TRAIL STOP-LOSS TO 21250

 

TRAIL STOP-LOSS TO 21250

 

WORLD MARKETS

 

U.S. indices rose 0.6%-0.7%, with the Dow and Nasdaq extending the winning streak to ninth straight session.

 

Atlanta Fed President Raphael Bostic said there is no “urgency” for rate cuts given the strength of the U.S. economy and the need to ensure inflation returns to the 2% target.

 

U.S. 10-year treasury yield was flat at 3.933%. Dollar index fell 0.4% to 102.14. Gold rose 0.6% to $2040 per ounce.

 

WTI crude futures rose 1.3% to $73.44 a barrel while Brent crude futures gained 1.6% to settle at $79.23 a barrel.

 

European markets gained upto 0.6%.

 

Bank of Japan kept its ultra-low interest rates unchanged and made no change to its dovish policy guidance.

 

AT HOME

 

After hitting fresh intraday record highs, benchmark indices closed higher by a fifth of a percent each. Sensex settled at 71437, up 122 points while Nifty added 34 points to finish at 21453. Nifty mid-cap and small-cap indices however fell 0.4% and 0.1% respectively, snapping a 4-day and 6-day winning streak respectively. Nifty FMCG index climbed 1.4%, becoming top gainer among the sectoral indices, followed by 0.8% higher Consumer Durables, Oil & Gas and PSU Bank indices. IT index was the top loser, down 1%, followed by 0.8% lower Auto index.

 

FIIs net sold stocks and stock futures worth Rs 602 cr and 788 cr respectively but net bought index futures worth Rs 1284 cr. DIIs were net buyers to the tune of Rs 294 cr.

 

Rupee depreciated 12 paise to end at 83.18/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.6% and 1.1% respectively while Shanghai is flat. GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 21600 continued to be upside level to eye for Nifty while 21070 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 21505 before closing at 21453.

 

21600 continues to be upside level to eye for Nifty; 21250 is the immediate support, with the stop-loss of which, trading longs could be held on to.

 

48220, the top made last week, is the immediate hurdle for Banknifty, above which, 48800 would be next upside level to eye; 47400 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

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