21593 IS THE UPSIDE LEVEL TO EYE; 21232 IS IMMEDIATE SUPPORT

 

21593 IS THE UPSIDE LEVEL TO EYE; 21232 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.4% each while Nasdaq gained half a percent.

 

Annual home prices in October rose again, pointing toward continued recovery of the housing market.

 

U.S. 10-year treasury yield was little changed at 3.899%. Dollar index fell 0.3% to 101.44. Gold rose 0.7% to $2068 per ounce.

 

Oil climbed more than 2% to its highest level this month, as further attacks on ships in the Red Sea prompted fears of shipping disruptions and on hopes of interest rate cuts that could boost economic growth and fuel demand. Brent crude futures settled 2.5% higher at $81.07 a barrel, WTI crude rose by 2.7%, to $75.57.

 

European markets were shut for Boxing Day holiday.

 

AT HOME

 

Sensex and Nifty gained 0.3% and 0.4% respectively, extending the winning streak to third straight day. Sensex settled at 71336, up 230 points while Nifty added 92 points to finish at 21441. Nifty mid-cap and small-cap indices gained 0.6% and 0.1% respectively, also rising for the third straight session. Nifty Oil & Gas and Healthcare indices gained 1.5% and 1.25% respectively, becoming top gainers among the sectoral indices while Media and IT indices were the top losers, down 0.6% and 0.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 95 cr and 777 cr respectively but net bought stock futures worth Rs 1008 cr. DIIs were net buyers to the tune of Rs 167 cr.

 

Rupee depreciated 5 paise to end at 83.19/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.8% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 21460, the 78.6% retracement level of the recent 21593-20976 fall, was the immediate hurdle, upon crossover of which, 21593, the top made last week, would be the next upside target/resistance to eye.

 

Nifty rose to touch a high of 21477 before closing at 21441.

 

21593, the top made last week, is the next upside target/resistance to eye; 21232, the low made on Friday, is the immediate support.

 

For Banknifty, 48100-48200 is the immediate resistance zone, a crossover of which is required for a fresh upmove. If that happens, 49300-49400 would be the next target area. 46920, the low made last week, is immediate support.

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