9710-9560 IS THE IMMEDIATE RANGE

9710-9560 IS THE IMMEDIATE RANGE

WORLD MARKETS                             

US indices fell 0.3%-0.8% as falling oil pressured energy stocks.

WTI crude tumbled 2.2% to $43.23 a barrel following news of an increase in production from Libya and Nigeria, completing 20% fall from its 52-week high .

House Speaker Paul Ryan, talKing on tax reforms, said the government is cutting back on regulatory red tape and that changes to the tax code must be permanent.

Boston Fed President said the current low-rate environment was likely to remain for some time, adding that low rates handicap the central bank's ability to "offset negative shocks."

Treasury yields traded lower, with the benchmark 10-year yield slipping to 2.15% and the two-year yield near 1.35%.

European markets lost 0.3%-1%. Pound sterling fell to a two-month low after Bank of England Governor said the central bank would not be raising interest rates anytime soon due to uncertainty surrounding Brexit.

MSCI said it will add 222 China A Large Cap stocks in a phased manner beginning next year.

AT HOME

Benchmark indices ended marginally in the red after trading in a narrow range. Sensex settled at 31297, down 14 points while Nifty lost 4 points to finish at 9653. BSE mid-cap and small-cap indices however managed to gain 0.2% each. BSE IT and Consumer Durable indices gained 1% each, becoming top gainers among the sectoral indices. Utilities, Finance and Consumer Discretionary Goods & Services indices were the top losers, down 0.3% each.

FIIs net sold stocks and stock futures worth Rs 313 cr and 480 cr respectively but net bought index futures worth Rs 321 cr. DIIs were net buyers to the tune of Rs 477 cr.

Rupee depreciated 7 paise to end at 64.49/$.

OUTLOOK

Today morning, except a 0.3% higher Shanghai, other Asian markets are trading with cuts of 0.2%-1% and SGX Nifty is suggesting about 40 points lower start for our market.

After Nifty crossed the immediate hurdle of 9650, we had said that 9710, the top made on 6th June, is the immediate target above which 9850 would be the next target to eye.

Nifty, after touching a high of 9676, closed at 9653 yesterday and is set to open around 9610 today.

9610 is the immediate support on the hourly as well as daily chart, below which 9560, the bottom made last week, would be the next support to eye.

9710 continues to be immediate hurdle, a crossover of which is required for a fresh upmove.