STAY LONG WITH THE STOP-LOSS OF 22305

 

STAY LONG WITH THE STOP-LOSS OF 22305

 

WORLD MARKETS

 

U.S. indices gained 0.4%-2% on Friday as Big Tech names rallied on strong earnings and traders pored through fresh U.S. inflation data.

 

Alphabet jumped more than 10% on better-than-expected first-quarter earnings and recorded its best day since July 2015. Microsoft rose nearly 2% after it posted strong fiscal third-quarter results and showed an acceleration in cloud growth.

 

March’s core personal consumption expenditures price index excluding food and energy came in at 2.8% on an annualized basis, slightly above the 2.7% rate anticipated. Including food and energy, the gauge increased 2.7% from a year ago, also higher than the forecast of 2.6%. Both measures rose 0.3% month over month, in line with expectations.

 

U.S. 10-year treasury yield fell 4 bps to 4.667%. Dollar index rose half a percent to 106.09. Gold rose 0.3% to $2338 per ounce.

 

WTI crude futures rose 0.34% to settle at $83.85 a barrel while Brent futures rose 0.6% to $89.50 a barrel.

 

European markets gained 0.8%-1.6%.

 

The Bank of Japan kept its benchmark policy rate at 0%-0.1%, as expected.

 

For the week, Dow inched up 0.7% while S&P 500 and Nasdaq Composite surged 2.7% and 4.2% respectively, both notching their best week since November and snapping a 3-week and 4-week losing streak respectively. European markets gained 0.8%-3.1%. In Asia, Hang Seng soared 8.8% while other markets gained 0.8%-2.3%.

 

U.S. 10-year treasury yield rose 4 bps to 4.669%. Dollar index was little changed at 106.09. Gold fell 2.3% to $2338 per ounce.

 

U.S. crude oil rose 1.9% for the week while the global benchmark gained 1.7%.

 

AT HOME

 

Sensex and Nifty slipped 0.8% and 0.7% respectively, snapping a 5-day winning streak. Sensex settled at 73730, down 609 points while Nifty lost 150 points to finish at 22419. Nifty mid-cap and small-cap indices however gained 0.8% and 0.6% respectively, both extending the winning streak to fifth straight day and hitting fresh highs as well. Nifty Financial Services and Bank indices were the top losers among the sectoral indices, down 0.9% and 0.6% respectively whereas Consumer Durables and Media indices were the top gainers, up 1.7% and 1.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3409 cr, 1972 cr and 6377 cr respectively. DIIs were net buyers to the tune of Rs 4357 cr.

 

Rupee depreciated 2 paise to end at 83.34/$.

 

For the week, Sensex and Nifty gained 0.9% and 1.2% respectively.

 

ICICI Bank's numbers beat street expectations but core operating profit lags loan growth for the second straight quarter.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.8% and 0.5% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 100 points higher start for our market.

 

In Friday's report we had said that 22775, the top made on 10th April, is the next upside level to eye; 22350-22300 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a high of 22620, slipped to end at 22420 and is set to open near 22500 today.

 

22775, the record high made on 10th April, continues to be next upside target; On the way down, 22305, the low made on Thursday, around which 34-DMA is also placed, is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49057, the top made on 10th April, is the immediate upside target, upon crossover of which, 50500 would be next major level to eye. 47737, the low made on Thursday, is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

Ultratech Cement, Trent and Tata Chemicals will report their quarterly earnings today.

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22775 IS THE NEXT TARGET; 22350-22300 IS THE SUPPORT AREA

 

22775 IS THE NEXT TARGET; 22350-22300 IS THE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices fell 0.5%-1% after the latest economic data showed a sharp slowdown in growth and pointed to persistent inflation.

 

U.S. GDP expanded 1.6% in the first quarter, missing the forecast of 2.4% rise. Also, the personal consumption expenditures price index increased at a 3.4% pace, well above the previous quarter’s 1.8% advance and raised concern over persistent inflation. 

 

Meta plunged 10.5% after issuing light revenue guidance for the second quarter. IBM fell 8.3% after missing consensus estimates for first-quarter revenue.

 

U.S. 10-year treasury yield rose 6 bps to 4.706%. Dollar index fell quarter of a percent to 105.57. Gold rose 0.7% to $2332 per ounce.

 

In Europe, FTSE rose half a percent while DAX and CAC fell 1% each.

 

AT HOME

 

After dipping four tenth of a percent in the initial trade, benchmark indices saw a mammoth rebound through the session and ended with gains of 0.7%-0.8%. Sensex settled at 74339, up 486 points while Nifty added 168 points to finish at 22570. This was the fifth consecutive positive close for both the indices. Nifty mid-cap and small-cap indices gained 0.5% and 0.8% respectively, extending the winning streak to fourth straight day. Except 0.4% and 0.2% lower Consumer Durables and Realty indices respectively, all the NSE sectoral indices ended higher, with PSU Bank index on the top, up 3.8%, followed by 1.6% higher Pharma index.

 

FIIs net sold stocks and index futures worth Rs 2823 cr and 272 cr respectively but net bought stock futures worth Rs 10680 cr. DIIs were net buyers to the tune of Rs 6168 cr.

 

Rupee ended flat at 83.32/$.

 

Bajaj Finance's fourth quarter number missed estimates as cost of funds rises. Indusind Bank reported mixed set of numbers. Tech Mahindra was a beat on revenue while margins were in-line with estimate.

 

OUTLOOK

 

Today morning, Hang Seng is up a percent and half while Nikkei and Shanghai are up 0.4% each. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22562, the 78.6% retracement level of the recent 22775-21777 fall, continued to be next upside level to eye and had advised holding on to long with the stop-loss of 22200.

 

Nifty, after touching a low of 22305, reversed and surged all the way to 22625 before closing at 22570.

 

22775, the top made on 10th April, is the next upside level to eye; 22350-22300 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 49057, the top made on 10th April, is the next upside levels to eye; 47900 is immediate support.

 

HCL Tech, Maruti and Shriram Finance will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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22562 CONTINUES TO BE NEXT TARGET; 22250-22200 IS THE SUPPORT ZONE

 

22562 CONTINUES TO BE NEXT TARGET; 22250-22200 IS THE SUPPORT ZONE

 

WORLD MARKETS

 

Dow fell 0.1% while S & P 500 and Nasdaq ended marginally in the green.

 

Tesla missed expectations on both lines in the latest quarter but stock climbed 12% after the company announced a renewed push into “more affordable” electric vehicle models. Boeing, after initially popping on first-quarter results, reversed to end 2.9% lower.

 

U.S. 10-year treasury yield rose 4 bps to 4.644%. Dollar index inched up 0.1% to 105.82. Gold fell 0.3% to $2315 per ounce.

 

WTI crude futures fell 0.7% to $82.81 while Brent futures fell 0.4% to $88.02 a barrel/

 

European markets fell 0.1%-0.4%.

 

AT HOME

 

Benchmark indices rose a fifth of a percent each, extending the winning streak to fourth straight session. Sensex settled at 73852, up 114 points while Nifty added 34 points to finish at 22402. Nifty mid-cap and small-cap indices gained 0.8% and 0.4% respectively. Nifty Metal and Healthcare indices climbed 2.7% and 1.3% respectively, becoming top gainers among the sectoral indices while IT and Media indices were the top losers, down 0.8% and 0.3% respectively.

 

FIIs net sold stocks and index futures worth Rs 2512 cr and 310 cr respectively but net bought stock futures worth Rs 3208 cr. DIIs were net buyers to the tune of Rs 3810 cr.

 

Rupee appreciated 2 paise to end at 83.32/$.

 

HUL met muted estimates in Q4 even as revenue and profit decline. Axis Bank beat estimates on all parameters. Profit surged nearly 30%, margins expanded by 160 bps and asset quality improves.

 

RBI has barred Kotak Mahindra Bank from onboarding new customers online and issuing fresh credit cards.

 

OUTLOOK

 

HUL met muted estimates in Q4 even as revenue and profit decline. Axis Bank beat estimates on all parameters. Profit surged nearly 30%, margins expanded by 160 bps and asset quality improves. LTI Mindtree's revenue and margin came below estimate.

 

Today morning, Nikkei is down nearly 2%, Shanghai is marginally in the red while Hang Seng is marginally higher. GIFT Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 22562, the 78.6% retracement level of the recent 22775-21777 fall, continues to be next upside level to eye while 22200-22150 continued to be immediate support zone.

 

Nifty, after touching a high of 22476, eased to end at 22402.

 

22562, the 78.6% retracement level of the recent 22775-21777 fall, continues to be next upside level to eye; 22250-22200 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, are the next upside levels to eye; 47600-47500 is the immediate support area.

 

Bajaj Finance, Indusind Bank and Nestle will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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

22562 CONTINUES TO BE NEXT TARGET; 22200-22150 CONTINUES TO BE SUPPORT ZONE

 

22562 CONTINUES TO BE NEXT TARGET; 22200-22150 CONTINUES TO BE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.6% as a strong batch of corporate earnings assuaged concerns over higher rates.

 

The S&P Global Flash U.S. manufacturing PMI came in at 49.9, hitting a four-month low and down from 51.9 in March.

 

U.S. 10-year treasury yield fell 1 bps to 4.602%. Dollar index slipped 0.4% to 105.68. Gold fell 0.2% to $2322 per ounce.

 

WTI crude futures rose 1.8% to $83.36 a barrel and Brent futures rose 1.6% to $88.42 a barrel.

 

European markets rose 0.3%-1.9%. business activity in the euro zone expanded at its fastest pace in nearly a year, primarily due to a recovery in services. BOE officials said they expect inflation to slow back towards the 2% target, and likely stay there.

 

AT HOME

 

Benchmark indices inched up 0.1% each, extending the winning streak to third straight session. Sensex settled at 73738, up 90 points while Nifty added 31 points to finish at 22368. Nifty mid-cap and small-cap indices surged 1.1% and 1.2% respectively, with the latter hitting fresh record high. Nifty Realty index soared 2.6%, becoming top gainer among the sectoral indices, followed by 0.8% higher FMCG index. Pharma and Healthcare indices were the top losers, down 1% each.

 

FIIs net sold stocks and index futures worth Rs 3044 cr and 310 cr respectively but net bought stock futures worth Rs 3208 cr. DIIs were net buyers to the tune of Rs 2919 cr.

 

Rupee appreciated 2 paise to end at 83.34/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2% and 0.8% respectively while Shanghai is marginally in the red. GIFT Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 22562, the 78.6% retracement level of the recent 22775-21777 fall, was the next upside level to eye while 22200-22150 was the immediate support zone.

 

Nifty, after touching a high of 22447, closed at 22368.

 

22562, the 78.6% retracement level of the recent 22775-21777 fall, continues to be next upside level to eye; 22200-22150 continues to be immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, are the next upside levels to eye; 47500 is the immediate support.

 

HUL, Axis Bank and LTI Mindtree will report their quarterly earnings today.

Investment in securities market is subject to market risk.

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

22562 IS THE NEXT TARGET; 22200-22150 IMMEDIATE SUPPORT ZONE

 

22562 IS THE NEXT TARGET; 22200-22150 IMMEDIATE SUPPORT ZONE

 

WORLD MARKETS

 

U.S. indices gained 0.7%-1.1%. Both the S&P 500 and Nasdaq ended a six-day losing streak.

 

U.S. 10-year treasury yield fell 1 bps to 4.611%. Dollar index was little changed at 106.12. Gold plunged 2.8% to $2326 per ounce.

 

WTI and Brent crude future fell 29 cents each to $82.85 and $87 a barrel respectively.

 

In Europe, FTSE surged 1.6% while DAX and CAC gained 0.7% and 0.2% respectively.

 

AT HOME

 

Sensex and Nifty climbed 0.8% and 0.9% respectively, extending the winning streak to second straight day. Sensex settled at 73648, up 560 points while Nifty added 189 points to finish at 22336. Nifty mid-cap and small-cap indices surged 0.8% and 1.3% respectively, with the former snapping a 5-session losing streak. All the NSE sectoral indices ended higher, with PSU Bank and Consumer Durables indices on the top, up 3.1% and 2.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 2915 cr and 491 cr respectively but net bought stock futures worth Rs 3415 cr. DIIs were net buyers to the tune of Rs 3543 cr.

 

Rupee appreciated 11 paise to end at 83.36/$.

 

Reliance Industries delivered a robust 4th quarter numbers as all the business segments clocked strong growth. Net profit jumped 10% q-o-q. The oil & gas business grew over 47% y-o-y and retail EBIDTA jumped 18%. Strong subscriber addition helped Jio profit grew at 13%.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.8%, Nikkei is little changed while Shanghai is down 0.6%. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 22300-22350 was the immediate resistance zone on the hourly chart, upon crossover of which, 22562, the 78.6% retracement level of the recent 22775-21777 fall, would be next upside level to eye.

 

Nifty surged to touch a high of 22375 before closing at 22336.

 

22562, the 78.6% retracement level of the recent 22775-21777 fall, is the next upside level to eye; 22200-22150 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, are the next upside levels to eye; 47500 is the immediate support.

 

Tata Consumer will report its quarterly numbers today.

Investment in securities market is subject to market risk.

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

22300-22350 IS THE IMMEDIATE RESISTANCE ZONE; 21777 IMMEDIATE SUPPORT

 

22300-22350 IS THE IMMEDIATE RESISTANCE ZONE; 21777 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.6% but S & P 500 and Nasdaq fell 0.9% and 2% respectively, both extending the losing streak to sixth consecutive session on Friday.

 

Netflix retreated more than 9% even after quarterly earnings beat on the top and bottom lines. Nvidia slipped 10%, registering its worst day since March 2020.

 

U.S. 10-year treasury yield fell 1 bps to 4.623%. Dollar index was little changed at 106.12. Gold rose 0.6% to $2392 per ounce.

 

WTI crude futures rose 0.5% to $83.14 a barrel while Brent gained 0.2% to settle $87.29 a barrel.

 

In Europe, FTSE rose 0.2%, CAC was flat while DAX fell 0.6%. U.K. retail sales underperformed in March, coming in flat on the previous month.

 

Japanese core inflation slowed to 2.6% y-o-y in March, from 2.8%, although remained above the central bank’s 2% target.

 

For the week, Dow was flat but S&P 500 tumbled 3%, extending the losing streak to third straight week and posting its worst weekly performance since March 2023. Nasdaq nosedived 5.5%, posting its fourth straight down week and worst weekly performance since November 2022.

 

U.S. 10-year treasury yield rose 10 bps to 4.623%. Dollar index inched up 0.1%. Gold rose 2.1% for its fifth consecutive up-week. U.S. crude oil and global benchmark Brent fell 3% and 3.4%, respectively.

 

AT HOME

 

After plunging a percent in the initial trade, benchmark staged a stunning rebound to end higher by 0.7-0.8%. Sensex settled at 73088, up 599 points while Nifty added 151 points to finish at 22147. Nifty mid-cap and small-cap indices ended lower by 0.6% and 0.1% respectively. Nifty Financial Services and Bank indices were the top gainers among the sectoral indices, up 1.3% and 1.1% respectively while Media and Realty indices were the top losers, down 1% and 0.7% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 129 cr, 658 cr and 4215 cr respectively. DIIs were net sellers to the tune of Rs 52 cr.

 

Rupee appreciated 7 paise to end at 83.47/$.

 

For the week, Sensex and Nifty fell 1.6% each.

 

HDFC Bank positively surprised on NIM front but profit missed estimate on Rs. 10900 cr provision for a balance sheet buffer. Wipro's margin beat estimates in a largely in-line set of fourth quarter numbers.

 

OUTLOOK

 

Today morning, Hang Seng is up more than 2% while Nikkei and Shanghai are modestly higher. GIFT Nifty is suggesting around 130 points gap-up start for our market.

 

In Friday's report we had said that 21710, the low made in March, was the next downside level to eye and 22300-22350 was the immediate resistance zone.

 

Nifty, after touching a low of 21777, rebounded to end at 22147. The benchmark is set to open above 22250 today.

 

22300-22350 is the immediate resistance zone on the hourly chart, upon crossover of which, 22562, the 78.6% retracement level of the recent 22775-21777 fall, would be next upside level to eye. 21777, the low made on Friday, which roughly coincided with the trendline adjoining bottoms made in February and March, is the important immediate support.

 

For Banknifty, 48000 is the immediate hurdle on the hourly chart, upon crossover of which, 48527, the 78.6% retracement level of the recent 49057-46579 fall, followed by 49057, the top made on 10th April, would be next upside levels to eye. 46579, the low made on Friday, which coincided with a trendline adjoining bottoms made since October 2023, is the important immediate support

 

Reliance Industries will report it's quarterly numbers today.

Investment in securities market is subject to market risk.

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

21710, 21530 ARE NEXT SUPPORTS; 22300-22350 IS THE RESISTANCE ZONE

 

21710, 21530 ARE NEXT SUPPORTS; 22300-22350 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

Dow inched up 0.1% while S & P 500 and Nasdaq fell 0.2% and 0.5% respectively

 

The Philadelphia Fed’s monthly business conditions index rose to 15.5 from 3.2 in March, exceeding the estimate. U.S. initial jobless claims were unchanged at a seasonally adjusted 212,000 for the week ended April 13, still higher than the forecast of 215,000. Home sales dropped 4.3% last month to a seasonally-adjusted annual rate of 4.19 million units.

 

U.S. 10-year treasury yield rose 5 bps to 4.635%. Dollar index rose 0.3% to 106.21. Gold rose 0.8% to $2378 per ounce.

 

Brent futures fell 0.2% to settle at $87.11 a barrel, while WTI crude rose 0.1% to $82.73.

 

In Europe, FTSE and DAX gained 0.4% each while CAC climbed half a percent.

 

AT HOME

 

After rising eight tenth of a percent in the morning, benchmark indices nosedived in noon to end lower by 0.6% each, extending the losing streak to fourth consecutive day. Sensex settled at 72488, down 454 points while Nifty lost 152 points to finish at 21995. Sensex and Nifty closed at their lowest level after 26th March and 20th March respectively. Nifty mid-cap and small-cap indices fell 0.5% and 0.3% respectively. Except 0.8% higher Media index, all the NSE sectoral indices ended lower, with Healthcare indices at the bottom, down 1.8%, followed by 1.1% lower Oil & Gas and FMCG indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 4260 cr, 7020 cr and 4597 cr respectively. DIIs were net buyers to the tune of Rs 2286 cr.

 

Rupee ended flat at 83.54/$.

 

Infosys quarterly earnings disappointed as revenue and margins missed estimates and the company also lowered guidance for the ongoing fiscal sharply. Bajaj Auto, helped by strong domestic sales, beat estimates on all counts and also announced Rs. 80 per share dividend.

 

OUTLOOK

 

Unconfirmed reports are suggesting that Israel has conducted missile strikes over Iran. Owing to this oil has surged nearly 3% and US futures are down 1.3%-1.8%. In Asia, Nikkei and Hang Seng are down 3% and 1% respectively while Shanghai is up 0.1%. GIFT Nifty is suggesting nearly 300 points gap-down start for our market.

 

In yesterday's report we had said that 22000-21950 continued to be immediate support area while 22500 was immediate hurdle.

 

Nifty plunged to 21961 before closing at 21995. The benchmark is set to open below 21800 today.

 

21710, the low made in March, would be the next downside level to eye after today's gap-down start. If 21710 does not hold, 21530 and 21137, the bottoms made in February and January respectively, would be next levels in line;22300-22350 is the immediate resistance zone.

 

For Banknifty, 46520, the 78.6% retracement levels of the recent upmove, is the next support, below which, 45828, the bottom made in March, would be next downside levels to eye; 48000 is the immediate hurdle.

 

Polling season officially kicks off today as voting for 102 Lok Sabha seats across 21 states and Union Territories will take place.

Investment in securities market is subject to market risk.

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