19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

19300 CONTINUES TO BE IMMEDIATE HURDLE; 18940 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 1.7%-1.9% as Treasury yields extended the fall on raised bets that the Federal Reserve may be done raising interest rates.

 

Labor costs fell by 0.8% in the third quarter compared to expectations for a 0.7% increase. Weekly jobless claims ticked higher to 217,000 for week ending Oct. 28, more than the 210,000 in the previous week and the 214,000 consensus estimate.

 

U.S. 10-year treasury yield fell 7 bps to 4.66%. Dollar index fell half a percent to 106.16. Gold inched up 0.2% to $1985 per ounce.

 

Brent crude futures rose 2.6% to settle at $86.85 a barrel, while WTI crude futures gained $2.23, or 2.8% to $82.67 a barrel.

 

European markets gained 1.4%-1.8%. The Bank of England held interest rates steady.

 

AT HOME

 

Benchmark indices climbed eight tenth of a percent each, recouping losses suffered in previous two sessions. Sensex settled at 64080, up 489 points while Nifty added 144 points to finish at 19133. Nifty mid-cap and small-cap indices surged 1.4% and 1.3% respectively. All the NSE sectoral indices ended higher, with Realty and PSU Bank indices on the top, up 2.5% and 1.5% respectively.

 

FIIs net sold stocks and index futures worth Rs 1261 cr and 901 cr respectively but net bought stock futures worth Rs 1352 cr. DIIs were net buyers to the tune of Rs 1380 cr.

 

Rupee appreciated 5 paise to end at 83.24/$.

 

Tata Motors, led by JLR, reported strong quarterly numbers. Revenue rose 32%, JLR margin expanded to nearly 15% and company raised full year outlook by 200 bps.

 

OUTLOOK

 

Japanese markets is shut today while Hang Seng and Shanghai are up 1.1% and 0.3% respectively. GIFT Nifty is suggesting more than 100 points gap-up start for our market.

 

In yesterday's report we had said that 19300 continued to be immediate hurdle while 18940, the low made Monday, continued to be immediate support.

 

Nifty surged to touch a high of 19175 before closing at 19133. The benchmark is set to open above 19200 today.

 

19300 continues to be immediate hurdle on the hourly chart; 18940, the low made Monday, continues to be immediate support.

 

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 Monday, is the immediate support below which, 42105, the low made last week, would be next downside level to eye.

 

Titan will report its quarterly earnings today.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.