STAY LONG WITH THE STOP-LOSS OF 17850

 

STAY LONG WITH THE STOP-LOSS OF 17850

 

WORLD MARKETS

 

After starting in red on the back of hotter-than-expected retail sales data, US indices saw a sustained northward move through the session to end with gains of 0.1%-0.9%.

 

January retail sales rose 3%, it's highest pace in nearly two years, while economists anticipated a 1.9% increase.            

 

US 10-year treasury yield rose 6 bps to 3.809%. Dollar index rose half a percent to 103.81. Gold dipped 1% to $1836 per ounce.

 

Brent crude eased 0.2% to $85.38 a barrel and WTI crude fell 0.6% to $78.59.

 

European markets gained 0.6%-1.2%. U.K. CPI fell for the third month in a row January to hit 10.1%, below expectations near 10.3%.

 

AT HOME

 

After falling nearly 0.4% in the initial trade, Sensex and Nifty reversed these losses through the session to end higher by 0.4% and 0.5% respectively. Sensex settled at 61275, up 242 points while Nifty added 86 points to finish at 18015. Nifty mid-cap and small-cap indices gained 0.6% and 0.3% respectively. Except 0.4% and 0.1% lower FMCG and Pharma indices respectively, all the NSE sectoral indices ended higher, with Realty and IT indices being the top gainers, up 1.3% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 432 cr and 1921 cr respectively but net sold index futures worth Rs 262 cr. DIIs were net buyers to the tune of Rs 517 cr.

 

Rupee depreciated 4 paise to end at 82.80/$.

 

India's January trade deficit stood at $17.76 bn vs $23.76 bn month-on-month and $17.34 bn y-o-y.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.2% and SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that a crossover of Tuesday's high, 17954, would confirm a breakout, which would pave the way for 18200, the top made on 24th January. We had also advised going long above 17954, keeping 17750-17700 support area as the stop-loss.

 

Nifty, after making a low of 17853 in the initial trade, surged to 18034 before closing at 18015.

 

18200, the top made on 24th January, continues to be next upside target to eye; 17850 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42015, the top made on the Budget Day, which also coincides with 34-DMA, continues to be important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye; On the way down, 41100 is the immediate support on the hourly chart.

BREAKOUT ABOVE 17954; 17750-17700 IS THE SUPPORT AREA

 

BREAKOUT ABOVE 17954; 17750-17700 IS THE SUPPORT AREA

 

WORLD MARKETS

 

Dow fell half a percent, S & P 500 was little changed while Nasdaq ended higher by 0.6% after digesting inflation data that came in hotter-than-expected.

 

U.S. CPI rose 0.5% month-on-month and 6.4% y-o-y in January, higher than the expected increases of 0.4% and 6.2% respectively. Core CPI increased 0.4% monthly and 5.6% from a year ago, against respective estimates of 0.3% and 5.5%.

 

US 10-year treasury yield rose 4 bps to 3.747%. Dollar index was little changed at 103.27. Gold too was flat at $1854 per ounce.

 

Brent as well as WTI futures fell 1.1% each to $85.65 and $79.27 a barrel respectively.

 

In Europe, FTSE and CAC inched up 0.1% each but DAX eased 0.1%.

 

AT HOME

 

Sensex and Nifty jumped 1% and 0.9% respectively to close at the highest level after 18th January and 24th January respectively. Sensex settled at 61032, up 600 points while Nifty added 159 points to finish at 17930. Nifty mid-cap and small-cap indices however fell 0.3% and 0.4% respectively. PSU Bank, FMCG, Metal and IT indices all gained 1% each, becoming top gainers among the sectoral indices, while Realty index tumbled 1.8% to become top loser, followed by 0.4% lower Auto index. 

 

FIIs net bought stocks, index futures and stock futures worth Rs 1305 cr, 3774 cr and 1994 cr respectively. DIIs were net buyers to the tune of Rs 205 cr.

 

Rupee depreciated 4 paise to end at 82.76/$.

 

India's January WPI inflation fell to 4.73% Vs 4.95% in the previous month and hit the lowest level in 2 years. Core WPI fell to 2.8% from 3.2%.

 

OUTLOOK

 

Today morning, Hang Seng is down 1.5% while Shanghai and Nikkei are off 0.2% and 0.1% respectively. SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 17972, the top made on the Budget Day, around which 34-DMA was also placed, continued to be important immediate hurdle while 17650 was the immediate support on the hourly chart

 

Nifty soared to touch a high of 17954 before closing at 17930.

 

Nity yesterday closed exactly at it's 34-DMA. A crossover of yesterday's high, 17954, would confirm a breakout, paving the way for 18200, the top made on 24th January; 17750-17700 is the immediate support zone, with the stop-loss of which, trading longs can be initiated once 17954 is crossed.

 

For Banknifty, 42015, the top made on the Budget Day, which also coincides with 34-DMA, continues to be important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye; On the way down, 41100 is the immediate support on the hourly chart.

17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 rose 1.1% each while Nasdaq jumped 1.5% ahead of Tuesday’s key inflation report.

 

US 10-year treasury yield fell 5 bps to 3.705%. Dollar index fell 0.3% to 103.30. Gold fell 0.6% to $1853 per ounce.

 

Brent futures for April delivery rose 0.3% to $86.61 a barrel, while U.S. crude rose 0.5, to $80.14 per barrel.

 

European markets gained 0.6%-1.1%.

 

AT HOME

 

Sensex and Nifty fell 0.4% and 0.5% respectively, extending Friday's modest cuts. Sensex settled at 60431, down 250 points while Nifty lost 85 points to finish at 17770. Nifty mid-cap and small-cap indices tumbled 1.5% and 1.4% respectively, with the former suffering the worst cut after 23rd December. Except marginally higher FMCG index, all the NSE sectoral indices ended lower, with PSU Bank and Media indices being the top losers, down 2.5% and 2.4% respectively.

 

FIIs net bought stocks and index futures worth Rs 1322 cr and 89 cr respectively but net sold stock futures worth Rs 1312 cr. DIIs were net sellers to the tune of Rs 522 cr.

 

Rupee depreciated 22 paise to end at 82.72/$.

 

OUTLOOK

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

 

In yesterday's report we had said that 17972, the top made on the Budget Day, around which 34-DMA was also placed, continued to be important immediate hurdle while 17650-17600 continued to be immediate support area.

 

Nifty fell to touch a low of 17719 before closing at 17770.

 

17972, the top made on the Budget Day, around which 34-DMA is also placed, continues to be important immediate hurdle; 17650 is the immediate support on the hourly chart, below which, 17353, the low made on the budget day, would be next downside level to eye.

 

For Banknifty, 42015, the top made on the Budget Day, which also coincides with 34-DMA, continues to be important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye. On the way down, 41100 is the immediate support on the hourly chart, below which, 40600 and 39500 would be next downside levels to eye.

 

Apollo Hospitals, Eicher Motors and ONGC will report their quarterly earnings today.

 

17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

17972 CONTINUES TO BE HURDLE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 gained 0.5% and 0.2% respectively but Nasdaq ended lower by 0.6% on Friday.

 

US 10-year treasury yield rose 8 bps to 3.742%. Dollar index rose 0.4% to 103.58. Gold rose 0.2% to $1865 per ounce.

 

Brent April futures rose 2.2% to settle at $86.39 a barrel, and WTI futures rose 2.1% to $79.72 a barrel.

 

European markets fell 0.4%-1.4%. U.K. preliminary fourth-quarter GDP figures showed that the economy flat lined in the fourth quarter to narrowly avoid recession, in line with forecasts.

 

For the week, the Dow eased 0.2%. The S&P 500 and Nasdaq fell 1.1% and 2.4% respectively, marking their biggest weekly losses since December.

 

AT HOME

 

Benchmark indices ended lower by a fifth of a percent after a rangebound session, snapping a 2-day winning streak. Sensex settled at 60682, down 123 points while Nifty lost 37 points to finish at 17856. Nifty mid-cap and small-cap indices however gained 0.2% and 0.5% respectively. Nifty Metal index tumbled 1.8%, becoming top loser among the sectoral indices, followed by 0.6% lower Oil & Gas index. Realty index jumped 1.4% to become top gainer, followed by 0.4% higher PSU Bank, Media and Auto indices.

 

FIIs net bought stocks worth Rs 1458 cr but net sold index futures and stock futures worth Rs 921 cr and 587 cr respectively. DIIs were net sellers to the tune of Rs 291 cr.

 

Rupee appreciated 1 paise to end at 82.50/$.

 

For the week, Sensex fell 0.3% but Nifty ended flat.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1.2% and 0.9% respectively while Shanghai is up 0.3%. SGX Nifty is suggesting around 30 points lower start for our market.

 

In Friday's report we had said that 17650-17600 continued to be immediate support zone on the hourly chart while 34-DMA, placed around 17940, was the important immediate hurdle.

 

Nifty fell to close at 17856.

 

17972, the top made on the Budget Day, around which 34-DMA is also placed, continues to be important immediate hurdle, upon crossover of which, 18201, the top made on 24th January, would be next upside target. 17650-17600 continues to be immediate support area, below which, below which, 17353, the low made last week, would be next downside level to eye.

 

42015, the top made on the Budget Day, which also coincides with 34-DMA, is the important immediate hurdle, upon crossover of which, 43078, the top made on 24th January, would be next upside level to eye. On the way down, 40700, is the immediate support on the hourly chart, below which, 39420, the low made on 30th January, would be crucial support to eye.

 

34-DMA HURDLE AT 17940; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

34-DMA HURDLE AT 17940; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

After a positive start, US indices saw a sustained downward move to end with cuts of 0.7%-1% as weakness in Alphabet and Meta dragged on the indices.

 

Jobless claims for the week ended Feb. 4 jumped 13,000 to 196,000 as against the expected figure of 190,000.

 

US 10-year treasury yield rose 5 bps to 3.664%. Dollar index fell 0.3% to 103.19. Gold fell 0.8% to $1861 per ounce.

 

Brent crude settled 0.7% lower at $84.50 a barrel, and WTI fell half a percent to $78.06 a barrel.

 

European markets gained 0.3%-1.3%.

 

AT HOME

 

After falling half a percent in the initial trade, benchmark indices rebounded to end modestly higher. Sensex settled at 60806, up 142 points while Nifty added 22 points to finish at 17893. Nifty mid-cap and small-cap indices ended little changed. Nifty IT and Media indices were the top gainers among the sectoral indices, up 0.7% and 0.6% respectively while Metal index tumbled 1.6%, becoming top loser, followed by 0.6% lower Realty index.

 

FIIs net sold stocks worth Rs 145 cr but net bought index futures worth Rs 104 cr. In stock futures net figure was zero. DIIs were net sellers to the tune of Rs 205 cr.

 

Rupee depreciated 2 paise to end at 82.51/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.7% but Hang Seng and Shanghai are down 0.5% and 0.1% respectively. SGX Nifty is suggesting around 100 points lower start for our market.

 

In yesterday's report we had said that 17870-17970 continued to be immediate resistance zone for Nifty, while 17650-17600 continued to be immediate support zone on the hourly chart.

 

Nifty, after touching a low of 17779, rebounded to end at 17893, but is set to open near 17800 today.

 

17650-17600 continues to be immediate support zone on the hourly chart; 34-DMA, placed around 17940, is the important immediate hurdle, upon crossover of which, 18201, the top made on 24th January, would be next upside target.

 

For Banknifty, 42015, the top made on Budget day, continues to be upside level to eye; On the way down, 40700-40600 is the immediate support area, below which, 39420, the low made last week, would be bigger support to eye.

17870-17970 CONTINUES TO BE THE RESISTANCE ZONE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

17870-17970 CONTINUES TO BE THE RESISTANCE ZONE; 17650-17600 CONTINUES TO BE SUPPORT AREA

 

WORLD MARKETS

 

US indices fell 0.6%-1.7% amid corporate profit worries.

 

Chipotle fell 5% while Lumen Technologies nosedived 21% after disappointing results.

 

US 10-year treasury yield fell 6 bps to 3.613%. Dollar index inched up 0.1% to 103.47. Gold inched up 0.2% to $1875 per ounce.

 

Oil gained for the third consecutive day with Brent up 1.7% at $85.09 a barrel and WTI up 1.7% to $78.47 a barrel.

 

In Europe, FTSE and DAX rose 0.3% and 0.6% respectively while CAC fell 0.2%.

 

AT HOME

 

Sensex and Nifty rose 0.6% and 0.8% respectively to close at the highest level in two weeks. Sensex settled at 60663, up 377 points while Nifty added 150 points to finish at 17871. Nifty mid-cap and small-cap indices gained 0.9% and 0.8% respectively. All the NSE sectoral indices ended higher, with Metal index being the top gainer, up 3.8%, followed by 1.5% higher IT index.

 

FIIs net sold stocks worth Rs 737 cr but net bought index futures and stock futures worth Rs 1266 cr and 1924 cr respectively. DIIs were net buyers to the tune of Rs 941 cr.

 

Rupee appreciated 21 paise to end at 82.49/$.

 

RBI's Monetary Policy Committee voted 4-2 in favour of 25 bps repo rate hike, taking the rate to 6.50%. The "withdrawal of accommodation to ensure that inflation remains within the target going forward, while support growth" was maintained. RBI estimated FY23-24 GDP growth to be at 6.4% while raised FY23 number to 7% from 6.8%. Retail inflation forecast for FY23 was lowered to 6.5% from 6.7% while pegging it as 5.3% for next fiscal.

 

OUTLOOK

 

Today morning, Shanghai and Hang Seng are up 0.6% and 0.4% respectively while Nikkei is down half a percent. SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 17650-17600 continued to be immediate support zone on the hourly chart while 17870-17970 continued to be immediate resistance zone.

 

Nifty rose to touch a high of 17898 before closing at 17871.

 

17870-17970 continues to be immediate resistance zone for Nifty, upon crossover of which, 18201, the top made last week, would be next upside target; 17650-17600 continues to be immediate support zone on the hourly chart.

 

For Banknifty, 42015, the top made on Budget day, continues to be upside level to eye; On the way down, 40700-40600 is the immediate support area, below which, 39420, the low made last week, would be bigger support to eye.

17650-17600 CONTINUES TO BE SUPPORT AREA; 17870-17970 IS THE RESISTANCE ZONE

 

17650-17600 CONTINUES TO BE SUPPORT AREA; 17870-17970 IS THE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices climbed 0.8%-1.9% as Fed Chair Powell acknowledged that inflation is declining, raised hopes that the central bank may soon pause its rate hikes.

 

US 10-year treasury yield rose 3 bps to 3.677%. Gold inched up 0.3% to $1872 per ounce. Dollar index eased 0.3% to 103.34.

 

Brent crude futures rose 3.8% to $84.09 a barrel, while WTI futures rose 0.4% to $77.47 per barrel.

 

In Europe, FTSE rose 0.4% but DAX and CAC fell 0.2% and 0.1% respectively.

 

AT HOME

 

Sensex and Nifty fell 0.4% and 0.2% respectively, extending yesterday's half a percent cut. Sensex settled at 60286, down 220 points while Nifty lost 43 points to finish at 17721. Nifty mid-cap index was little changed while small-cap index slipped 0.7%. Nifty FMCG and Auto indices dipped 1.2% and 1% respectively, becoming top losers among the sectoral indices while Realty and Bank indices were the top gainers, up 0.9% and 0.3% respectively.

 

FIIs net sold stocks and stock futures worth Rs 2560 cr and 240 cr respectively but net bought index futures worth Rs 89 cr. DIIs were net buyers to the tune of Rs 640 cr.

 

Rupee appreciated 3 paise to end at 82.70/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.1%-0.6% but SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 17650-17600 continued to be immediate support zone on the hourly chart while 17870-17970 was the immediate resistance zone.

 

Nifty, after touching a low of 17652, rebounded to close at 17721.

 

17650-17600 continues to be immediate support zone on the hourly chart, below which, 17353, the low made on Budget day, would be next downside level to eye; 17870-17970 continues to be immediate resistance zone.

 

For Banknifty, 42015, the top made on Budget day, is the upside level to eye; On the way down, 40700-40600 is the immediate support area, below which, 39420, the low made last week, would be bigger support to eye.

 

RBI's Monetary Policy Committee will announce it's interest rate decision today and is widely expected to deliver 25 bps repo rate hike.