43830, the bottom made last week, is the immediate support.

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