22586 IS THE NEXT TARGET; 22054 IMMEDIATE SUPPORT

 

22586 IS THE NEXT TARGET; 22054 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.3%.

 

U.S. import prices increased 0.9% last month, raising concerns the Federal Reserve’s fight to tame inflation is not yet done. Initial claims for state unemployment benefits dropped 10,000 to 222,000 for the week ended May 11. The expected figure was 220,000.

 

U.S. 10-year treasury yield rose 3 bps to 4.375%. Dollar index rose0.2% to 104.49. Gold fell 0.4% to $2376 per ounce.

 

WTI crude futures rose 0.8% to $79.23 while Brent futures rose 0.6% to $83.27 a barrel.

 

In Europe, FTSE eased 0.1% while DAX and CAC ell 0.7% and 0.6% respectively.

 

AT HOME

 

Benchmark indices ended higher by 0.9% each after wild intraday swings. Sensex settled at 73663, up 676 points while Nifty added 203 points to finish at 22403. Nifty mid-cap and small-cap indices gained 0.9% and 0.8% respectively, with the former posting highest ever close. Except 0.9%lower PSU Bank index, all the NSE sectoral indices ended higher, with Consumer Durables and IT indices on the top, up 1.7% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 777 cr, 741 cr and 2674 respectively. DIIs were net buyers to the tune of Rs 2128 cr.

 

Rupee ended flat at 83.50/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.9% and 0.3% respectively while Nikkei is down 0.4%. GIFT Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 22360, continued to be next upside level to eye, above which, 22422 and 22586, the 61.8% and 78.6% retracement levels of the recent 22795-21821 fall, would be next upside levels to eye. We had also said that 22100 continued to be immediate support on the hourly chart.

 

Nifty, after touching a low of 22054, reversed and surged all the way to 22432 before closing at 22403.

 

22586, the 78.6% retracement levels of the recent 22795-21821 fall, is the next upside levels to eye; 22054, the low made yesterday, is the immediate support.

 

For Banknifty, 48050 is the immediate hurdle, upon crossover of which, 48644 and 48958, the 50% and 61.8% retracement levels of the recent 49975-47313 fall, would be next upside levels to eye; 46983, the low made on Monday, is the immediate support.

 

JSW Steel will report its quarterly earnings today.

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22360 CONTINUES TO BE NEXT TARGET; 22100 CONTINUES TO BE IMMEDIATE SUPPORT

 

22360 CONTINUES TO BE NEXT TARGET; 22100 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.9%-1.4% to hit fresh record highs on soft inflation weaker-than-expected retail sales data.

 

U.S. consumer price index rose 0.3% in April, below the expectation of a 0.4% rise. On yearly basis, CPI rose 3.4% after climbing 3.5% in March, in line with market estimates. U.S. retail sales was unexpectedly flat last month, as higher gasoline prices pulled spending away from other goods.           

 

U.S 10-year treasury yield tumbled 10 bps to 4.344%. Dollar index slipped 0.7%to 104.28. Gold jumped 1.2% to $2386 per ounce. 

 

WTI crude futures rose 0.8% to $78.63 a barrel while Brent futures rose 0.4% to $82.75 a barrel.

 

European markets gained 0.2%-1.1%.

 

Japan’s first-quarter GDP contracted at an annualized rate of 2%, more than the 1.5% expected.

 

AT HOME

 

Benchmark indices ended marginally lower after a rangebound session, snapping a 3-day winning streak. Sensex settled at 72987, down 117 points while Nifty lost 17 points to finish at 22200. Nifty mid-cap and small-cap indices however gained 1% and 0.6% respectively, with the former extending the winning streak to fourth straight session. Nifty PSU Bank and Realty indices climbed 1.4% and 1% respectively, becoming top gainers among the sectoral indices, while FMCG index was the top loser, down 0.9%, followed by 0.5% lower Media and Auto indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2833 cr, 1967 cr and 2793 cr respectively. DIIs were net buyers to the tune of Rs 3788 cr.

 

Rupee appreciated 1 paise to end at 83.50/$.

 

India's trade deficit widened to a four-month high of $19.1 bn in April as imports rose 10.3% to $54.1 bn while exports rose 1.1% to $35 bn.

 

OUTLOOK

 

Today morning, Asian markets are up 0.4%-0.7% and GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 22350, was the next upside level to eye while 22100 is the immediate support on the hourly chart.

 

Nifty, after touching a high of 22297, slipped to end at 22200 and is set to open above 22250 today.

 

34-DMA, placed around 22360, continues to be next upside level to eye, above which, 22422 and 22586, the 61.8% and 78.6% retracement levels of the recent 22795-21821 fall, would be next upside levels to eye; 22100 continues to be immediate support on the hourly chart.

 

For Banknifty, 48000 continues to be immediate hurdle, upon crossover of which, 48644 and 48958, the 50% and 61.8% retracement levels of the recent 49975-47313 fall, would be next upside levels to eye; 46983, the low made on Monday, is the immediate support.

Investment in securities market is subject to market risk.

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22350 IS NEXT TARGET; 22100 IMMEDIATE SUPPORT

 

22350 IS NEXT TARGET; 22100 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.3%-0.8% with the Nasdaq Composite hitting a fresh record closing high.

 

The producer price index reading for April came in at 0.5%, higher than the 0.3% expectation. March reading was revised down to show a 0.1% decline.

 

Fed Chair Powell said that the U.S. central bank will need to practice patience in the face of higher-than-expected inflation.

 

U.S. 10-year treasury yield fell 4 bps to 4.443%. Dollar index fell 0.2% to 105.02. Gold rose 0.9% to $2358 per ounce.

 

Brent crude futures settled down 1.2% at $82.38 a barrel and WTI futures fell 1.4% to $78.02 a barrel.

 

In Europe, FTSE and CAC rose 0.2% each while DAX fell 0.1%.

 

AT HOME

 

Benchmark indices gained half a percent each, extending the winning streak to third straight session. Sensex settled at 73104, up 328 points while Nifty added 114 points to finish at 22217. Nifty mid-cap and small-cap indices surged 1% and 2% respectively, with the later posting it's best day in a month and half. Nifty Metal and Auto indices surged 2.8% and 1.8% respectively, becoming top gainer among the sectoral indices while FMCG and Pharma indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 4066 cr, 2364 cr and 1169 cr respectively. DIIs were net buyers to the tune of Rs 3528 cr.

 

Rupee appreciated 2 paise to end at 83.51/$.

 

India’s wholesale inflation rose to a 13-month high of 1.26% in April from 0.53% in March.

 

OUTLOOK

 

Markets in Hang Seng is shut today. Nikkei is up half a percent while Shanghai is down 0.3%. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 21821, the low made Monday, was the important support to eye while 22200 was the immediate hurdle on the hourly chart.

 

Nifty rose to touch a high 22270 before closing at 22217.

 

34-DMA, placed around 22350, is the next upside level to eye, above which, 22422 and 22586, the 61.8% and 78.6% retracement levels of the recent 22795-21821 fall, would be next upside levels to eye; 22100 is the immediate support on the hourly chart.

 

For Banknifty, 48000 continues to be immediate hurdle, upon crossover of which, 48644 and 48958, the 50% and 61.8% retracement levels of the recent 49975-47313 fall, would be next upside levels to eye; 46983, the low made on Monday, is the immediate support.

Investment in securities market is subject to market risk.

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

21821 IS IMPORTANT SUPPORT; 22200 IMMEDIATE HURDLE

 

21821 IS IMPORTANT SUPPORT; 22200 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.2%, snapping an eight-day winning streak, S & P 500 was little changed while Nasdaq rose 0.3%.

 

A New York Federal Reserve survey showed consumers last month raised their expectations for price increases in both the near and long term. On a one-year basis, inflation expectations rose to 3.3%. Their five-year outlook ticked up to 2.8%.

 

U.S. 10-year treasury yield fell 1 bps to 4.488%. Dollar index fell 0.1% to 105.21. Gold slipped 1% to $2336 per ounce.

 

Brent crude futures rose 0.5% to $83.21 a barrel and WTI futures rose 0.8% to $78.92 a barrel.

 

In Europe, FTSE and DAX fell 0.2% each while CAC fell 0.1%.

 

China’s consumer price index climbed 0.3% year on year, beating estimates of a 0.2% rise. Data from the Bank of Japan showed that corporate inflation was steady in April compared with a year earlier, but import prices jumped 6.4% y-o-y, most likely due to the yen’s sharp declines.

 

AT HOME

 

After falling more than a percent in first hour, benchmark indices reversed and surged to end higher by a fifth of a percent each. Sensex settled at 72776, up 111 points while Nifty added 48 points to finish at 22104. Nifty mid-cap index rose 0.4% but small-cap index fell 0.4%. Nifty Pharma and Healthcare indices climbed 1.8% and 1.6% respectively, becoming top gainers among the sectoral indices while Auto and PSU Bank indices were the top losers, down 1.7% and 1.2% respectively.

 

FIIs net sold stocks and index futures worth Rs 4499 cr and 951 cr respectively but net bought stock futures worth Rs 296 cr. DIIs were net buyers to the tune of Rs 3563 cr.

 

Rupee depreciated 4 paise to end at 83.53/$.

 

India's retail inflation cooled to an 11-month low of 4.83% in April. Core inflation eased to an even further 3.5%.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are marginally higher while Shanghai is down 0.3%. GIFT Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 21932, the low made last week, was the immediate support, upon breach of which, 21850, around which a trendline adjoining bottoms made in March and April was placed, would be next downside level to eye.

 

Nifty, after touching a low of 21821, rebounded to end at 22104.

 

21821, the low made yesterday, coincided with a trendline adjoining bottoms made in March and April and hence is the important support to eye; On the way up, 22200 is the immediate hurdle on the hourly chart.

 

For Banknifty, 46983, the low made yesterday, is the immediate support, upon breach of which, 46579, the bottom made in April, would be next support; On the way up, 48000 is the immediate hurdle on the hourly chart.

 

Bharti Airtel 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. 

21850 BELOW 21932; 22330 IS IMMEDIATE HURDLE

 

21850 BELOW 21932; 22330 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.3% and 0.2% respectively while Nasdaq was little changed on Friday. Dow extended the winning streak to eighth consecutive day.

 

The preliminary May reading for the University of Michigan’s consumer sentiment index came in at 67.4, far below estimate of 76 and marking its lowest reading in about six months. The one-year inflation expectation climbed to 3.5% from 3.2%.

 

Dallas Federal Reserve President Lorie Logan said it was not clear whether monetary policy was tight enough to bring inflation down to the U.S. central bank’s 2% goal, and it was too soon to be cutting interest rates. Atlanta Federal Reserve President Raphael Bostic said the Fed likely remained on track to cut rates this year even if the timing and extent of the policy easing was uncertain. Chicago Federal Reserve President Austan Goolsbee said he believes U.S. monetary policy is “relatively restrictive.”

 

U.S. 10-year treasury yield rose 5 bps to 4.50%. Dollar index inched up 0.1% to 105.31. Gold rose 0.6% to $2360 per ounce.

 

Brent and WTI crude futures both settled down 1.3% at $82.79 and $78.26 a barrel respectively.

 

European markets gained 0.4%-0.9%. The U.K. first quarter GDP rose 0.6% on the previous three months — above the 0.4% estimate and emerging from a recession.

 

The Hang Seng index hit its highest level in 10 months, up 2.3% on reports that the regulators were considering a proposal to exempt individual investors from paying taxes on dividends earned from Hong Kong stocks bought via Stock Connect.

 

For the week, Dow rose 2.2%, its best week since December and its fourth positive week in a row. The S&P 500 and the Nasdaq Composite both posted a third consecutive winning week, rising 1.8% and 1.1%, respectively. European markets gained 2.7%-4.3%. In Asia, Hang Seng and Shanghai rose 3.2% and 1.6% respectively, Nikkei was little changed while Nifty fell 1.9%.

 

AT HOME

 

Benchmark indices gained 0.4% each, recouping a fourth of yesterday's mammoth cuts. Sensex settled at 72664, up 260 points while Nifty added 97 points to finish at 22055. Nifty mid-cap and small-cap indices gained 0.9% and 0.7% respectively. Nifty Metal index was the top gainer among the sectoral indices, up 1.5%, followed by 1.2% higher Oil & Gas and FMCG index. IT and Realty indices were the top losers, down 0.8% and 0.4% respectively.

 

FIIs net sold stocks and index futures worth Rs 2118 cr and 213 cr respectively but net bought stock futures worth Rs 1942 cr. DIIs were net buyers to the tune of Rs 2710 cr.

 

Rupee ended flat at 83.50/$.

 

For the week, Sensex and Nifty fell 1.6% and 1.9% respectively, posting worst weekly cut in nearly two months and also posting worst close in the same duration.

 

OUTLOOK

 

Today morning, Asian markets are down 0.2%-0.7% and GIFT Nifty is suggesting around 50 points lower start for our market.

 

In Friday's report we had said that 21850, around which a trendline adjoining bottoms made in March and April was placed, was the next downside level to eye while 22300 was the immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty rose to end at 22055 and is set to open near 22000 today.

 

21932, the low made last week, coincided with a trendline adjoining bottoms made in February and March and hence is the immediate support to eye, upon breach of which, 21850, around which a trendline adjoining bottoms made in March and April is placed, would be next downside level to eye; On the way up, 34-DMA, placed around 22330, is the important immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 47313, the low made on Friday, coincided with a trendline adjoining bottoms made since February and hence is the immediate support to eye. If this level breaks, 46579, the bottom made in April, would be next support; On the way up, 48250 is the immediate hurdle on the hourly chart.

Investment in securities market is subject to market risk.

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21850 IS NEXT SUPPORT; 22300 IMMEDIATE HURDLE

 

21850 IS NEXT SUPPORT; 22300 IMMEDIATE HURDLE

 

WORLD MARKETS

 

U.S. indices gained 0.3%-0.8%, with the Dow rising for a seventh straight session, as new jobless claims data rekindled hope for Federal Reserve rate cuts later this year.

 

Weekly initial claims for state unemployment benefits increased 22,000 to a seasonally adjusted 231,000, the highest level since the end of last August and above the 215,000 expected.

 

U.S. 10-year treasury yield fell 2 bps to 4.457%. Dollar index fell 0.3% to 105.20. Gold jumped 1.6% to $2346 per ounce.

 

Brent futures rose 0.4% to settle at $83.88 a barrel, while WTI crude rose 0.3% to $79.26.

 

European markets rose 0.3%-1%. The BoE’s Monetary Policy Committee voted 7-2 to keep the central bank’s key policy rate at a 16-year high of 5.25%.

 

AT HOME

 

Sensex and Nifty nosedived 1.45% and 1.55% respectively, posting their worst cut since 23rd January and 17th January respectively. Sensex settled at 72404, down 1062 points while Nifty lost 345 points to finish at 21957. Both posted their lowest close since 20th March. Nifty mid-cap and small-cap indices tumbled 1.8% and 2.8% respectively. Except 0.8% higher Auto index, all the NSE sectoral indices ended lower, with Oil & Gas and Metal indices being the top losers, down 3.2% and 2.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 6995 cr, 3882 cr and 3085 cr respectively. DIIs were net buyers to the tune of Rs 5643 cr.

 

Rupee appreciated 1 paise to end at 83.51/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.8% each while Shanghai is down 0.4%. GIFT Nifty is suggesting around 60

 

In yesterday's report we had said that 22100 continued to be next downside level to eye for Nifty while 22500 was the immediate resistance, with the stop-loss of which, trading shorts can be held on to.

 

Nifty plunged all the way to 21932 before closing at 21957.

 

21850, around which a trendline adjoining bottoms made in March and April is placed, is the next downside level to eye; 22300 is the immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 47300 is the next downside level to eye; 48400 is immediate hurdle.

Investment in securities market is subject to market risk.

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

22100 IS THE NEXT SUPPORT; 22500 IMMEDIATE HURDLE

 

22100 IS THE NEXT SUPPORT; 22500 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow rose 0.4%, extending the winning streak to sixth straight session. S & P 500 ended flat while Nasdaq fell 0.2%

 

Uber shares fell 5.7% after it posted a surprising net loss and weaker-than-expected bookings revenue, while Intel lost more than 2% after lowering its second-quarter revenue guidance.

 

Boston Fed President Susan Collins said the Fed’s interest rate policy will likely need to remain at its current level until inflation is moving “sustainably” toward the central bank’s 2% target.

 

U.S. 10-year treasury yield rose 4 bps to 4.496%. Dollar index inched up 0.1% to 105.50. Gold fell 0.2% to $2308 per ounce.

 

WTI crude futures rose 0.8% to $78.99 while Brent futures rose half a percent to $83.58 a barrel.

 

European markets gained 0.4%-0.7%.

 

AT HOME

 

 

After falling half a percent, benchmark indices recouped all the losses to end flat. Sensex settled at 73466, down 45 points while Nifty was absolutely flat at 22302. Nifty mid-cap and small-cap indices gained 0.7% and 0.6% respectively, snapping a 3-day losing streak. Nifty Oil & Gas and Auto indices climbed 1.7% and 1.6% respectively, becoming top gainers among the sectoral indices while Bank and Financial Services indices were the top losers, down 0.5% each.

 

FIIs net sold stocks, index futures and stock futures worth Rs 6669 cr, 1772 cr and 137 cr respectively. DIIs were net buyers to the tune of Rs 5929 cr.

 

Rupee depreciated 1 paise to end at 83.52/$.

 

L & T reported a steady Q4 with annual revenue crossing Rs. 2 lk cr mark. Management guided for 10% rise in FY25 order inflow and 10% rise in topline. Hero Motocorp largely met estimates as revenue grew 14% while profit rose 18%. TVS Motors reported 24% growth in revenue and 100 bps expansion in margin.

 

OUTLOOK

 

Today morning, Asian markets are up 0.4%-0.9% and GIFT Nifty is suggesting a flat start for our market.

 

In yesterday's report we had said that 22100 was the next downside level to eye while 22550-22600 was the immediate resistance zone, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a low of 22185, rebounded to end at 22302.

 

22100 continues to be next downside level to eye for Nifty; 22500 is the immediate resistance, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 34-DMA, placed around 47850, is the immediate support, upon breach of which, 47300 would be next downside level to eye; 48900 is immediate hurdle.

 

SBI and Asian Paints 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. 

22100 IS NEXT SUPPORT; 22550-22600 IS THE RESISTANCE ZONE

 

22100 IS NEXT SUPPORT; 22550-22600 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.1% each while Nasdaq eased 0.1%.

 

Disney shares fell 9.5% after it posted a slight revenue miss but exceeded quarterly earnings expectations.

 

Minneapolis Federal Reserve President Neel Kashkari said that stalled inflation, kept higher in part by housing market strength means the central bank will need to hold borrowing costs steady for an “extended period,” and possibly all year.

 

U.S. 10-year treasury yield fell 4 bps to 4.459%. Dollar index rose 0.3% to 105.38. Gold fell half a percent to $2314 per ounce.

 

WTI crude futures fell 0.1% to $78.38 a barrel while Brent futures fell 0.2% to $83.16 a barrel.

 

European markets gained 0.8%-1.5%.

 

AT HOME

 

Sensex and Nifty fell 0.5% and 0.6% respectively, extending the losing streak to third consecutive day and closing at the lowest level after 19th April. Sensex settled at 73511, down 383 points while Nifty lost 140 points to finish at 22302. Nifty mid-cap and small-cap indices nosedived 2% and 1.9% respectively, their biggest cut since 13th March. Except 2% and 0.8% higher IT FMCG and IT indices respectively, all the NSE sectoral indices ended lower with Realty and Metal indices being the top losers, down 3.5% and 2.4% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 3669 cr, 1772 cr and 137 cr respectively. DIIs were net buyers to the tune of Rs 2304 cr.

 

Rupee depreciated 2 paise to end at 83.51/$.

 

Dr Reddy's fourth quarter revenue and margin missed estimate led by fall in U.S. and Russian sales.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.6% while Nikkei and Shanghai are down 0.9% and 0.1% respectively. GIFT Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 22320, continued to be immediate support while 22775-22800 continued to be immediate resistance zone.

 

Nifty plunged to 22232 before closing at 22302.

 

22100 is the next downside level to eye for Nifty; 22550-22600 is the immediate resistance zone, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 34-DMA, placed around 47800, is the next support; 49000 is immediate hurdle.

 

L & T, Hero Motocorp and TVS Motors 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.