STAY LONG WITH THE STOP-LOSS OF 18550

 

STAY LONG WITH THE STOP-LOSS OF 18550

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1%, with the Dow rising for the third straight session and S & P 500 posting it's best close of 2023.

 

Jobless claims increased more than expected to their highest since October 2021, a potential sign that the labor market is softening.

 

U.S. 10-year treasury yield fell 8 bps to 3.722%. Dollar index tumbled 0.8% to 103.32. Gold jumped 1.3% to $1966 per ounce.

 

Brent crude settled down 1.3% at $75.96 a barrel and WTI crude fell 1.7% to $71.29.

 

In Europe, FTSE fell 0.3% but DAX and CAC rose 0.2% and 0.3% respectively. Euro zone entered a technical recession in the first three months of the year, with revisions to GDP showing a 0.1% contraction in the previous two quarters.

 

AT HOME

 

After gaining three tenth of a percent, benchmark indices plunged to end lower by half a percent, snapping a 4-day winning streak. Sensex settled at 62484, down 294 points while Nifty lost 91 points to finish at 18634. Nifty mid-cap and small-cap indices fell 0.6% and 1% respectively for their first red day in 14 and 15 days respectively. Except 0.2% higher Metal index, all the NSE sectoral indices ended lower, with Realty and Media indices being the top losers, down 1.6% and 1.5% respectively.

 

FIIs net bought stocks worth Rs 212 cr but net sold index futures and stock futures worth Rs 442 cr and 1094 cr respectively. DIIs were net sellers to the tune of Rs 405 cr.

 

Rupee ended unchanged at 82.56/$.

 

RBI's 6-memeber Monetary Policy Committee voted unanimously to keep repo rate unchanged at 6.5%. The "Withdrawal of accommodation" stance was maintained with 5:1 majority. FY24 GDP growth forecast was left unchanged at 6.5% while CPI forecast was lowered from 5.2% to 5.1%.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6% while Hang Seng and Shanghai are up 0.3% and 0.2% respectively. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, was the next upside level to eye while 18550 was the immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18777, slipped to end at 18634.

 

18887, the record high made in December 2022, continues to be next upside level to eye; 18550 continues to be immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, continues to be immediate hurdle, upon crossover of which, 44800-45000 would be next target area; 43706, the low made last week, is the immediate support.

 

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ALL EYES ON RBI

 

ALL EYES ON RBI

 

WORLD MARKETS

 

Dow rose 0.3% but S & P 500 and Nasdaq fell 0.4% and 1.3% respectively

 

U.S. trade deficit widened by the most in eight years in April as imports of goods rebounded while exports of energy products declined.

 

U.S. 10-year treasury yield jumped 14 bps to 3.799%. Dollar index was little changed at 101.11. Gold fell 1.2% to $1940 per ounce.

 

Brent crude futures rose 0.9% to $76.95 a barrel and WTI futures gained 1.1% to $72.53.

 

Main European markets ended with modest cuts.

 

Data earlier showed China’s exports shrank much faster than expected in May and imports fell, albeit at a slower pace.

 

AT HOME

 

Sensex and Nifty surged 0.6% and 0.7% respectively, extending the winning streak to fourth consecutive session and registered highest close after 1st December, 2022. Sensex settled at 63142, up 350 points while Nifty added 127 points to finish at 18726. Nifty mid-cap and small-cap indices surged 1% and 1.4% respectively with former hitting record high and later closing at the highest level after 21st April 2022.  All the NSE sectoral indices ended higher, with Realty and Metal indices on the top, up 1.6% and 1.5% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1383 cr, 806 cr and 1893 cr respectively. DIIs were net buyers to the tune of Rs 392 cr.

 

Rupee appreciated 6 paise to end at 82.55/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.1%-0.6% but SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 18662, the top made last week, continued to be immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye. We had also advised holding on to longs with the stop-loss of 18450.

 

Nifty crossed 18662 and surged all the way to 18738 before closing at 18726.

 

18887, the record high made in December 2022, is the next upside level to eye; 18550 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, is the immediate hurdle, upon crossover of which, 44800-45000 would be next target area; 43706, the low made last week, is the immediate support.

 

RBI's Monetary Policy Committee is widely expected to leave key Repo Rate unchanged when it announces it's decision today.

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18887 ABOVE 18662; 18450 CONTINUES TO BE IMMEDIATE SUPPORT

 

18887 ABOVE 18662; 18450 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow inched up 0.03% while S & P 500 and Nasdaq gained 0.2% and 0.4% respectively.

 

U.S. 10-year treasury yield fell 2 bps to 3.662%. Dollar index inched up  0.1% to 104.13. Gold rose 0.1% to $1963 per ounce.

 

World Bank raised it's global growth forecast for 2023 to 2.1% from 1.7% earlier.

 

Brent and WTI crude futures fell 0.6% each to $76.29 and $71.74 a barrel respectively.

 

European markets gained 0.1%-0.7%. German industrial orders fell unexpectedly in April.

 

AT HOME

 

After falling a third of a percent, benchmark indices recouped all the losses in late noon surge to end marginally in the green. Sensex and Nifty both added 5 points each to settle at 62792 and 18599 respectively. Nifty mid-cap and small-cap indices gained 0.1% and 0.5% respectively.  Nifty Realty and Auto indices climbed 1.2% and 1.1% respectively, becoming top gainers among the sectoral indices while IT index tumbled 1.9%, becoming top loser, followed by 0.3% lower Consumer Durables index

 

FIIs net bought stocks and stock futures worth Rs 386 cr and 557 cr respectively but net sold index futures worth Rs 920 cr. DIIs were net sellers to the tune of Rs 489 cr.

 

Rupee appreciated 6 paise to end at 82.61/$.

 

World Bank lowered India's FY24 GDP growth forecast to 6.3% from 6.6% earlier.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.2% respectively but Nikkei is down a percent. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 18662, the top made last week, continued to be immediate hurdle while 18450 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 18531, rebounded to end at 18599.

 

18662, the top made last week, continues to be immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye; 18450 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, is the immediate hurdle; 43706, the low made last week, is the immediate support.

 

Investment in securities market is subject to market risk.

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

 

18887 ABOVE 18662; 18450 IS THE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.6%, consolidating big gains made in past couple of sessions.

 

Apple, after briefly touching an all-time highs earlier in the session, reversed to end about 0.8% lower. Bank stocks slid following news that regulators are contemplating increasing capital requirements for large banks.

 

ISM non-manufacturing PMI fell to 50.3 last month from 51.9 in April and vs expectation of 52.2.

 

U.S. 10-year treasury yield fell 1 bps to 3.685%. Dollar index was little changed at 103.99. Gold rose 0.7% to $1961 per ounce.

 

Brent crude futures rose 0.6% to $76.57 a barrel and WTI futures stood at $72.03, over 0.4% higher.

 

European markets fell 0.1%-1%

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.3% respectively, extending Friday's similar gains. Sensex settled at 62787, up 240 points while Nifty added 60 points to finish at 18593. Nifty mid-cap and small-cap indices rose 0.1% and 0.4% respectively. Nifty Auto and Media indices climbed 1.3% and 0.9% respectively, becoming top gainers among the sectoral indices while FMCG and PSU Bank indices were the top losers, down 0.4% each.

 

FIIs net sold stocks worth Rs 701 cr but net bought index futures and stock futures worth Rs 746 cr and 1388 cr respectively. DIIs were net buyers to the tune of Rs 1196 cr.

 

Rupee depreciated 36 paise to end at 82.67/$.

 

India’s services PMI fell to 61.2 in May from 62.0 in April while composite PMI was unchanged at 61.6.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 0.6% and 0.1% respectively while Shanghai is off 0.2%. SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18662, the top made last week, was the immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye. We had also advised holding on to longs with the stop-loss of 18400.

 

Nifty, after touching a high of 18640, slipped to end at 18593.

 

18662, the top made last week, continues to be immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye; 18450 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, is the immediate hurdle; 43706, the low made last week, is the immediate support.

 

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18887 ABOVE 18662; 18450-18400 IS THE SUPPORT AREA

 

18887 ABOVE 18662; 18450-18400 IS THE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices surged 1.1%-2.1% on Friday, with the Dow notching it's best day since January, on the back of strong jobs report and the passage of a debt ceiling bill that averts a U.S. default. Nasdaq hit highest level after April 2022.

 

Nonfarm payrolls grew 339,000, much more than expected figure of 190,000. However, average hourly earnings rose less than expected, while the unemployment rate rose to 3.7% from a 53-year low of 3.4% in April.

 

The Senate passed a bill to raise the debt ceiling late Thursday night, sending the bill to President Joe Biden’s desk.

 

U.S. 10-year treasury yield rose 10 bps to 3.696%. Dollar index rose half a percent to 104.0. Gold fell 1.5% to $1947 per ounce.

 

Brent futures settled up 2.5% to $76.13 a barrel and WTI crude rose 2.3% to $71.74.

 

European markets gained 1.2%-1.9%.

 

For the week, Dow and Nasdaq climbed 2% each while S & P 500 rose 1.8%. Nasdaq notched its sixth straight week higher. In Europe, FTSE and CAC fell 0.3% and 0.7% respectively but DAX rose 0.4%. In Asia, Shanghai and Nikkei rose 1.4% each while Hang Seng rose 1.1%. Indian indices inched up marginally.

 

U.S. 10-year treasury yield fell 11 bps to 3.696%, snapping a 4-week winning streak. Dollar index fell 0.2%, snapping 3-week winning streak. Gold rose 1.3% for the week for its first positive week in four and its best weekly performance since April.

 

Brent and WTI crude both fell more than 1% for their first weekly losses in three weeks as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend.

 

AT HOME

 

Sensex and Nifty gained 0.2% and 0.25% respectively after a choppy session, snapping a 2-day losing streak. Sensex settled at 62547, up 118 points while Nifty added 46 points to finish at 18534. Nifty mid-cap and small-cap indices rose half a percent each, extending the winning streak to 10th consecutive session. Except 0.7% and 0.4% lower Oil & Gas and IT indices respectively, all the NSE sectoral indices ended higher, with Realty and Metal indices on the top, up 1.4% and 1.2% respectively.

 

FIIs net sold stocks worth Rs 657 cr but net bought index futures and stock futures worth Rs 476 cr and 2546 cr respectively. DIIs were net buyers to the tune of Rs 582 cr.

 

Rupee appreciated 10 paise to end at 82.31/$.

 

For the week, Sensex and Nifty inched up 0.1% and 0.2% respectively. Nifty mid-cap and small-cap indices climbed 1.6% and 3.1% respectively.

 

OUTLOOK

 

Today morning, Nikkei is up 1.6%, Hang Seng is up 0.1% while Shanghai is flat. SGX Nifty is suggesting around 75 points higher start for our market.

 

In Friday's report we had said that 18662, the top made on Tuesday, was the immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be next major target; We had also advised holding on to longs with the stop-loss of 184000.

 

Nifty rose to close at 18534 and is set to open near 18600 today.

 

18662, the top made last week, is the immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye; On the way down, 18400-18450 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44200-44300 is the immediate resistance zone on the hourly chart, upon crossover of which, 44500, the top made during the week, would be next hurdle; 43706, the low made during the week, which coincided with 20-DMA, is the immediate support.

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18400 CONTINUES TO BE IMMEDIATE SUPPORT; 18887 ABOVE 18662

 

18400 CONTINUES TO BE IMMEDIATE SUPPORT; 18887 ABOVE 18662

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1.3% with S & P 500 and Nasdaq closing at the highest level since August 2022, after the U.S. House passed a debt ceiling bill in a crucial step to avoid a default.

 

Data from ADP showed private payrolls grew more than expected in May, while the number of jobless claims filed last week was smaller than forecasted. ISM manufacturing PMI fell to 46.9 last month from 47.1 in April, contracting for a seventh straight month.

 

U.S. 10-year treasury yield fell 5 bps to 3.599%, falling for the fifth consecutive session. Dollar index fell 0.6% to 103.56. Gold rose 0.7% to $1977 per ounce.

 

WTI crude rose 3% to settle at $70.10 a barrel and Brent rose 2.3% to $74.65 a barrel.

 

European markets rose 0.6%-2%. Flash Eurozone CPI rose 6.1% y-o-y, which was less than the 6.3% anticipated and vs 7% in April.

 

AT HOME

 

Sensex and Nifty fell 0.3% and 0.25% respectively, extending losing streak to second straight day. Sensex settled at 62428, down 193 points while Nifty lost 46 points to finish at 18487. Nifty mid-cap and small-cap indices however outperformed yet again, rising 0.2% and 1% respectively and extending the winning streak to ninth consecutive session. Nifty Realty and Pharma indices surged 1.1% each, becoming top gainers among the sectoral indices while Nifty Bank and Financial Services indices were the top losers, down 0.8% and 0.6% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 71 cr, 2183 cr and 446 cr respectively. DIIs were net buyers to the tune of Rs 489 cr.

 

Rupee appreciated 31 paise to end at 82.41/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 2.3% while Nikkei and Shanghai are up 0.6% and 0.3% respectively. SGX Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 18400 continued to be immediate support on the hourly chart while 18887, the record high made in December 2022, continued to be next major target.

 

Nifty fell to 18464 before closing at 18487. The benchmark is set to open near 18550 today.

 

18662, the top made on Tuesday, is the immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be next major target; 18400 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43390, the low made last week, is the next support; 44200 is immediate hurdle.

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18400 CONTINUES TO BE IMMEDIATE SUPPORT

 

18400 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow fell 0.4% while S & P 500 and Nasdaq fell 0.6% each, ahead of House vote on debt ceiling deal.

 

After passing a key procedural vote in the House Rules Committee on Tuesday, the Fiscal Responsibility Act was scheduled to face a floor vote in the Republican-majority House around 8.30 pm ET Wednesday.

 

On the economic data front, April job openings were unexpectedly higher, while the Chicago PMI was lower than expected.

 

U.S. 10-year treasury yield fell 4 bps to 3.646%. Dollar index rose 0.2% to 104.23. Gold inched up 0.2% to $1963 per ounce.

 

Brent crude futures for August delivery settled down $1.11 to $72.60 a barrel. WTI settled down $1.37 to $68.09.

 

European markets slipped 1%-2%. Flash figures showed inflation in France cooled to 6% in May, down from 6.9% in April.

 

Data out of China showed manufacturing PMI declined for a second straight month and at a faster rate than expected; and property pricing and transactions “weakened sharply.”

 

For the month, Nasdaq climbed 5.8%, S & P 500 inched up 0.3% while Dow fell 3.5%.

 

AT HOME

 

Benchmark indices slipped half a percent each, snapping a 4-day winning streak. Sensex settled at 62622, down 346 points while Nifty lost 99 points to finish at 18534. Nifty mid-cap and small-cap indices however gained 0.4% and 1% respectively, with the former hitting fresh record high and later hitting it's highest level after 4th May 2022. Nifty Financial Services and Metal indices fell 0.8% each, becoming top losers among the sectoral indices while Realty, Healthcare and Consumer Durables indices gained 0.8% each, becoming top gainers.

 

FIIs net bought stocks worth Rs 3406 cr but net sold index futures and stock futures worth Rs 2027 cr and 2114 cr respectively. DIIs were net sellers to the tune of Rs. 2529 cr.

 

Rupee depreciated 1 paise to end at 82.72/$.

 

India's Q4 FY23 GDP stood at 6.1%, up from 4.4% growth witnessed in Q3 and beat estimate. FY23 GDP growth stood at 7.2%, better-than-estimates but down from 9.5% growth in FY22. FY23 fiscal deficit came in at 6.4%, meeting budgeted target. Core sector growth slowed to six-month low of 3.5% in April.

 

OUTLOOK

 

In the U.S., a bill to raise the debt limit and cap government spending passed in the House by a wide margin late Wednesday.

 

Today morning, Asian markets are trading with gains of 0.2%-1% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, continued to be next major target while 18400 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty fell to 18483 before closing at 18534.

 

18400 continues to be immediate support on the hourly chart; 18887, the record high made in December 2022, continues to be next major target.

 

43822, the low made yesterday, is the immediate support for Banknifty, upon breach of which, 43390, the low made last week, would be next downside level to eye; 44500 is the immediate hurdle, upon crossover of which, 45000-45200 would be next target area.

 

Investment in securities market is subject to market risk.

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