9300-9530 IS THE BROAD RANGE

9300-9530 IS THE BROAD RANGE

WORLD MARKETS                             

US indices gained 0.1%-0.2%, extending the winning streak to fourth straight day on renewed hope around Trump.

Trump met Palestinian President Mahmoud Abbas and Israeli Prime Minister Benjamin Netanyahu. He will be in Europe for the rest of his trip.

New home sales fell more than expected 11.4% in April to a seasonally adjusted annual rate of 569,000.

Dollar index gained about a third of a percent to 97.34.

WTI crude rose 34 cents to $51.47/barrel, a five-week high. Brent added 32 cents to $54.19.

European markets, except 0.2% lower FTSE, gained 0.3%-0.5%. May flash composite PMI for Eurozone stood at 56.8, matching the six-year high registered in the previous month. French private sector rose to a six-year high in May supported by the election of President Emmanuel Macron.

AT HOME

Benchmark indices ended lower by about six tenth of a percent after a choppy trade. Sensex slipped 206 points to settle at 30365 while Nifty finished at 9386, down 52 points. BSE mid-cap and small-cap indices tumbled 1.6% and 1.9% respectively. Except a 0.4% higher Auto index, all the BSE sectoral indices ended in red with Healthcare and Realty indices leading the tally, down 2.7% and 2.6% respectively.

FIIs net sold stocks worth Rs 401 cr but net bought index futures and stock futures worth Rs 510 cr and 463 cr respectively. DIIS were net buyers to the tune of Rs 353 cr.

Rupee depreciated 34 pise to end at 64.89/$.

Indian army said it has carried out punitive fire assaults on Pakistani posts near Jammu and Kashmir's Nowshera sector to check infiltration.

Tata Motors posted better-than-expected consolidated net profit for the March quarter at Rs 4296 cr as against profit of Rs 5176 cr during the same period last year. Revenue rose 2.9% to Rs 77272 cr. EBIDTA fell to Rs 5166 cr from Rs 5888 cr. JLR's margin rose to a healthy 14.5%, while its net profit and EBITDA at £557 million and £1,057 million came in marginally higher than estimates.

OUTLOOK

Today morning, Nikkei is up about half a percent but Hang Seng and Shanghai are down 0.4% and 1% respectively. SGX Nifty is suggesting a marginally higher start for our market.

As you would recall, we have been saying that 9530 is the immediate hurdle, a crossover of which is required for a fresh upmove. We had also said that 9390, which is last week's low and also coincides with the 34-DMA, is the immediate support below which 34-DMA, placed around 9300 would be the next downside target to eye.

Nifty, after touching a high of 9448 in the opening trade, slipped to 9370 and finally settled at 9386, barely holding on to the 20-DMA, which was at 9380 yesterday.

9300, as mentioned above, continues to be next important support to eye. 9500-9530 is the immediate resistance area.

Lupin, Adani Ports and Bharat Forge will report their quarterly earnings today.