19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940, 18837 ARE SUPPORTS

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940, 18837 ARE SUPPORTS

 

WORLD MARKETS

 

Dow surged 1.6% for its best day since June 2, while S & P 500 and Nasdaq climbed 1.2% each, kicking off a big week filled with a Fed rate decision, jobs report and Apple’s earnings.

 

U.S. 10-year treasury yield rose 5 bps to 4.894%. Dollar index fell 0.4% to 106.14. Gold fell half a percent to $1996 per ounce.

 

Brent crude futures fell 2.8% to $87.89 per barrel while WTI futures declined 3.5% to $82.57 per barrel.

 

European markets gained 0.2%-1.1%. German GDP recorded a 0.1% quarterly fall, slightly better than the 0.3% decline forecast.

 

AT HOME

 

Benchmark indices gained half a percent each, extending rising streak to second straight day. Sensex settled at 64112, up 330 points while Nifty added 93 points to finish at 19140. Nifty mid-cap and small-cap indices inched up 0.1% and 0.2% respectively. Nifty Realty and Oil & Gas indices were the top gainers among sectoral indices, up 2.1% and 1.3% respectively while Auto and Consumer Durables indices were the top losers, down 0.9% and 0.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1762 cr, 298 cr and 1658 cr respectively. DIIs were net buyers to the tune of Rs 1328 cr.

 

Rupee ended flat at 83.25/$.

 

UPL missed street estimates on all fronts with a net loss of Rs. 189 cr and margin at 15.5%.

OUTLOOK

 

Today morning, Nikkei and Shanghai are down 0.2% each while Hang Seng is off 0.8%. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18837, the low made last week, was the important immediate support to eye while 19300 is the immediate hurdle on the hourly chart.

 

Nifty rose to touch a high of 19158 before closing at 19140.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made yesterday, is the immediate support, below which, 18837, the low made last week, would be crucial support to eye.

 

For Banknifty, 43400 continues to be immediate hurdle on the hourly chart, above which, 43715 and 44153, the 61.8% and 78.6% retracement levels of the recent 44700-42100 fall, would be next upside levels to eye; 42390, the low made yesterday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

L & T, Tata Consumer and Bharti Airtel will report their quarterly earnings today.

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