21883 CONTINUES TO BE IMMEDIATE SUPPORT; 22180 IMMEDIATE HURDLE

 

21883 CONTINUES TO BE IMMEDIATE SUPPORT; 22180 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.4%, with the Dow and S & P 500 extending the losing streak to third straight session.

 

Durable Goods orders rose by 1.4% last month, higher than the 0.8% rise economists had anticipated. However, the latest consumer confidence index surprised economists’ expectations to the downside.

 

U.S. 10-year treasury yield fell 1 bps to 4.234%. Dollar index inched up 0.1% to 104.29. Gold rose a third of a percent to $2178 per ounce.

 

WTI crude futures fell 0.4% to settle at $81.62 a barrel and Brent futures lost 0.6% to $86.25 a barrel.

 

European markets gained 0.2%-0.7%

 

AT HOME

 

Sensex and Nifty fell 0.5% and 0.4% respectively on the first day of the 3-session trading week, snapping a 3-day winning streak. Sensex settled at 72470, down 361 points while Nifty lost 92 points to finish at 22004. Nifty mid-cap and small-cap indices however climbed 1% and 0.4% respectively, extending the winning streak to third and fourth session respectively. Nifty Media index was the top loser among the sectoral indices, down 1.7%, followed by 0.6% lower IT and Bank indices. Realty index surged 1.6%, becoming top gainer, followed by 0.7% higher Oil & Gas index.

 

FIIs net bought stocks and stock futures worth Rs 10 cr and 941 cr respectively while net sold index futures worth Rs 881 cr. DIIs were net buyers to the tune of Rs 5024 cr.

 

Rupee appreciated 15 paise to end at 83.28/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.8% while Hang Seng and Shanghai are down 1.2% and 0.5% respectively. GIFT Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 22180, the top made on Friday, roughly coincided with 20-DMA, and hence was the immediate hurdle to eye while 21883, the low made on Friday, was the immediate support.

 

Nifty fell to close at 22004.

 

21883, the low made on Friday, continues to be immediate support, upon breach of which, 21710, the bottom made last week, would be bigger support to eye; 22180, the top made on Friday, continues to be immediate hurdle.

 

For Banknifty, 46500 continues to be immediate support, upon breach of which, 45828, the low made last week, would be bigger support to eye; 46990, the top made last week, continues to be immediate hurdle.