STAY LONG WITH THE STOP-LOSS OF 9680

STAY LONG WITH THE STOP-LOSS OF 9680

WORLD MARKETS                             

S & P 500 lost 0.1%, Dow ended flat and Nasdaq rose 0.3% after a choppy trade following the release of a series of emails from the son of President Donald Trump.

Trump Jr. released a chain of emails yesterday so that he could be "totally transparent" about events that transpired during a meeting with Russian lawyer Natalia Veselnitskaya in June last year. Natalia had said she had information that could prove "helpful" to the Trump presidential campaign.

Following the release, the U.S. dollar fell and hit its weakest level on the day against the euro. Gold futures spiked, while Treasury yields edged lower.

Fed Governor Lael Brainard, in a speech, said, the central bank will likely act "soon" to begin reducing its $4.5 trillion balance sheet, as long as the economy cooperates. However, she said the Fed may "not have much more" to do in terms of rate hikes.

In economic news, NFIB small business optimism index slipped to 103.6 in June from 104.5 in May. Wholesale inventories rose 0.4% in May, marking their biggest gain in five months. Job openings decreased to 5.7 million in May.

WTI oil rose 1.62% to $45.77 and Brent added 1.41% to settle at $48.19 a barrel.

European markets fell 0.1%-0.6%

AT HOME

After rising more than half a percent, benchmark indices gave away most of the gains in late noon plunge to end just modestly higher. Sensex settled at 31747, up 31 points while Nifty added 15 points to finish at 9786. BSE mid-cap and small-cap indices lost 0.8% and 0.6% respectively. BSE IT and Auto indices added 0.9% and 0.8% respectively, becoming top gainers among the sectoral indices, while Telecom and Realty indices were the top losers, down 1.8% and 1.6% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 182 cr, 94 cr and 1073 cr respectively. DIIs were net buyers to the tune of Rs 336 cr.

Rupee depreciated 6 paise to end at 64.59/$.

Indusind Bank reported better-than-expected earnings in June quarter but asset quality deterioration continued for the second consecutive quarter. Net profit rose 26.5% to Rs 837 cr and NII grew 30.8% to Rs 1774 cr. Loan growth stood at 24%. Gross NPA ratio rose to 1.09% from 0.93% q-o-q and net NPA ratio rose to 0.44% from 0.39%.

OUTLOOK

Today morning, except a half a percent higher Hang Seng, other Asian markets are trading flat to modestly lower and SGX Nifty is suggesting about 15 points higher start for our market.

After Nifty crossed the 9710 hurdle, we have been working with target area of 9950-10000.

Nifty, after touching a high of 9830, slipped to end at 9786 and is set to open modestly higher today.

9950-10000 continues to be major target area.

Immediate support on the hourly chart has moved up to 9680, with the stop-loss of which, trading longs should be held on to,

India's CPI for June will be out today and is expected to show a reading of 1.7%, down from 2.18% in May.

IIP for May is expected to show a growth of 1.5% as against 3.1% in April.

Fed Chair Yellen will testify before House Financial Services Committee today.