NIFTY NEARLY ACHIEVES 10550 TARGET; 10700 IS THE IMMEDIATE HURDLE

NIFTY NEARLY ACHIEVES 10550 TARGET; 10700 IS THE IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.4%-0.8% on the back of rise in bank and technology shares.

US GDP increased at a 2.0 percent annual rate in the January-March period, instead of the 2.2% pace estimated last month.

US crude rose 69 cents or 1% to $74.03 a barrel, marking three-and-a-half year high. Brent gained 23 cents to reach $77.85.

In Europe, FTSE fell 0.1% while other markets lost 0.6%-1.4% with DAX leading the losses.

AT HOME

Sensex and Nifty fell 0.5% and 0.8% respectively to close at the lowest level since 5th June. Sensex lost 179 points to settle at 35037 while Nifty lost 82 points to finish at 10589. BSE mid-cap and small-cap indices nosedived 1.6% and 1.5% respectively. Except 0.2% higher Telecom and Metal indices, all the BSE sectoral indices ended in red with Oil & Gas and Consumer Durable indices leading the losses, down 2.2% and 2.4% respectively.

FIIs net sold stocks and index futures worth Rs 952 cr and 2694 cr respectively but net bought stock futures worth Rs 1435 cr. DIIs were net buyers to the tune of Rs 443 cr.

Rupee depreciated 18 paise to end at record closing low of 68.79/$.

OUTLOOK

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

After Nifty broke the 10700 support, we had given downside target of 10550, which was the bottom made in early June. Nifty yesterday plunged all the way to 10057 before closing at 10589, nearly achieving 10550 target and vindicating our view.

10550 is where bottom made in June is placed while 10515 is where 20 as well as 34-week moving averages are placed. This makes 10550-10515 a crucial support zone.

10700, the earlier support, would now act as the immediate hurdle, a sustained trading above which is required for a fresh upmove.

NIFTY BREAKS 10700 SUPPORT; RUPEE AT 19-MONTH LOW

NIFTY BREAKS 10700 SUPPORT; RUPEE AT 19-MONTH LOW

WORLD MARKETS

After gaining nearly a percent in the initial trade, US indices saw a sustained downward move through the session to end with cuts of 0.7%-1.5%

The higher opening was attributed to news that instead of barring businesses with 25% or more Chinese ownership from purchasing U.S. tech-related groups, the government will rely on the U.S. Committee on Foreign Investment to deal with issues concerning foreign purchase of domestic technologies that are deemed sensitive. However, a drop in the financials and technology sectors washed all the gains.

US crude surged 3.2% to $72.76, its best close since November 2014 following a bigger-than-expected drop in U.S. crude stockpiles, a major Canadian supply outage, concerns about Libya's exports and stepped-up efforts by the Trump administration to disrupt Iran's petroleum exports. Brent rose $1.41 or 1.9% to $77.72 a barrel.

Dollar index rose more than half a percent to 95.29.

European markets gained 0.6%-1.1%.

AT HOME

Sensex and Nifty tumbled 0.8% and 0.9% respectively to close at the lowest level in nearly three weeks. Sensex settled at 35217, down 273 points while Nifty lost 98 points to finish at 10671. BSE mid-cap and small-cap indices nosedived 1.5% and 2% respectively to close at the lowest level since September 2017, marking a 9-month low. All the BSE sectoral indices ended in red with BSE Oil & Gas and Utilities indices leading the losses, down 3.8% and 2.7% respectively.

FIIs net bought stocks, index futures and stock futures worth Rs 67 cr, 10 cr and 194 cr respectively. DIIs were net buyers to the tune of Rs 84 cr.

Rupee fell 36 paise to end at 68.60/$, the lowest level in 19-months.

OUTLOOK

Today morning, Shanghai and Nikkei are down 0.7% and 0.4% respectively while Hang Seng is little changed. SGX Nifty is suggesting about 25 points lower start for our market.

After consolidating within 10700-10830 range for 9 sessions, Nifty broke this range on the way down by closing at 10671.

As mentioned in yesterday's report, 10550, the bottom made in early June, is the next downside target as well as support to eye. 10770 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts should be held on to.

NIFTY EXTENDS CONSOLIDATION WITHIN 10700-10830 RANGE

NIFTY EXTENDS CONSOLIDATION WITHIN 10700-10830 RANGE

WORLD MARKETS

US indices gained 0.1%-0.4% amidst uncertainties over the US trade policy.

After conflicting statements from treasury Secretary Steven Mnuchin and Peter Navarro, a trade advisor to Trump on slapping investment restrictions, White House press secretary Sarah Sanders, in a press briefing, said "a statement would go out that targets all countries that are trying to steal our technology, and we expect that to be out soon.”

Energy stocks rose as oil soared after the U.S. State Department said companies would be subject to sanctions if they did not completely halt imports of Iranian oil by November. WTI rose $2.45 or 3.6% to $70.53, crossing the $70 level for the first time in two months and Brent was up $1.60 or 2.1% at $76.33 a barrel.

General Electric jumped 8% after the company revealed a plan to spin off its health-care business and sell its stake in Baker Hughes.

European markets ended mixed with modest changes.

AT HOME

Benchmark indices ended little changed after a roller-coaster trading session. Sensex settled at 35490, up 20 points while Nifty added 7 points to finish at 10769. BSE mid-cap and small-cap indices fell 0.3% and 0.6% respectively. BSE Telecom and FMCG indices added 1.1% and 0.8% respectively, becoming top gainers among the sectoral indices while Energy and Power indices were the top losers, down 1.2% and 0.8% respectively.

FIIs net sold stocks and index futures worth Rs 538 cr and 118 cr respectively but net bought stock futures worth Rs 301 cr. DIIs were net buyers to the tune of Rs 238 cr.

Rupee depreciated 12 paise to end at 68.24/$.

OUTLOOK

Today morning, Nikkei is down 0.4%, Shanghai is little changed and Hang Seng is up 0.3%. SGX Nifty is suggesting about 25 points lower start for our market.

Nifty has been in a consolidation over last nine sessions. 10700 on the lower side and 10830 on the way up are the boundaries of this consolidation phase, a crossover of which, on either side, is required to take a fresh directional view on Nifty.

If 10700 gives way, 10550, the bottom made in June, would be the next important support. Upon decisive crossover of 10830, 10930, the top made in May, would be the next target.

US EQUITIES TUMBLE ON FRESH TRADE TENSIONS; 10700-10830 CONTINUES TO BE IMMEDIATE RANGE FOR NIFTY

US EQUITIES TUMBLE ON FRESH TRADE TENSIONS; 10700-10830 CONTINUES TO BE IMMEDIATE RANGE FOR NIFTY

WORLD MARKETS

US indices plunged 1.3%-2.1% on escalating trade dispute between the U.S. and China.

Media reports on Sunday suggested that Trump plans to bar several Chinese companies from making investments in U.S. tech and the administration also wants to block additional technology exports to China. Treasury Secretary Steven Mnuchin called the story "fake news" in a tweet but added that the measure will impact not just China, but all countries.

Harley-Davidson fell 6% after the company announced it will shift production of motorcycles headed for Europe to factories outside the U.S.

Bond prices rose with the benchmark 10-year yield falling to 2.882% while the two-year yield slipped to 2.545%.

WTI oil fell 50 cents to $68.08 and Brent fell 68 cents to $74.84 a barrel.

European markets nosedived 1.9%-2.5%. Autos were among the worst performing sectors after Trump, on Friday, threatened to apply new duties on European carmakers. German automaker BMW said Brexit could force U.K. plant closures. The German Ifo business climate index dropped to 101.8, the lowest level seen since May 2017.

AT HOME

After a flattish start, benchmark indices saw a sustained downward move through the session to end lower by six tenth of a percent. Sensex lost 219 points to settle at 35470 while Nifty finished at 10762, down 59 points. BSE mid-cap and small-cap indices fell 0.8% and 0.9% respectively. Except 0.8% and 0.6% higher IT and Teck indices respectively, all the BSE sectoral indices ended in red with Industrial and Oil & Gas indices leading the losses, down 1.8% and 1.6% respectively.

FIIs net bought stocks worth Rs 199 cr but net sold index futures and stock futures worth Rs 1482 cr and 324 cr respectively. DIIs were net sellers to the tune of Rs 86 cr.

Rupee depreciated 28 paise to end at 68.12$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.3%-0.7% and SGX Nifty is suggesting about 30 points lower start for our market.

For past 7-8 sessions, Nifty is stuck in 10700-10830 range. After failing to cross the 10830 level decisively on Friday, Nifty yesterday slipped to end at 10762 and is set to open further lower today.

10700 continues to be important immediate support, upon breach of which 10550, the bottom made in early June, would be the next downside target. 10830 continues to be immediate hurdle, decisive crossover of which is required for a fresh upmove.

10700 LANDS SUPPORT AGAIN; 10930 ABOVE 10837

10700 LANDS SUPPORT AGAIN; 10930 ABOVE 10837

WORLD MARKETS

Dow and S & P 500 gained 0.5% and 0.2% respectively while Nasdaq fell 0.3% on Friday with the Dow snapping eight-day losing streak.

Energy stocks, along with oil rose after OPEC members agreed to only a moderate supply increase. The cartel also declined to say exactly how much more its members would pump. WTI oil surged $3.04, or 4.6% to $68.58 a barrel Brent rose $2.50, or 3.4%, to $75.55 per barrel.

European markets gained 0.5%-1.7%. Auto stocks however fell after Trump threatened a 20% tariff on all car imports from the euro zone, if the region didn't remove duties on U.S. cars.

For the week, US indices fell 0.7%-0.9%. In Europe, FTSE gained 0.6% but DAX and CAC plunged 3.3% and 2.1% respectively. In Asia, Shanghai and Hang Seng nosedived 4.4% and 3.2% respectively while Nikkei fell 1.5%.

On Sunday, Trump on twitter told other countries to end all trade barriers or face a new round of retaliatory measures.

AT HOME

After a weakish start, benchmark indices saw a sustained northward move through the session to end higher by seven tenth of a percent. Sensex added 257 points to settle at 35690 while Nifty finished at 10821, up 80 points. BSE mid-cap and small-cap indices rose 0.5% and 0.1% respectively. BSE Healthcare, Telecom and Finance indices gained 1.3% each, becoming top gainers among the sectoral indices while Energy index was the top loser, down 1.3%, followed by 0.4% lower Oil & Gas index.

FIIs net sold stocks and index futures worth Rs 1343 cr and 67 cr respectively but net bought stock futures worth Rs 66 cr. DIIs were net buyers to the tune of Rs 1106 cr.

Rupee appreciated 14 paise to end at 67.83/$.

For the week, Sensex gained 0.2% while Nifty ended flat.

OUTLOOK

Today morning, Nikkei is down half a percent, Hang Seng is flat while Shanghai is up 0.3%. SGX Nifty is suggesting about 40 points lower start for our market.

In Friday's report we had reiterated the view that 34-DMA, placed around 10700, is the important immediate and support while 10830 was the immediate hurdle to eye.

Nifty, on Friday, after touching a low of 10710 in the initial trade, rebounded to end at 10821 and is set to open below 10800 today.

A crossover of 10837, the top made on Friday, would confirm a "Buy" on the hourly chart and 10930, the top made in mid-May, would be the next target as well as hurdle if that happens.

10700 continues to be important immediate support.

NIFTY RETREATS FROM THE VICINITY OF 10830 HURDLE; OPEC MEETING IN FOCUS

NIFTY RETREATS FROM THE VICINITY OF 10830 HURDLE; OPEC MEETING IN FOCUS

WORLD MARKETS

US indices fell 0.6%-0.9% on trade worries, with the Dow extending the losing streak to eight straight day.

Auto stocks fell following a profit warning from German car manufacturer Daimler, which said its bottom line could be affected by the U.S.-China trade tensions. Caterpillar and Boeing dropped 2.5% and 1.5% respectively.

Ahead of highly watched OPEC meeting WTI oil ended down 17 cents at $65.54, bouncing off a session low of $64.34 a barrel. Brent fell $1.69, or 2.3% to $73.05 a barrel. Markets are expecting the oil producers to ease production cuts that have been in place since 2017. Saudi Arabia's energy minister said the consensus was for output to be increased by one million barrels per day.

The Bank of England (BOE) held interest rates steady but the bank's chief economist joined two of the more hawish members of its monetary policy committee members in calling for a rate rise to 0.75%. Pound reacted by strengthening 0.7%.

European markets tumbled 0.9%-1.4%

AT HOME

Benchmark indices ended lower by three tenth of a percent after a choppy trade. Sensex lost 115 points to settle at 35432 while Nifty finished at 10741, down 31 points. BSE mid-cap and small-cap indices fell 0.5% and 0.8% respectively. Except 0.8% and 0.6% higher Energy and Oil & Gas indices respectively, all the BSE sectoral indices ended in red with Telecom index leading the losses, down 1.6%, followed by 1.1% lower Healthcare and Capital Goods indices.

FIIs net bought stocks and index futures worth Rs 1127 cr and 268 cr respectively but net sold stock futures worth Rs 106 cr. DIIs were net buyers to the tune of Rs 664 cr.

Rupee appreciated 9 paise to end at 67.98/$.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.5%-1% and SGX Nifty is suggesting about 35 points lower start for our market

After Nifty bounced back from 10700 support, in yesterday's report we had said that 10830, the top made on Monday, is the immediate hurdle, a crossover of which is required for a further upmove.

Nifty, after touching a high of 10810 in the initial trade, slipped to end at 10741 and is set to open around 10700 today.

10700 is where bottom made on Tuesday is palced while 50-DMA is placed around 10670 which makes 10700-10670 an important support zone. Below 10670, 10550, the bottom made in early June, would be the next support to eye.

10830 continues to be immediate hurdle above which 10900-10930 would the tougher resistance zone.

NIFTY REBOUNDS AFTER TESTING 34-DMA SUPPORT; 10830 IS THE IMMEDIATE HURDLE

NIFTY REBOUNDS AFTER TESTING 34-DMA SUPPORT; 10830 IS THE IMMEDIATE HURDLE

WORLD MARKETS

Dow fell 0.2% while S & P 500 and Nasdaq gained 0.2% and 0.7% respectively with the Nasdaq posting a record close and Dow down for the seventh straight day.

Nasdaq was supported by gains in Facebook and Netflix, which also hit record levels. Disney raised its bid for Twenty-First Century Fox to $38 per share, or $71.3 billion, surpassing an offer made by Comcast.

Federal Reserve Chair Jerome Powell said that the case for continued interest rate increases is "strong," citing solid economic growth and employment.

Media report suggested that the German automakers are proposing to terminate the European Union's import tax on U.S.-made cars.

US crude rose 1.8% to $66.22.

European markets, except 0.3% lower CAC, gained 0.1%-0.3%.

AT HOME

Sensex and Nifty gained 0.7% and 0.6% respectively to break two-day losing streak. Sensex added 260 points to settle at 35547 while Nifty finished at 10772, up 61 points. BSE mid-cap and small-cap indices gained 0.2% and 0.3% respectively. BSE Metal index gained 1.1%, becoming top gainer among the sectoral indices, followed by 1% higher Bankex, Energy and Finance indices. FMCG index was the top loser, down 0.4%, followed by 0.3% lower Capital Goods and Oil & Gas indices.

FIIs net sold stocks and index futures worth Rs 2443 cr and 1247 cr respectively but net bought stock futures worth Rs 575 cr. DIIs were net buyers to the tune of Rs 1474 cr.

Rupee appreciated 31 paise to end at 68.07/$.

OUTLOOK

Today morning, Asian markets are trading with modest gains but SGX Nifty is suggesting a marginally lower start for our market.

After testing 34-DMA support placed around 10700, Nifty yesterday rebounded to end at 10772. 10830, the top made on Monday, is the immediate hurdle, above which 10900-10930 region would be the bigger resistance zone.

NIFTY TESTS 10700 SUPPORT; 10800 IS THE IMMEDIATE HURDLE

NIFTY TESTS 10700 SUPPORT; 10800 IS THE IMMEDIATE HURDLE

WORLD MARKETS

Dow tumbled 1.2% while S & P 500 and Nasdaq eased 0.4% and 0.3% respectively, with the Dow extending the losing streak to sixth straight day, after Trump threatened new tariffs against China. The Shanghai composite tumbled 3.82% and the Shenzhen composite fell 5.77%.

Trump, on Monday, said that he had asked the U.S. Trade Representative to identify $200 billion in Chinese goods that could be subject to additional tariffs. China said in response that it would take counter measures against the U.S. if it went ahead with issuing the list of extra tariffs.

U.S. Treasury prices rose with the yield on the 10-year U.S. Treasury note falling to 2.893%. Dollar index strengthened to 95. Commodities fell sharply with soybeans futures hitting their lowest prices in more than two years.

Main European markets fell 0.4%-1.2%.

AT HOME

Asian markets ended with deep cuts, spooked by US-China trade war concerns. Indian indices fell about eight tenth of a percent, extending the losing streak to second consecutive day. Sensex lost 261 points to settle at 35286 while Nifty finished at 10710, dwon 89 points. BSE mid-cap and small-cap indices tumbled 1% and 1.3% respectively. All the BSE sectoral indices ended in red with Metal and Energy indices leading the losses, down 1.7% each, followed by 1.6% lower Basic Material index.

FIIs net sold stocks, index futures and stock futures worth Rs 1325 cr, 710 cr and 282 cr respectively. DIIs were net buyers to the tune of Rs 654 cr.

Rupee depreciated 39 paise to end at 68.38/$, the weakest level since May 23.

The Bharatiya Janata Party (BJP) today pulled out of the alliance with the People’s Democratic Party (PDP) in Jammu and Kashmir (J&K).

The government has decided not to go ahead with Air India stake sale in an election year and will provide required funds for its operations.

OUTLOOK

Today morning, Asian markets are trading mixed with modest changes and SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had mentioned that "On the way down, 10755, the low made last week, is the immediate support below which, 10700, where 34-DMA is placed, would be the important support to eye".

Nifty broke 10755 and fell all the way to 10701 and closed at 10710.

10700 continues to be important immediate support to eye below which 10650, where a trendline adjoining bottoms made in March and May is placed, would be the next support to eye.

10800 is the immediate hurdle, a crossover of which is required for a further upmove.

US-CHINA TRADE WAR INTENSIFIES; 10700 KEY SUPPORT BELOW 10755

US-CHINA TRADE WAR INTENSIFIES; 10700 KEY SUPPORT BELOW 10755

WORLD MARKETS

While Nasdaq ended flat, Dow and S & P 500 fell 0.4% and 0.2% respectively on US-China trade war concerns. Dow extended the losing streak to fifth straight day.

On Friday, Trump announced that the U.S. would impose a 25% tariff on up to $50 billion of Chinese products. Tariffs on an initial list of goods worth some $34 billion will kick in on July 6. In response, China announced tariffs on the same total value of products, with duties on $34 billion of U.S. goods expected to be implemented in July.

Treasury prices gained on safe haven buying with the benchmark 10-year yield at 2.92%, while the short-term two-year yield declined to 2.54%.

US crude rose 1.2% to $65.85 and Brent gained $1.90 to $75.34 on reports that oil producers were discussing a smaller-than-expected increase in production.

In Europe, FTSE ended flat while other markets fell 0.4%-1.4%.

AT HOME

Benchmark indices ended lower by a fifth of a percent after a rangebound session. Sensex lost 74 points to settle at 35548 while Nifty finished at 10780, down 18 points. BSE mid-cap and small-cap indices fell 0.2% and 0.8% respectively.  BSE Metal and Basic Material indices were the top losers, down 1.7% and 1.2% respectively while Oil & Gas and Energy indices were the top gainers, up 1.2% and 0.5% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 754 cr, 576 cr and 158 cr respectively. DIIs were net buyers to the tune of Rs 824 cr.

Rupee appreciated 2 paise to end at 67.98/$.

OUTLOOK

Trump, late yesterday, said that he had asked the U.S. Trade Representative to identify $200 billion worth of Chinese products that will be subject to additional tariffs of 10%.

Hang Seng and Shanghai are down nearly a percent and half owing to this news. Nikkei is down 0.3% and SGX Nifty is suggesting about 50 points lower start for our market.

Nifty, after achieving 10870 target last week, has been in a consolidation mode. 10893, the top made last week, is the immediate hurdle, a crossover of which is required for a fresh upmove.

On the way down, 10755, the low made last week, is the immediate support below which, 10700, where 34-DMA is placed, would be the important support to eye.

10755-10893 IS THE IMMEDIATE RANGE

10755-10893 IS THE IMMEDIATE RANGE

WORLD MARKETS

US indices fell 0.1%-0.3% after the Trump administration said it will impose a 25% tariff on up to $50 billion in Chinese goods.

Trump also said the U.S. would impose more tariffs on Chinese goods if China retaliates with duties of its own on American products. China promptly responded saying it will implement tariffs on the same scale as the U.S.

Treasury yield fell, with the benchmark 10-year note yield at 2.93%. The short-term two-year note yield also slipped to 2.55%.

Oil tumbled with WTI down $1.83 or 2.7% to $65.06 and Brent off $2.46 or 3.2% to $73.48 a barrel after Russian Energy Minister said his country and Saudi Arabia supported a gradual increase in production after restricting output for 18 months.

European markets fell 0.5%-1.7% with FTSE leading the losses.

AT HOME

After falling about half a percent, benchmark indices recouped all the losses and some more in late noon rebound to end marginally higher. Sensex settled at 35622, up 22 points while Nifty added 10 points to finish at 10817. BSE mid-cap and small-cap indices however ended lower by 0.4% and 0.5% respectively. BSE IT index soared 2.2%, becoming top gainer among the sectoral indices, followed by 1.9% higher Healthcare index. Metal and Realty indices were the top losers, down 1.5% and 1.2% respectively.

FIIs net sold stocks worth Rs 1525 cr but net bought index futures and stock futures worth Rs 604 cr and 385 cr respectively. DIIs were net buyers to the tune of Rs 561 cr.

Rupee depreciated 39 paise to end at 68.01/$.

For the week, Sensex and Nifty gained half a percent, extending the winning streak to fourth straight week.

India's trade deficit in May widened to $14.6 bn from $13.72 bn in April. Imports rose 14.9% y-o-y to $43.5 bn and exports rose 20.2% to $28.9 bn.

OUTLOOK

Markets in China, Hong Kong, Taiwan and Indonesia are closed today for holidays. Nikkei is down 0.6%. SGX Nifty is suggesting about 40 points lower start for our market.

Last week, after achieving the 10870 target on Wednesday, Nifty eased to touch a low of 10755 on Friday from where it rebounded to end the week at 10817.

10755, the bottom made last week, is the immediate support below which 34-DMA, placed around 10700 would be the next support to eye. 10893, the top made last week, is the immediate hurdle above which 10930, the top made in May, would be the next hurdle to eye.

NIFTY REBOUNDS AFTER TESTING 10775 SUPPORT

NIFTY REBOUNDS AFTER TESTING 10775 SUPPORT

WORLD MARKETS

Dow fell 0.1% while S & P 500 and Nasdaq rose 0.2% and 0.8% respectively with Nasdaq hitting a record high as dealmaking activity lifted technology and media shares.

Bank stocks fell after the ECB said it would hold off on raising rates until next year, sending treasury yields lower. The benchmark 10-year yield fell to 2.94%.

US retail sales rose 0.8% in May, well above estimate of 0.4% and marking the biggest gain since November. Weekly jobless claims fell to a near 44½-year-low last week

US crude rose 25 cents to settle at $66.89 while Brent fell 80 cents to $75.94 a barrel.

The ECB said its current 30 billion euros in monthly purchases would be halved to 15 billion euros in the last three months of the year. In addition, the central bank indicated that a rate hike would be unlikely before the summer of 2019. The euro tanked after the ECB announcement to trade near $1.15 from levels above $1.18 seen before the central bank's announcement.

European markets climbed 0.8%-1.4%.

AT HOME

Benchmark indices fell about four tenth of a percent, breaking 3-day winning streak. Sensex lost 139 points to settle at 35600 while Nifty finished at 10808, down 48 points. BSE mid-cap index fell 0.1% while small-cap index rose 0.1%. BSE IT and Consumer Durable indices fell 1.4% and 0.9% respectively, becoming top losers among the sectoral indices while Healthcare index soared 1.5%, becoming top gainer, followed by marginally higher Auto, Energy and Consumer Discretionary Goods & Services indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1373 cr, 1304 cr and 675 cr respectively. DIIs were net buyes to the tune of Rs 576 cr.

Rupee appreciated 2 paise to end at 67.62/$.

India's wholesale inflation grew 4.43% in May, up from 3.18% in April and hitting a 14-month high, driven by some food items and fuel prices.

OUTLOOK

Today morning, Nikkei is up 0.3% while Shanghai and Hang Seng are flat. SGX Nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had said that 10930, the top made in May, is an important resistance to eye and had advised keeping a stop-loss of 10775 in long positions.

Nifty, after touching a low of 10773, recovered to end at 10808 and is set to open below 10800 today. 10773, the low made yesterday, continues to be immediate support below which 34-DMA, placed around 10700, would be the next important support to eye.