11590-11760 CONTINUES TO BE IMMEDIATE RANGE

11590-11760 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices fell 0.3%-0.5%, breaking four-day winning streak, on a news report that Trump said to his aides that he supports going ahead with the imposition of proposed tariffs on an additional $200 billion in Chinese goods.

Jobless claims rose slightly to 213,000 last week. Personal income rose 0.3% in July.

US crude rose 1.1% to $70.25, marking a six-week high on growing evidence of disruptions to crude supply from Iran and Venezuela and after a fall in U.S. crude inventories. Brent rose 56 cents to $77.70.

Emerging-market stocks were under pressure ase lira fell 3% to 6.66 per dollar, while the peso dropped more than 10% to a record low.

European markets fell 0.4%-1.3% with Italy falling the most.

AT HOME

Benchmark indices ended lower by 0.1% after the usual last half hour expiry day volatility. Sensex lost 33 points to settle at 38690 while Nifty finished at 11676, down 15 points. BSE mid-cap and small-cap indices gained 0.4% and 0.3% respectively. BSE Utilities and Telecom indices climbed 1.4% and 1.3% respectively, becoming top gainers among the sectoral indices while Energy index was the top loser, down 1.1%, followed by 0.4% lower Finance index and Bankex each.

FIIs net bought stocks, index futures and stock futures worth Rs 958 cr, 896 cr and 801 cr respectively. DIIs were net sellers to the tune of Rs 1597 cr.

Rupee depreciated 15 paise to end at a fresh lifetime low of 70.74/$.

OUTLOOK

Today morning, Hang Seng is down 1.5% while Shanghai and Nikkei are off 0.6% and 0.3% respectively. SGX Nifty is suggesting a marginally lower start for our market.

After getting resisted at the upward sloping trendline adjoining recent tops on the daily chart at 11760 on Tuesday, Nifty has witnessed some profit booking over past two sessions. Yesterday, it touched a low of 11640 and finally settled at 11676.

11590, as mentioned in yesterday's report, continues to be immediate support.

11760 continues to be immediate hurdle, upon crossover of which, 11850-11900 would be the next target zone.

Traders are advised to hold long positions with the stop-loss of 11590.

11760 CONTINUES TO BE IMMEDIATE HURDLE; 11590 IMMEDIATE SUPPORT

11760 CONTINUES TO BE IMMEDIATE HURDLE; 11590 IMMEDIATE SUPPORT

WORLD MARKETS

US indices gained 0.2%-1% with Nasdaq leading the tally as technology stocks surged and resumption of US-Canada trade talks boosted the sentiment. Nasdaq and S & P 500 hit a fresh record high with S & P 500 closing above 2900 for the first time.

Second estimate of the second quarter US GDP growth stood at 4.2%, up from an initial forecast of 4.%.

Dollar index fell about 0.2% to 94.53.

Oil rose 1.4% to $69.51/bbl, supported by a drawdown in U.S. crude and gasoline stockpiles and on news of falling Iranian crude shipments as U.S. sanctions deter buyers. Brent rose $1.18, or 1.6%, to $77.13.

In Europe, FTSE fell 0.7% while DAX and CAC rose 0.3% each. The British pound soared 1% to $1.299 after Europe's Brexit negotiator Michel Barnier said the European Union was "prepared to offer a partnership with Britain such as never been with any other third country."

AT HOME

Benchmark indices fell four tenth of a percent, breaking two-day winning streak. Sensex lost 173 points to settle at 38772 while Nifty finished at 11691, down 46 points. BSE mid-cap index however gained half a percent and small-cap index ended marginally higher. BSE Energy index fell 1.1%, becoming top loser among the sectoral indices, followed by 0.7% lower Telecom index. Metal and Realty indices were the top gainers, up 1.1% each.

FIIs net sold stocks and index futures worth Rs 1416 cr and 996 cr respectively but net bought stock futures worth Rs 723 cr. DIIs were net buyers to the tune of Rs 1114 cr.

Rupee depreciated 49 paise to end at 70.59/$.

OUTLOOK

Today morning, Nikkei is up about half a percent, Shanghai is up 0.2% while Hnag Seng is trading marginally in the red. SGX Nifty is suggesting about 15 points higher start for our market.

After nearly achieving the 11770 target represented by the upward sloping trendline adjoining recent tops on the daily chart, Nifty yesterday fell 46 points to end at 11691.

11760, the top made Tuesday, is the immediate hurdle, upon crossover of which 11840 would be the next target to eye.

11590 continues to be immediate support, with the stop-loss of which, trading longs should be held on to.

NIFTY NEARLY ACHIEVES 11770 TARGET; 11590 CONTINUES TO BE IMMEDIATE SUPPORT

NIFTY NEARLY ACHIEVES 11770 TARGET; 11590 CONTINUES TO BE IMMEDIATE SUPPORT

WORLD MARKETS

US indices ended marginally higher with S & P 500 briefly breaking above 2,900 for the first time ever.

After signing trade deal with Mexico, Trump indicated he is open to striking a deal with Canada. Canada's Foreign Minister traveled to Washington yesterday to resume negotiations about the future of NAFTA.

Consumer confidence rose in August to its highest level since October 2000.

Brent crude fell 26 cents to settle at $75.95 a barrel while West Texas Intermediate crude futures fell 34 cents to settle at $68.53 a barrel.

In Europe, London and France gained 0.5% and 0.1% respectively while Germany and Italy fell 0.1% and 0.8% respectively. Italy fell after deputy PM said country's deficit could go above the European Union's limit of 3 percent of gross domestic product (GDP) next year to fund promised spending measures.

AT HOME

Sensex and Nifty gained 0.5% and 0.4% respectively, extending the winning streak to second day and scaling yet another record high. Sensex added 202 points to settle at 38896 while Nifty finished at 11738, up 46 points. BSE mid-cap index however fell 0.4% while small-cap index rose 0.4%. BSE Metal and Energy indices climbed 1.9% and 1.2% respectively, becoming top gainers among the sectoral indices while Consumer Durable and Oil & Gas indices were the top losers, down 0.8% and 0.7% respectively.

FIIs net sold stocks worth Rs 161 cr but net bought index futures and stock futures worth Rs 284 cr and 184 cr respectively. DIIs were net sellers to the tune of Rs 199 cr.

Rupee appreciated 6 paise to end at 70.10/$.

JSW Steel will replace Lupin in Nifty from September 28.

OUTLOOK

Today morning, Nikkei is up 0.3% but Hang Seng and Shanghai are marginally lower. SGX Nifty is suggesting a marginally lower start for our market.

After Nifty achieved 11650 target, we had given next level of 11770 in yesterday's report. Nifty yesterday touched a high of 11760, nearly achieving this target and ended at 11738.

11760, the top made yesterday, is the immediate hurdle, above which 11810 would be the net upside target to eye.

11590 continues to be immediate support on the hourly chart, with the stop-loss of which, existing longs should be held on to.

TRAIL STOP-LOSS TO 11590 FOR NEXT TARGET OF 11770

TRAIL STOP-LOSS TO 11590 FOR NEXT TARGET OF 11770

WORLD MARKETS

US indices soared 0.8%-1%, with the S & P 500 and Nasdaq hitting all-time highs, as the U.S. and Mexico reached a trade agreement. Nasdaq broke above 8,000 points for the first time.

The new deal, which Trump has said would be called The United States-Mexico Trade Agreement, is expected to last 16 years and will be reviewed every six years pending its approval by Congress, according to U.S. Trade Representative Robert Lighthizer.

Dollar index fell about 0.4% to 94.76, marking a 3-week low.

Brent crude rose 39 cents, or 0.5%, to $76.21 a barrel and U.S. West Texas Intermediate crude futures gained 15 cents, or 0.2%, to settle at $68.87.

European markets gained 0.2%-1.2% with DAX on the top.

AT HOME

Benchmark indices surged a percent and fifth to hit fresh record high on the first day of the new week. Sensex soared 442 points to settle at 38694 while Nifty finished at 11692, up 135 points. BSE mid-cap and small-cap indices rose 1.1% and 0.7% respectively. Except a 0.2% lower Realty index, all the BSE sectoral indices ended in green with Utilities and Power indices leading the tally, up 2.4% each, followed by 1.7% higher Bankex.

FIIs net bought stocks, index futures and stock futures worth Rs 253 cr, 657 cr and 857 cr respectively. DIIs were net buyers to the tune of Rs 1117 cr.

Rupee depreciated 25 paise to end at 70.16/$.

OUTLOOK

Today morning, Nikkei and Hang Seng are up about 0.7% while Shanghai is up 0.1%. SGX Nifty is suggesting about 40 points higher start for our market.

Just to recall, we have been working with target of 11600 after Nifty took out 11495 hurdle. Yesterday, Nifty soared 135 points to settle at 11692, achieving the target mentioned above and vindicating our view.

An upward sloping trendline adjoining recent tops on the daily chart is now placed around 11770 and that would be the next upside target to eye.

Immediate support on the hourly chart has moved up too 11590, with the stop-loss of which, trading longs should be held on to.

11490 CONTINUES TO BE IMMEDIATE SUPPORT; 11650 IMMEDIATE TARGET

11490 CONTINUES TO BE IMMEDIATE SUPPORT; 11650 IMMEDIATE TARGET

WORLD MARKETS

US indices rose 0.5%-0.9% with the S & P 500 and Nasdaq hitting a record high following comments by the U.S. Federal Reserve Chairman Jerome Powell.

Powell, at the Jackson Hole Symposium, said "further, gradual" rate hikes were likely in the future, noting the economy is "strong" and able to withstand tighter monetary policy.

Weekly jobless claims fell to 210,000, the lowest since 1969. Core durable goods orders rose 1.4% in July, more than the expected 0.4% increase.

Dollar index fell 0.6% to 69.80.

People's Bank of China announced that it was tweaking its methodology for the fixing of the yuan's daily midpoint in an effort to stabilize the currency market.

Crude rose on signs that U.S. sanctions on Iran are already reducing global crude supply. US crude rose 1.3% to $68.72 while Brent was up $1.02, or 1.4%, at $75.75.

European markets gained 0.2%-0.6%. Minutes from the last European Central Bank meeting showed protectionism and a global trade war are the biggest risks to the euro zone growth.

For the week, US indices gained 0.5%-1.7% with Nasdaq on the top. In Europe, CAC and DAX climbed 1.5% each while FTSE was up 0.1%. In Asia, Shanghai soared 2.3% while Hang Seng and Nikkei added 1.7% and 1.5% respectively. WTI gained 4.3%, snapping a seven-week losing streak.

AT HOME

Benchmark indices ended with cuts of a fifth of a percent, breaking 4-day winning streak. Sensex lost 85 points to settle at 38252 while Nifty finished at 11557, down 26 points. BSE mid-cap and small-cap indices fell 0.3% each. BSE Bankex and Consumer Durable indices fell 0.8% each, becoming top losers among the sectoral indices while Metal index soared 1.9%, becoming top gainer, followed by 0.9% higher Basic Material index.

FIIs net sold stocks, index futures and stock futures worth Rs 76 cr, 47 cr and 222 cr respectively. DIIs were net buyers to the tune of Rs 905 cr.

Rupee appreciated 20 paise to end at 69.91/$.

For the week, Sensex and Nifty gained 0.8% each, extending the winning streak to fifth straight week.

OUTLOOK

Today morning, Hang Seng is up 1.2% while Nikkei and Shanghai are up 0.8% each. SGX Nifty is suggesting about 40 points higher start for our market.

At the risk of repeating, we have been working with target of 11650 for Nifty after 11495 hurdle was taken out. Nifty, last week, touched a high of 11620 and eased to settle at 11557 but is set to open around 11600 today.

11650 continues to be immediate upside target to eye.

11490 continues to be immediate support, with the stop-loss of which, trading longs should be held on to.

STAY LONG WITH THE STOP-LOSS OF 11490

STAY LONG WITH THE STOP-LOSS OF 11490

WORLD MARKETS

US indices fell 0.1%-0.3% on worries about US-China trade war and Trump legal issues.

Trade talks between U.S. and China officials concluded yesterday without major developments. Also, a new round of U.S. tariffs on $16 billion worth of Chinese imports kicked in yesterday, prompting Beijing to retaliate with its own levies on American goods worth the same amount.

After his two former key allies were found guilty for various charges, Trump, in a media interaction, said: "If I ever got impeached, I think the market would crash. I think everybody would be very poor."

Weekly jobless claims slipped by 2,000 to 210,000 last week as against the expected figure of 215000.

WTI oil fell 3 cents to settle at $67.83 a barrel.

Dollar index gained about half a percent to 95.64, breaking five-day losing streak.

European markets ended with cuts of upto 0.4%. Data from France showed the IHS Markit Index rose to 55.1 from 54.4 in the previous month.

AT HOME

Benchmark indices ended higher by 0.1%, hitting fresh record intraday as well as closing high. Sensex added 51 points to settle at 38336 while Nifty finished at 11582, up 11 points. BSE mid-cap index rose 0.2% but small-cap index fell 0.1%. BSE IT and FMCG indices rose 1.2% and 1.1% respectively, becoming top gainers among the sectoral indices while Metal index and Bankex slipped 1.5% and 0.8% respectively, becoming top losers.

FIIs net bought stocks, index futures and stock futures worth Rs 433 cr, 358 cr and 5 cr respectively. DIIs were net buyers to the tune of Rs 142 cr.

Rupee depreciated 30 paise to end at 70.11/$.

OUTLOOK

Today morning, Hang Seng and Shanghai are down 0.8% and 0.4% respectively while Nikkei is up 0.4%. SGX Nifty is suggesting about 35 points lower start for our market.

After Nifty crossed 11495 hurdle, we have been working with target of 11650. Yesterday, after touching a high of 11620 in the opening trade, Nifty slipped to end at 11582 and is set to open around 11550 today.

11490 is the immediate support on the hourly chart while 11650 continues to be upside target to eye.

Traders are advised to hold long positions with the stop-loss of 11490.

NIFTY ON TRACK TO ACHIEVE 11650 TARGET; TRAIL STOP-LOSS TO 11490

NIFTY ON TRACK TO ACHIEVE 11650 TARGET; TRAIL STOP-LOSS TO 11490

WORLD MARKETS

Dow fell 0.3%, S & P 500 ended flat while Nasdaq gained 0.4% yesterday, weighing the importance of the new political revelations surrounding Trump against the strength of corporate earnings. Energy and tech outperformed.

On Tuesday, two of Trump's key allies, Michael Cohen and Paul Manafort, were surrounded in legal troubles. Cohen, Trump's former personal lawyer, pleaded guilty to eight criminal charges, while Manafort, the president's former campaign manager, was convicted on eight counts in a separate case.

Target reported better-than-expected quarterly earnings on the back of its best same-store sales growth in 13 years.

Minutes of the latest Fed meeting showed central bank officials are concerned that the ongoing trade war is the biggest threat to an otherwise "strong" economy.

Oil jumped 3.1% to settle at 2-week high of $67.86 after US stockpiles fell last week by 5.8 million barrels, nearly four times the drop analysts expected. Brent rose 3% to $74.78.

Trade negotiators for the U.S. and China return to the table Wednesday US time for the first time in two months as the Trump administration readies a new round of tariffs on $16 billion worth of Chinese imports later Thursday.

Main European markets ended with modest gains but Italy fell 0.4%. Auto stocks fell sharply after Trump said at a campaign rally that the U.S. would slap 25% tariffs on "every car that comes into the United States from the European Union."

AT HOME

Benchmark indices ended flat to modestly higher after trading in a narrow range. Sensex settled at 38285, up 7 points while Nifty added 19 points to finish at 11570. BSE mid-cap and small-cap indices outperformed, gaining 0.5% and 0.3% respectively. BSE Power and Healthcare indices climbed 1.6% and 1.1% respectively, becoming top gainers among the sectoral indices while Reatly index tumbled 1.4%, becoming top loser, followed by 0.4% lower Metal and Consumer Durable indices.

FIIs net bought stocks worth Rs 254 cr but net sold index futures and stock futures worth Rs 368 cr and 99 cr respectively. DIIs were net buyers to the tune of Rs 198 cr.

Rupee appreciated 1 paise to end at 69.81/$.

OUTLOOK

Today morning, except a 0.1% lower Hang Seng, other Asian markets are trading with modest gains and SGX Nifty is trading around 11620, which is about 35 points higher compared to Tuesday's close of Nifty futures.

Readers would recall that after Nifty took out 11495 hurdle, we have been working with target of 11650.

On Tuesday, Nifty added 19 points to finish at 11570 and is set to open above 11600 today.

11650 continues to be next upside target to eye. Immediate support, after today's higher start, would have moved higher to 11490, with the stop-loss of which, trading longs should be held on to.

STAY LONG WITH THE STOP-LOSS OF 11440

STAY LONG WITH THE STOP-LOSS OF 11440

WORLD MARKETS

US indices gained 0.1%-0.4% amidst dealmaking activity and falling rates and ahead of US-China trade talks.

Nike shares rose 3.1% after Piper Jaffray upgraded the athletic apparel maker to overweight from neutral and raised their price target. Netflix shares rose after the company confirmed it was testing ads on its platform.

PepsiCo agreed to buy SodaStream for $3.2 billion and Tyson Foods confirmed it was buying Keystone Foods for $2.16 billion.

Treasury yields slipped, with the 10-year yield trading at 2.825% after Trump, in an interview with Reuters, said he disagreed with the Federal Reserve's decision to raise interest rates.

US crude rose 52 cents or 0.8% to $66.43/bbl while Brent rose 0.5% to $72.21.

European markets gained 0.3%-1% with the DAX on the top.

AT HOME

Sensex and Nifty climbed 0.9% and 0.7% respectively, to hit fresh record intraday and closing highs. Sensex added 330 points to settle at 38278 while Nifty finished at 11552, up 81 points. BSE mid-cap and small-cap indices gained 1% and 0.1% respectively. BSE Capital Goods index soared 3.7%, becoming top gainer among the sectoral indices followed by 2.6% higher Industrials and Metal indices. IT and Teck indices were the top losers, down 1.2% and 1% respectively.

FIIs net sold stocks and index futures worth Rs 483 cr and 118 cr respectively but net bought stock futures worth Rs 603 cr. DIIs were net buyers to the tune of Rs 593 cr.

Rupee appreciated 33 paise to end at 69.82/$.

Infosys tumbled following the resignation of its chief financial officer MD Ranganath.

L & T soared after the company said its board will consider a share buyback at its meeting on August 23.

OUTLOOK

Today morning, Hang Seng and Shanghai are up modestly while Nikkei is off 0.2%. SGX Nifty is suggesting a flattish start for our market.

In yesterday's report we had mentioned that "A sustained trading above 11495 would pave the way for further upmove and 11650 would be the next target to eye if that happens".

Nifty soared 81 points to finish at 11552, taking out 11495 hurdle decisively.

10650 continues to be next upside target. Immediate support on the hourly chart has moved up to 11440, with the stop-loss of which, existing longs should be held on to.

Indian markets will remain shut tomorrow on account of Eid.

NIFTY SET TO CHALLENGE 11495 HURDLE

NIFTY SET TO CHALLENGE 11495 HURDLE

WORLD MARKETS

US indices gained 0.1%-0.4% on Friday after a report said U.S. and Chinese officials are working on a road map for a meeting between Trump and Chinese leader Xi Jinping in November.

After appreciating for 3-days, Lira fell 3.7% on Friday after the U.S. warned Turkey it would impose more levies if American pastor Andrew Brunson is not released; he has been detained in Turkey since 2016.

US crude rose 45 cents to $65.91. Brent was up 52 cents at $71.95.

European markets, except a flat FTSE, fell upto 0.5%. Technology stocks fell the most following a weak forecast from U.S. company Applied Materials, the world's largest supplier of equipment used to make chips. Annual inflation in the Eurozone, 19 countries sharing the single currency, increased to 2.1% in July.

For the week, Dow climbed 1.4% while S & P 500 and Nasdaq gained 0.6% and 0.1% respectively. European markets fell 1.3%-1.7%. In Asia, Nikkei was down 0.1% while Shanghai and Hang Seng plunged 4.5% and 4.1% respectively. US crude fell 2.5%, posting its seventh consecutive week os loss. Brent lost more than a percent.

AT HOME

After a gap up opening, benchmark indices added some more gains through the session to end higher by three fourth of a percent. Sensex added 284 points to settle at 37948 while Nifty finished at 11470, up 85 points. BSE mid-cap and small-cap indices climbed 0.9% each. Except a 0.2% lower Oil & Gas index, all the BSE sectoral indices ended in green with Basic Material and FMCG indices leading the tally, up 2% and 1.8% respectively.

FIIs net bought stocks and stock futures worth Rs 147 cr and 855 cr respectively but net sold index futures worth Rs 695 cr. DIIs were net buyers to the tune of Rs 152 cr.

For the week, Senesx and Nifty gained 0.2% and 0.4% respectively, extending the winning streak to fourth straight day.

OUTLOOK

Today morning, Hang Seng and Shanghai are up 0.7% each while Nikkei is off 0.4%. SGX Nifty is suggesting about 25 points higher start for our market.

After hitting a high of 11495 on 9th August, Nifty has been in a consolidation mode within 11495-11340 range.

On Friday, Nifty surged 85 points to settle at 11470 and is set to open near 11495 hurdle.

A sustained trading above 11495 would pave the way for further upmove and 11650 would be the next target to eye if that happens.

11340 continues to be important immediate support.

NIFTY EXTENDS CONSOLIDATION WITHIN 11495-11340 RANGE

NIFTY EXTENDS CONSOLIDATION WITHIN 11495-11340 RANGE

WORLD MARKETS

Dow soared 1.6% while S & P 500 and Nasdaq gained 0.8% and 0.4% respectively on the back strong quarterly results from Walmart and Cisco Systems and reports that America and China would resume trade talks.

White House economic advisor Larry Kudlow confirmed the news that China and the U.S. will hold a fresh round of trade talks later in August. Shares of Boeing and Caterpillar, which get a large share of their revenue from outside the U.S., rose 4.3% and 3.2% respectively.

Walmart surged 9.3% after the company reported its biggest jump in U.S. sales in a decade.

Weekly jobless claims totaled 212,000 last week, slightly below the estimate of 215,000. Housing starts totaled 1.168 million in July, well below the expected 1.26 million.

European markets, except a 1.8% lower Italy, gained 0.4%-0.8%. Italy plunged as shares in motorway operator Atlantia fell 25%.

AT HOME

Benchmark indices ended lower by about half a percent after recovery of morning sessions was reversed by the noon weakness. Sensex settled at 37663, down 188 points while Nifty lost 50 points to finish at 11385. BSE mid-cap and small-cap indices fell 0.5% and 0.2% respectively. BSE Metal index tumbled 2.2%, becoming top loser among the sectoral indices, followed by 1% lower Capital Goods and Basic Material indices. Healthcare and IT indices were the top gainers, up 1% and 0.6% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 825 cr, 433 cr and 21 cr respectively. DIIs were net buyers to the tune of Rs 134 cr.

Rupee depreciated 26 paise to end at 70.15/$.

OUTLOOK

Today morning, Hang Seng is up 1% while Shanghai and Nikkei are up half a percent each. SGX Nifty is suggesting about 10 points higher start for our market.

In yesterday's report we had mentioned that 11340-11495 is the immediate range, a crossover of which, on either side, is required to take a fresh directional view on Nifty.

Yesterday, Nifty fell 50 points to close at 11385 and is set to open near 11400 today.

11340, the low made on Monday, continues to be immediate support, below which, 11235, the bottom made on 2nd August, would be the next support to eye. 11495, the top made last week, continues to be immediate hurdle.

11340-11495 CONTINUES TO BE IMMEDIATE RANGE

11340-11495 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices fell 0.5%-1.2% with technology stocks leading the losses after a disappointing quarterly report from Chinese tech giant Tencent. Lingering worries about Turkey's financial situation, continued strength in the U.S. dollar, a sell-off in copper and broad weakness in emerging markets also weighed on the sentiment.

A Turkish regulator said it was limiting banks' currency swap transactions.

Dollar traded near its highest level in a year. Copper hit its lowest level in more than a year.

The iShares MSCI Emerging Markets ETF dropped 3% and is now down more than 20% from its 52-week high. The iShares MSCI China ETF dropped 3.7% as the Chinese yuan hit its lowest level against the dollar since January 2017.

European markets fell 0.3%-1.6%. Basic resources stocks fell the most.

                                       

WTI oil fell 3% to $65.01, its lowest close since June 06 and Brent fell $1.38 or 2.3% to $70.78 after data showed a big, unexpected jump in stockpiles of U.S. crude.

AT HOME

Sensex and Nifty gained 0.6% and 0.7% respectively to break 2-day losing streak. Sensex added 207 points to settle at 37852 while Nifty finished at 11435, up 79 points. BSE mid-cap and small-cap indices climbed 0.9% and 0.5% respectively. BSE Healthcare index soared 2.5%, becoming top gainer among the sectoral indices, followed by 1.8% higher Realty index. Capital Goods and Telecom indices were the top losers, down 0.5% and 0.3% respectively.

FIIs net sold stocks and index futures worth Rs 379 cr and 711 cr respectively but net bought stock futures worth Rs 64 cr. DIIs were net buyers to the tune of Rs 391 cr.

Rupee, after breaching 70 mark for the first time, recovered to end 4 paise stronger at 69.89/$.

India's trade deficit widened to a 5-year high of $18.02 billion in July, up from $16.61 in June. Exports rose 14.32% to USD 25.77 bn while imports surged 28.81% to USD 43.79 bn.

Sun Pharma posted a net profit of Rs 983 cr for June quarter as against a loss of Rs 425 cr in the same quarter last year. Revenue rose 16% to Rs 7224 cr. EBITDA surged 46.6% to Rs 1605 cr and margins expanded from 17.6% to 22.2%.

OUTLOOK

Today morning, Shanghai and Hang Seng are down 1.8% and 1.3% respectively and Nikkei is off 0.7%. SGX Nifty is trading around 11410, suggesting about 50 points lower start when compared to Tuesday's close of Nifty futures.

In Tuesday's report we had said that "A breach of 11340, the low made yesterday, would confirm a "sell" on the hourly chart and would pave the way for further correction". We had also said that "11495, the top made last week, is the immediate resistance".

Nifty, on Tuesday, rose 79 points to end at 11435 but is set to open below 11400 today.

11340, the low made on Monday, continues to be immediate support, below which 11235, the low made on 2nd August, would be the next support to eye.

11495 continues to be immediate hurdle.