18064 IS THE IMMEDIATE SUPPORT; 18350 UPSIDE LEVEL TO EYE

 

18064 IS THE IMMEDIATE SUPPORT; 18350 UPSIDE LEVEL TO EYE

 

WORLD MARKETS

 

US indices nosedived 2%-2.5%, snapping a 3-day winning streak, after the midterm elections provided no clear answers about who would control Congress and a crypto selloff weighed on markets. Markets also awaited Thursday's CPI data.

 

In case of midterm elections expectation was that Republicans would gain ground and block any future tax and spending plans. But there were no such indications of a so called "red wave".

 

Bitcoin plunged 14% to new bear market low after crypto exchange Binance said it’s backing out of plans to acquire its rival FTX.

 

Disney nosedived13.2% after missing estimates on the top and bottom lines.

 

US 10-year treasury yield fell 12 bps to 4.097%. Dollar index rose three quarters of a percent to 110.45. Gold fell 0.3% to $1707 per ounce.

 

Oil fell after data showed that U.S. crude stockpiles rose more than expected and on concerns that a rebound in COVID-19 cases in China would hurt fuel demand. Brent crude futures fell 2.8% to $92.65 a barrel and WTI crude futures dipped 3.5% to $85.83 a barrel.

 

European markets ended with modest cuts.

 

AT HOME

 

After opening half a percent higher, benchmark indices slipped three fourth of a percent from the top to end lower by a quarter of a percent. Sensex settled at 61033, down 151 points while Nifty lost 45 points to finish at 18157. Nifty mid-cap and small-cap indices fell 0.7% and 0.6% respectively. Nifty Realty and Healthcare indices were the top losers among the sectoral indices, down 1.4% and 1.2% respectively while PSU Bank index soared 3.9%, becoming the top gainer, followed by 0.3% higher FMCG index.

 

FIIs net bought stocks, index futures and stock futures worth Rs 387 cr, 405 cr and 161 cr respectively. DIIs were net sellers to the tune of Rs 1060 cr.

 

Rupee appreciated 48 paise to end at 81.44/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1.8% and SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 18350, the calendar 2022 top made in January, continued to be next upside level to eye, and had advised trailing the stop-loss in longs to 18070.

 

Nifty, after touching a high of 18296 in the initial trade, slipped to end at 18157.

 

18064, the low made on Monday, is the immediate support on the hourly chart, upon breach of which, 17959, the low made on 3rd November, would be next downside level to eye; 18350, the top made in January, continues to be upside level to eye.

 

For Banknifty, 42500 is the next upside level to eye; 41300 is the immediae support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Eicher Motors and Apollo Hospitals will report its quarterly earnings today.

 

TRAIL STOP-LOSS TO 18070

 

TRAIL STOP-LOSS TO 18070

 

WORLD MARKETS

 

US indices rose 0.8%-1.3% on Monday, extending Friday's upmove. Yesterday, US indices gained 0.5%-1%, extending the winning streak to third straight session ahead of US mid-term elections.

 

The elections will determine which party will control Congress and could affect the direction of future spending. Democrats currently control the House, and have a majority in the Senate.

 

US 10-year treasury yield fell 8 bps to 4.13%. Dollar index fell  half a percent to 109.63. Gold jumped 2.2% to $1712 per ounce.

 

Brent futures dipped 2.4% to $95.59 a barrel and WTI crude fell 2.9% to $89.15 per barrel.

 

European markets rose 0.1%-1.2%.

 

AT HOME

 

After opening higher by three fourth of a percent, benchmark indices tumbled a percent from the top, but staged a "V" shape recovery in late trade to end higher by half a percent. Both the indices ended at the highest level after 17th January 2022. Sensex settled at 61185, up 235 points while Nifty added 85 points to finish at 18202. Nifty mid-cap and small-cap indices gained 0.8% each. Nifty PSU Bank index soared 4.5%, becoming top gainer among sectoral indices, followed by 1.6% higher Metal index. Pharma and Healthcare indices were the top losers, down 1.4% and 1.3% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1949 cr and 450 cr respectively but net sold index futures worth Rs 108 cr. DIIs were net sellers to the tune of Rs 844 cr.

 

Rupee appreciated 52 paise to end at 81.92/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with modest cuts. SGX Nifty is trading near 18400, suggesting nearly 140 points gap-up start when compared to Monday's close of Nifty futures.

 

In Monday's report we had said that 18350, the calendar 2022 top made in January, continued to be next upside level to eye while 17850 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 18255 before closing at 18202. The benchmark is set to open near 18350 today.

 

18350, the calendar 2022 top made in January, continues to be next upside level to eye, upon crossover of which, 18604, the all-tiem high made in October 2021, would be next target; Immediate support on the hourly chart would move up to 18070 after today's gap-up start, with the stop-loss of which, trading longs could be held on to.

 

Banknifty is expected to cross 41840, the all-time high made in September, with today's higher start and 42500 would be next target to eye; Immediate support on the hourly chart would move higher to 41300, with the stop-loss of which, trading longs can be held on to.

 

Tata Motors will report its quarterly earnings today.

 

18350 IS THE NEXT TARGET; 17850 IS THE IMMEDIATE SUPPORT

 

18350 IS THE NEXT TARGET; 17850 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices climbed 1.3%-1.4% on Friday after an uptick in the U.S. unemployment rate in October raised optimism the Federal Reserve would be less aggressive on rate hikes going forward.

 

Labor Department figures showed the U.S. economy added a better-than-expected 261,000 jobs in October. Unemployment rate however rose to 3.7% from 3.5%.

 

US 10-year treasury yield inched up 1.5 bps to 4.163%. Dollar index tumbled 1.9% to 110.79. Spot gold surged 3.2% to $1685 per ounce.

 

Oil surged on the possibility of China easing some Covid restrictions and looming EU ban on Russian oil. Brent crude surged 4.3% to $98.57 per barrel and WTI crude futures were up $4.39 or 4.9%, at $92.38.

 

European markets surged 2%-2.8%. The final euro zone PMI (purchasing managers’ index) reading for October on Friday signaled a deepening downturn

 

Hong Kong’s Hang Seng index soared 5.4% amid China reopening rumors and a report that U.S. inspections of Chinese company audits were completed more quickly than expected.

 

For the week, Dow shed 1.4%, ending four weeks of gains. The S&P and Nasdaq fell 3.4% and 5.6%, respectively, to break two-week winning streaks. In Europe, FTSE surged 4.1%, followed by 2.3% and 1.6% higher CAC and DAX respectively. In Asia, Hang Seng and Shanghai climbed 6.1% and 3.8% respectively, Nifty rose 1.9% but Nikkei eased 0.2%.

 

Oil rose nearly 5%. US 10-year treasury yield rose 3.6% to 4.164%. Dollar index inched up 0.1% to 110.79. Gold gained 2.3% for its biggest weekly percentage gain since end-July.

 

AT HOME

 

After trading near zero line for better part of the day, benchmark indices spiked up in last hour to end higher by 0.2% and 0.4% respectively. Sensex settled 114 points higher at 60950 while Nifty added 64 points to finish at 18117. Nifty mid-cap index fell a quarter of a percent while small-cap index rose 0.4%. Nifty Metal index soared 4.2%, becoming top gainer among the sectoral indices, followed by 1% higher Media and PSU Bank indices. Healthcare and Pharma indices were the top losers, down 1% each.

 

FIIs net bought stocks worth Rs 1436 cr but net sold index futures and stock futures worth Rs 245 cr and 26 cr respectively. DIIs were net sellers to the tune of Rs 549 cr.

 

Rupee appreciated 44 paise to end at 82.44/$.

 

For the week, Sensex and Nifty gained 1.6% and 1.9% respectively, extending the winning streak to third straight and closing at the highest level after the week ended 14th January 2022.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 2% and 1.3% respectively while Shanghai is flat. SGX Nifty is suggesting nearly 100 points gap-up start for our market.

 

In Friday's report we had said that 18350, the calendar 2022 top made in January, continued to be next upside level to eye while 17850 continued to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to close at 18117 and is set to open near 18200 today.

 

18350, the calendar 2022 top made in January, continues to be next upside level to eye; 17850 continues to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 41840, the top made in September 2022, which coincided with the top made in October 2021, is the important immediate hurdle, a crossover of which is required for a fresh upmove. If that happens, 42500 would be immediate upside level to eye. On the way down, 40800 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

17850 CONTINUES TO BE IMMEDIATE SUPPORT

 

17850 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.5%-1.7%, extending the losing streak to fourth consecutive session, further digesting comments from Fed Chair Powell and awaiting October nonfarm payrolls report due Friday.

 

Economic data was mixed. The number of Americans filing new claims for unemployment benefits unexpectedly fell last week while U.S. services industry grew at its slowest pace in nearly 2-1/2 years in October.

 

US 10-year treasury yield rose around 5 bps to 4.15%. Dollar index climbed 0.8% to 112.98. Gold fell 0.4% to $1629 per ounce.

 

Brent futures fell 1.5% to $94.67 a barrel and WTI crude fell 2.0% to settle at $88.17.

 

Bank of England delivered its highest interest rate hike in 33 of 75 bps, while noting that its projections for growth and inflation indicated a “very challenging” outlook for the U.K. economy, as it looks to bring inflation back toward its 2% target.

 

In Europe, FTSE rose 0.6% but DAX and CAC fell 1% and 0.5% respectively.

 

AT HOME

 

After falling nearly two-third of a percent in the initial trade, Sensex and Nifty recouped most of the losses through the session to end lower by 0.1% and 0.2% respectively. Sensex settled at 60836, down 70 points while Nifty lost 30 points to finish at 18052. Nifty mid-cap and small-cap indices gained 0.3% and 0.2% respectively. Nifty IT and Consumer Durables indices fell 1.2% and 0.5% respectively, becoming top losers among the sectoral indices while PSU Bank index surged 2.5% to become top gainer, followed by 0.6% higher Realty index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 732 cr, 1008 cr and 46 cr respectively. DIIs were net buyers to the tune of Rs 678 cr.

 

Rupee depreciated 10 paise to end at 82.88/$.

 

The S&P Global India services Purchasing Managers' Index edged up to 55.1 in October from September's six-month low of 54.3. Composite PMI rose to 55.5 from 55.1.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 3% and 1% respectively while Nikkei is down 2%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18350, the calendar 2022 top made in January, continued to be next upside level to eye while 17850-17800 was the immediate support area, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 17959, rebounded to end at 18052.

 

18350, the calendar 2022 top made in January, continues to be next upside level to eye; 17850 continues to be immediate support, with the stop-loss of which, trading longs could be held on to.

 

For Banknifty, 41840, the all-time high made in September, continues to be  immediate hurdle, upon crossover of which, 42200 would be next upside level to eye; 40800 continues to be immediate support on the hourly chart, below which, 34-DMA, placed around 40000, would be next support.

 

Cipla, Britannia and Titan will report their quarterly earnings today.

 

17850-17800 IS THE SUPPORT AREA

 

17850-17800 IS THE SUPPORT AREA

 

WORLD MARKETS

 

US indices nosedived 1.6%-3.3% after Fed Chair Powell said it was “premature” to talk about a rate hike pause and that the terminal rate would likely be higher than previously stated. Stock initially rose, reading Fed's statement as dovish.

 

US 10-year treasury yield, after falling to 3.974%, rebounded to end 6 bps higher at 4.105%. Dollar index rebounded from intraday low of 110.426 to end half a percent higher at 112.115. Gold ended 0.8% lower at $1635, having tested high of $1670 initially.

 

Brent crude settled up $1.51, or 1.6%, to $96.16 while WTI crude settled up $1.63, or 1.8%, to $90.

 

In Europe, FTSE and DAX fell 0.6% each while CAC slipped 0.8%.

 

AT HOME

 

Benchmark indices fell a third of a percent each, snapping a 4-day winning streak. Sensex settled at 60906, down 215 points while Nifty lost 62 points to finish at 18082. Nifty mid-cap and small-cap indices fell 0.1% each. Nifty PSU Bank and Realty indices were the top losers among sectoral indices, down 0.8% each while Media and Metal indices were the top gainers, up 0.8% and 0.6% respectively.

 

FIIs net bought stocks worth Rs 1436 cr but net sold index futures and stock futures worth Rs 629 cr and 1224 cr respectively. DIIs were net sellers to the tune of Rs 1378 cr.

 

Rupee depreciated 9 paise to end at 82.79/$.

 

OUTLOOK

 

Today morning, Hang Seng is down nearly 2% while Shanghai and Nikkei are off 0.2% and 0.1% respectively. SGX Nifty is suggesting arond 140 points lower start for our market.

 

In yesterday's report we had said that 18350, the calendar 2022 top made in January, continued to be next upside level to eye and that immediate support on the hourly chart had moved up to 17800, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18178 in the initial trade, slipped to end at 18082. The benchmark is set to open below 18000 today.

 

18350, the calendar 2022 top made in January, continues to be next upside level to eye; 17850-17800 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the all-time high made in September, is the immediate hurdle, upon crossover of which, 42200 would be next upside level to eye; 40800 continues to be immediate support on the hourly chart, below which, 34-DMA, placed around 40000, would be next support.

 

HDFC, Hero Motocorp and Adani Enterprises will report their quarterly earnings today.

 

18350 IS THE NEXT TARGET; TRAIL STOP-LOSS TO 17800

 

18350 IS THE NEXT TARGET; TRAIL STOP-LOSS TO 17800

 

WORLD MARKETS

 

US indices fell 0.2%-0.9% as investors digested economic data ahead of an expected rate hike from the Fed later Wednesday.

 

U.S. job openings surged in September to 10.72 million, well above a forecast of 99.85 million. The ISM manufacturing index came in at 50.2, marginally above an estimate of 50.

 

Fed is widely expected to hike interest rates by three-quarters of a point, its fourth hike in a row of that size. Market participants, however, are looking for a signal that the central bank is prepared to slow the pace of its rate-hiking plan come December.

 

US 10-year treasury yield, after hitting an intraday low of 3.92%, rebounded to end 1 bps lower at 4.046%. Dollar index too rebounded from lower level to end little changed at 111.55. Spot gold rose 0.8% to $1,646.78 per ounce.

 

Brent crude for January delivery rose 1.8%, to $94.51 a barrel. WTI crude rose 2%, to $88.27 a barrel.

 

European markets gained 0.6%-1.3%.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.7% respectively, extending the winning streak to fourth consecutive day and closing at the highest level after 17th January, 2022. Sensex settled at 61121, up 374 points while Nifty added 133 points to finish at 18145. Nifty mid-cap and small-cap indices rose 0.9% and 0.2% respectively. NSE Metal and Pharma indices surged 2.4% and 2.1% respectively, becoming top gainers among sectoral indices, while PSU Bank and Media indices were the top losers, down 0.7% and 0.2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2610 cr, 949 cr and 855 cr respectively. DIIs were net sellers to the tune of Rs 730 cr.

 

Rupee appreciated 8 paise to end at 82.70/$.

 

October GST collections came in at Rs 1.52 lk cr, which is second highest collection ever after April 2022.

 

India's October manufacturing PMI came in at 55.3, up from a three-month low of 55.1 in September.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are little changed while Hang Seng is down 0.4%. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 18350, the calendar 2022 top made in January, is the next upside level to eye while immediate support on the hourly chart had moved up to 17760, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after making a top of 18175, ended at 18145.

 

18350, the calendar 2022 top made in January, continues to be next upside level to eye; Immediate support on the hourly chart has moved up to 17800, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the all-time high made in September, is the immediate hurdle, upon crossover of which, 42200 would be next upside level to eye. 40800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

TRAIL STOP-LOSS TO 17760

 

TRAIL STOP-LOSS TO 17760

 

WORLD MARKETS

 

US indices fell 0.4%-1% ahead of the start of Fed's 2-day policy meeting.

 

US 10-year treasury yield rose 5 bps to 4.058%. Dollar index rose 0.8% to 111.58. Spot gold slipped 0.5% to $1,633.81 per ounce.

 

Brent crude futures dropped 1% to $94.85 a barrel and WTI crude fell 1.9% to $86.21 a barrel.

 

In Europe, FTSE and DAX rose 0.7% and 0.1% respectively but CAC fell 0.1%. Euro zone inflation surged to 10.7% in October, the highest level since the 19-member bloc was formed. Growth slowed with preliminary growth data for the third quarter showing gross domestic expanded just 0.2%.

 

Data earlier showed factory activity in China fell unexpectedly in October.

 

For the month, Dow surged 14% for its best performance since 1976. S & P 500 and Nasdaq gained 8% and 4% respectively. All three snapped 2-month losing streak.

 

AT HOME

 

Sensex and Nifty soared 1.3% each, extending the winning streak to third straight day and closing at the highest level after 18th January and 13th September respectively. Sensex settled at 60746, up 786 points while Nifty added 225 points to finish at 18012. Nifty mid-cap and small-cap indices gained 1.4% and 0.1% respectively. All the NSE sectoral indices ended higher, with consumer Durables index on the top, up 1.5%, followed by 1.4% higher Auto, Financial Services, IT and Oil & Gas indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 4179 cr, 1553 cr and 1850 cr respectively. DIIs were net sellers to the tune of Rs 1107 cr.

 

Rupee depreciated 31 paise to end at 82.78/$.

 

For the month, Sensex and Nifty gained 5.8% and 5.4% respectively and posted highest monthly close ever.

 

OUTLOOK

 

Today morning, Hang Seng is up nearly 2% while Shanghai and Nikkei are modestly higher. SGX Nifty is suggesting more than 100 point higher start for our market.

 

In yesterday's report we had said that 18096, the top made in September, was the next upside target as well as resistance to eye and that immediate support on the hourly chart had moved up to 17630, with the stop-loss of which, trading longs could be held on to.

 

Nifty soared to touch a high of 18022 before closing at 18012. The benchmark is set to open above 18100 today.

 

With today's higher start, Nifty is set to cross 18096 top made in September. 18350, the calendar 2022 top made in January, is the next upside level to eye; Immediate support on the hourly chart has moved up to 17760, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 41840, the all-time high made in September, is the immediate hurdle, upon crossover of which, 42200 would be next upside level to eye. 40400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.