19296-19650 CONTINUES TO BE IMMEDIATE RANGE

 

19296-19650 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.4% each while Nasdaq dipped 0.8% after Moody's downgraded the credit rating on several regional banks, citing deposit risk, a potential recession and struggling commercial real estate portfolios.

 

Philadelphia Fed President Patrick Harker signaled that the central bank could be at the end of its current rate-hiking cycle.

 

U.S. 10-year treasury yield fell 7 bps to 4.026%. Dollar index rose half a percent to 102.54. Gold fell 0.6% to $1925 per ounce.

 

Brent crude futures gained 83 cents to settle at $86.17 a barrel and WTI crude rose 98 cents to $82.92.

 

European markets fell 0.4%-2.1%, with Italy leading the losses as Italian lenders took a hit from the government’s surprise announcement of a 40% windfall tax on banking profits. sterling fell half a percent against U.S. dollar after a survey showed British retailers in July logged their slowest sales growth in 11 months.

 

China's trade data came in worse than expected as exports and imports dipped 14.5% and 12.4% y-o-y respectively as against expectation of a fall of 12.4% and 5% respectively.

 

AT HOME

 

Benchmark indices ended marginally lower, snapping a 2-day winning streak. Sensex settled at 65846, down 107 points while Nifty lost 26 points to finish at 19570. Nifty mid-cap and small-cap indices however gained quarter of a percent each, extending the winning streak to fourth straight day and with the mid-cap index hitting a fresh record high. Nifty PSU Bank index surged 3.4%, becoming top gainer among the sectoral indices, followed by 0.7% higher Media index. Metal index was the top loser, down 1.2%, followed by 0.3% lower Auto and FMCG indices.

 

FIIs net sold stocks and stock futures worth Rs 711 cr and 82 cr respectively but net bought index futures worth Rs 424 cr. DIIs were net buyers to the tune of Rs 537 cr.

 

Rupee depreciated 10 paise to end at 82.84/$.

 

OUTLOOK

 

China's July CPI slipped 0.3%, smaller than the 0.4% expected and marking the first fall since February 2021. Producer price index fell 4.4%, more than the 4.1% expected.

 

Today morning, Asian markets are trading flat to modestly lower while GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 19650, around which a trendline adjoining recent tops is placed, continued to be immediate hurdle, while 19296, the low made last week, continued to be immediate support.

 

Nifty, after touching a high of 19634, reversed to end at 19570.

 

19650, around which a trendline adjoining recent tops is placed, continues to be immediate hurdle, upon crossover of which, 19800-19870 would be next target area; 19296, the low made last week, continues to be immediate support.

 

For Banknifty, 45300 continues to be immediate hurdle above which, 44279, the low made last week, continues to be immediate support.

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19296-19650 ARE THE SUPPORT-RESISTANCE LEVELS TO EYE

 

19296-19650 ARE THE SUPPORT-RESISTANCE LEVELS TO EYE

 

WORLD MARKETS

 

U.S. indices gained 0.6%-1.2%, with the S & P 500 and Nasdaq snapping a four-day losing streak.

 

Federal Reserve Governor Michelle Bowman indicated that additional interest rate hikes would likely be needed to rein in inflation.

 

U.S. 10-year treasury yield rose 4 bps to 4.095%. Dollar index inched up 0.1% to 102.08. Gold fell 0.3% to $1936 per ounce.

 

Brent and WTI crude futures fell 0.7% each to $85.63 and $82.24 respectively.

 

European markets ended mixed with marginal changes.

 

AT HOME

 

Benchmark indices rose 0.4% each, extending Friday's pullback. Sensex settled at 65953, up 232 points while Nifty added 80 points to finish at 19597. Nifty mid-cap and small-cap indices rose 0.5% and 0.2% respectively. Nifty Healthcare and Pharma indices surged 2% and 1.6% respectively, becoming top gainers among the sectoral indices while PSU Bank and Media indices were the top losers, down 0.6% and 0.2% respectively.

 

FIIs net sold stock worth Rs 1893 cr but net bought index futures and stock futures worth Rs 636 cr and 1397 cr respectively. DIIs were net buyers to the tune of Rs 1081 cr.

 

Rupee appreciated 10 paise to end at 82.74/$.

 

OUTLOOK

Today morning, Hang Seng and Shanghai are down 2% and 0.5% respectively while Nikkei is up 0.3%. GIFT Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 19296, the low made last week, was the immediate support while 19650-19700 was the immediate resistance zone on the way up.

 

Nifty rose to touch a high of 19620 before closing at 19597.

 

19650, around which a trendline adjoining recent tops is placed, continues to be immediate hurdle, upon crossover of which, 19800-19870 would be next target area; 19296, the low made last week, continues to be immediate support.

 

For Banknifty, 45300 continues to be immediate hurdle; 44279, the low made last week, continues to be immediate support.

 

Hindalco and Coal India 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.

19300 IS IMMEDIATE SUPPORT; 19650-19700 IS IMMEDIATE RESISTANCE ZONE

 

19300 IS IMMEDIATE SUPPORT; 19650-19700 IS IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

Dow and Nasdaq fell 0.4% each while S & P 500 dipped half a percent on Friday, with the S & P 500 and Nasdaq falling for the fourth straight session while Dow dipped for the third day in a row.

 

Nonfarm payrolls data showed 187,000 jobs added in July, less than the 200,000 expected. The unemployment rate ticked lower to 3.5% from 3.6%. Average hourly wages rose 0.4% for the month, and 4.4% on an annualized basis, slightly ahead of the 0.3% and 4.2% expected, respectively.

 

Amazon jumped 8.3% to its highest level in nearly a year after beating expectations on profit and offering positive guidance. Apple lost 4.8% after reporting lower revenue than the year-ago quarter.

 

U.S. 10-year treasury yield fell 14 bps to 4.04%. Dollar index fell half a percent to 102. Gold rose half a percent to $1943 per ounce.

 

Brent crude futures rose 1.3% to $86.24 a barrel and WTI crude gained 1.6% to $82.82 a barrel.

 

European markets gained 0.4%-0.8%.

 

For the week, Nasdaq and S & P 500 fell 2.9% and 2.3% respectively for their worst weeks since March. Dow fell 1.1%.

 

AT HOME

 

Benchmark indices rose 0.7% each, snapping a 3-day losing streak. Sensex settled at 65721, up 480 points while Nifty added 135 points to finish at 19517. Nifty mid-cap and small-cap indices gained 0.8% each, building on yesterday's marginal gains. Nifty IT and Private Bank indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices, while PSU Bank and Auto indices were the top losers, down 0.7% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 556 cr but net bought index futures and stock futures worth Rs 1105 cr and 1954 cr respectively. DIIs were net buyers to the tune of Rs 367 cr.

 

Rupee depreciated 12 paise to end at 82.84/$.

 

For the week, Sensex and Nifty fell two third of a percent each, extending the losing streak to second consecutive week.

 

Britannia reported a weak set of first quarter numbers as volume growth was flat while revenue and profit both missed estimates. SBI reported an operationally weak first quarter as domestics Net Interest Margin sees highest decline in 6 years.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.2% while Nikkei and Shanghai are down 0.3% and 0.6% respectively. GIFT Nifty is suggesting a marginally higher start for our market.

 

In Friday's report we had said that 19286, the low made Thursday, was the immediate support, while 19650-19700 was the immediate resistance zone.

 

Nifty rose to touch a high of 19538 before closing at 19517.

 

19296, the low made last week, is the immediate support, upon breach of which, 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 upmove seen since 26th June, would be next downside levels to eye. On the way up, 19650-19700 is the immediate resistance zone, above which, 19800-19870 would be next target area.

 

For Banknifty, 44279, the low made during the week, also coincided with the lower band of daily Bollinger band and hence is the immediate support, below which, 44000, the 78.6% retracement level of the 43345-46370 upmove seen since 20th June, would be next downside level to eye. If 44000 also gives way, 43345 bottom might be retested. On the way up, 45300 is the immediate hurdle on the hourly chart, above which, 45782, the top made during the week, would be next upside level to eye.

Investment in securities market is subject to market risk.

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

19160 BELOW 19296; 19650-19700 IS THE RESISTANCE ZONE

 

19160 BELOW 19296; 19650-19700 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.25% as rising bond yields continued to weigh on the sentiment.

 

Weekly jobless claims were in-line and second-quarter productivity data showed an uptick.

 

Qualcomm fell 8.2% after it missed third-quarter adjusted revenue and posted disappointing guidance. PayPal shed 12.3% despite posting in-line results while Expedia plunged 16.4% as gross bookings fell short of expectations.

 

U.S. 10-year treasury yield rose 10 bps to 4.181%, its highest level since November 2022. Dollar index fell 0.1% to 102.49. Gold was flat at $1934 per ounce.

 

Oil rose as Saudi Arabia and Russia took steps to keep supplies tight into September and possibly beyond. Brent futures rose 2.3%, to settle at $85.14 a barrel, while WTI crude rose 2.6%, to $81.55.

 

European markets fell 0.4%-0.9%. The BOE announced a 25 bps hike, bringing its main rate to 5.25%.

 

China’s Caixin survey for the services sector showed it expanded at a stronger pace in July compared to June.

 

AT HOME

 

Sensex and Nifty fell 0.8% and 0.7% respectively, extending the losing streak to third straight day and closed at the lowest level after 3rd and 10th July respectively. Sensex lost 542 points to settle at 65240 while Nifty lost 144 points to finish at 19381. Nifty mid-cap and small-cap indices however gained 0.25% and 0.1% respectively. Nifty Realty and Financial Services indices were the top losers among the sectoral indices, down 1.8% and 1.2% respectively while Pharma and Media indices were the top gainers, up 1% and 0.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 317 cr, 3442 cr and 4624 cr respectively. DIIs were net buyers to the tune of Rs 1729 cr.

 

Rupee depreciated 14 paise to end at 82.72/$.

 

Eicher Motors delivered a top-down beat in the first quarter earnings with the highest ever sales in the bus division and margins improving 110 bps y-o-y to 25.6%. Bharti Airtel results were a beat across all parameters with ARPU touching Rs. 200 per month.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.6% and 0.6% respectively while Nikkei is off 0.1%. GIFT Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 19350, was the next support to eye while 19700 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty plunged to 19296 before closing at 19381.

 

19286, the low made yesterday, is the immediate support, below which, 19160, the 61.8% retracement level of the 18646-19991 upmove seen since 26th June, would be the next downside level to eye; 19650-19700 is the immediate resistance zone.

 

For Banknifty, 44000, the 78.6% retracement level of the 43345-46369 upmove seen since 20th June, is the next support; 45300 is immediate hurdle.

Investment in securities market is subject to market risk.

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

STAY SHORT WITH THE STOP-LOSS OF 19700

 STAY SHORT WITH THE STOP-LOSS OF 19700

 

WORLD MARKETS

 

U.S. indices plunged 1%-2.2% after ratings agency Fitch downgraded the United States’ long-term credit rating from AAA to AA+

 

Data from ADP showed private payrolls rose by 324,000 last month, more than the expected 189,000.

 

U.S. 10-year treasury yield rose 6 bps to 4.084% and hit highest level since November. Dollar index rose 0.6% to 102.59. Gold fell 0.8% to $1934 per ounce.

 

WTI futures settled down 2.3%, to $79.49 a barrel while Brent crude futures fell 2% to $83.20 a barrel.

 

European markets fell 1.3%-1.8%.

 

AT HOME

 

After plunging a percent and half, benchmark indices recouped a third of the losses in last hour to end lower by a percent each and closed at the lowest level after 13th July 2023. Sensex settled at 65782, down 676 points while Nifty lost 207 points to finish at 19526. Nifty mid-cap and small-cap indices tumbled 1.3% and 1.6% respectively, with the former snapping a 6-day winning streak and suffering the worst cut after 13th March 2023 while small-cap index had worst fall since 27th March. All the NSE sectoral indices ended lower, with PSU Bank and Metal indices being the top losers, down 2.6% and 2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1878 cr, 860 cr and 2055 cr respectively. DIIs were net sellers to the tune of Rs 2 cr.

 

Rupee depreciated 32 paise to end at 82.58/$.

 

Titan reported an operationally weak first quarter with the jewelry segment margin at it's lowest in two years. HPCL was a top-down beat. Revenue rose 4% y-o-y while operating margin rose to 8.3% from 4.1%. 

 

OUTLOOK

 

Today morning, Nikkei is down 1.3% while Hang Seng and Shanghai are down 0.1% each. GIFT Nifty is suggesting around 60 points lower start for our market.

 

In yesterday's report we had said that 19563, followed by 19450, were the downside levels to eye.

 

Nifty plunged all the way to 19423 before closing at 19526.

 

34-DMA, placed around 19350, is the next support to eye; 19700 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 44550, the bottom made in July, is the next support to eye; 45500-45600 is the immediate resistance zone.

 

Bharti Airtel, Eicher Motors and Sun Pharma 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.

19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow rose 0.2% but S & P 500 and Nasdaq fell 0.3% and 0.4% respectively.

 

U.S. factory production rebounded in the second quarter, ending two straight quarterly declines.

Construction spending increased solidly last month and May’s data was revised higher. On the flip side Job openings last month declined to the lowest level in more than two years. The latest ISM Manufacturing report showed a contraction for the ninth straight month.

 

U.S. 10-year treasury yield rose 6 bps to 4.027%. Dollar index inched up 0.1% to 101.96. Gold fell 0.8% to $1950 per ounce.

 

Caterpillar posted strong results, boosting shares 9%. Merck fell 1.3% even after reporting a smaller-than-expected loss and revenue that exceeded expectations. Pfizer fell 1.2% after posting mixed results due to plummeting Covid product sales, while Uber tumbled 5.7% on mixed earnings. JetBlue nosedived 8.3% after slashing guidance due to slowing domestic travel.

 

Brent crude October futures fell 0.6% to $84.91 a barrel and  WTI futures fell 0.5% to $81.37.

 

European markets fell 0.4%-1.4%. Euro zone manufacturing activity fell in July at the fastest pace since the start of the Covid-19 pandemic, a new survey showed.

 

China’s Caixin/S&P Global manufacturing PMI missed forecasts and showed the first decline in activity since April.

 

AT HOME

 

Benchmark indices ended marginally in the red after a choppy session. Sensex settled at 66459, down 68 points while Nifty lost 20 points to finish at 19733. Nifty mid-cap and small-cap index was little changed while small-cap index rose 0.7%. Nifty IT index climbed 1.2%, becoming top gainer among the sectoral indices, followed by 0.2% higher Metal index. Realty index was the top loser, down 1.8%, followed by 0.4% lower Healthcare index.

 

FIIs net sold stocks, index futures and stock futures worth Rs 93 cr, 45 cr and 858 cr respectively. DIIs were net buyers to the tune of Rs 1036cr.

 

Rupee depreciated 1 paise to end at 82.26/$.

 

India's July manufacturing PMI stood at 57.7 Vs 57.8 in the previous month.

 

July GST collection rose 11% y-o-y to Rs. 1.65 lk cr.

 

Escorts Kubota July sales were up 3.9% at 5570 units. Bajaj Auto sales were down 10% at 3.19 lk units. Tata Motors total sales fell 1.4% to 80633 units. M & M tractor sales were up 8% at 25175 units while Auto sales rose 17.8% to 66124 units. Maruti sales were up 3.2% at 1.81 lk units.

 

OUTLOOK

 

Fitch Ratings lowered the U.S.’s long-term foreign currency issuer default rating to AA+ from AAA Tuesday night, citing “expected fiscal deterioration over the next three years.”

 

Today morning, Asian markets are trading with cuts of 0.2%-1.3% and GIFT Nifty is suggesting around 35 points lower start for our market.

 

In yesterday's report we had said that 19867, the top made last week, continued to be immediate hurdle, while 19563, the bottom made last week, continued to be immediate support.

 

Nifty, after touching a high of 19795, closed at 19733 and is set to open near 19700 today.

 

19867, the top made last week, continues to be immediate hurdle, above which, 19991, the top made on 20th July, would be bigger resistance to eye; 19563, the bottom made last week, continues to be immediate support.

 

For Banknifty, 45238, the low made last week, continues to be immediate support below which, 44937, the 78.6% retracement level of this upmove, would be next downside target. On the way up, 45850-45950 is the immediate resistance zone, above which, 46370, the top made last week, which was nearly retested this week, would be bigger hurdle to eye.

 

Titan, HPCL and Ambuja Cement 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.

19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.3%.

 

U.S. 10-year treasury yield inched up 1 bps to 3.965%. Dollar index rose 0.2% to 101.86. Gold rose 0.3% to $1966 per ounce.

 

October Brent crude futures rose 1.2% to $85.43 a barrel and WTI crude futures rallied 1.5%, to $81.80 a barrel.

 

In Europe, FTSE and CAC rose 0.1% and 0.3% respectively while DAX fell 0.1%. Preliminary data showed headline inflation in the euro zone fell to 5.3% in July. New euro zone growth figures also showed economic activity picking up in the second quarter of this year.

 

China’s manufacturing activity fell for a fourth straight month in July.

 

AT HOME

 

Benchmark indices rose 0.6% each, snapping a 2-day losing streak. Sensex settled at 66527, up 367 points while Nifty added 107 points to finish at 19735. Nifty mid-cap and small-cap indices gained 1% and 0.9% respectively, with the former hitting fresh record high and the later posting highest close since 17th January, 2022. Except 0.6% and 0.4% lower FMCG and Healthcare indices respectively, all the NSE sectoral indices ended higher, with Metal and IT indices on the top, up 1.8% and 1.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 701 cr, 730 cr and 613 cr respectively. DIIs were net buyers to the tune of Rs 2488 cr.

 

Rupee closed unchanged at 82.25/$.

 

India's core sector growth touched 5-month high of 8.2% in June.

 

OUTLOOK

 

China’s Caixin manufacturing PMI in July fell into contraction territory for the first time since April, coming in at 49.2.

 

Asian markets are trading with gains of 0.2%-1% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19563, the bottom made Friday, is the immediate support while 19867, the top made during last week, is the immediate hurdle.

 

Nifty rose to touch a high of 19772 before closing at 19735.

 

19867, the top made last week, continues to be immediate hurdle, above which, 19991, the top made on 20th July, would be bigger resistance to eye; 19563, the bottom made last week, continues to be immediate support.

 

For Banknifty, 45238, the low made last week, continues to be immediate support; On the way up, 45850-45950 is the immediate resistance zone, above which, 46370, the top made last week, which was nearly retested this week, would be bigger hurdle to eye.