NIFTY SET TO RETEST 10140 SUPPORT

NIFTY SET TO RETEST 10140 SUPPORT

WORLD MARKETS

Dow and S & P 500, led lower by financials, fell 0.5% and 0.4% respectively while Nasdaq gained 0.3% as Amazon and Apple rose. S & P 500 fell for the fourth straight day while Nasdaq broke a three-day losing streak.

Bank of America, Citigroup, J.P. Morgan Chase and Goldman Sachs saw cuts of 1.4%-3% amid worries that higher mortgage rates would cap loan growth.

US crude rose 5 cents to settle at $69.17

European markets fell 0.1%-0.6%.

Earlier, Shanghai Composite rose more than 4% to notch its best day since March 2, 2016 as Chinese authorities pledged to support China's economy and offset the negative impact of U.S. tariffs.

AT HOME

After gaining a percent at the open, benchmark indices plunged a percent and half from the top of the day to end lower by half a percent, extending the losing streak to third straight day. Sensex lost 181 points to settle at 34134 while Nifty finished at 10245, down 58 points. BSE mid-cap and small-cap indices fell 0.7% and 2% respectively. Except a 0.1% higher Power and flat Auto indices, all the BSE sectoral indices ended in red with Energy and Oil & Gas indices leading the losses, down 3% and 2.4% respectively.

FIIs net sold stocks worth Rs 512 cr but net bought index futures and stock futures worth Rs 525 cr and 350 cr respectively. DIIs were net buyers to the tune of Rs 303 cr.

Rupee depreciated 24 paise to end at 73.56/$.

Asian Paint reported lower-than-expected revenue, EBIDTA and net profit numbers but volume growth was a beat.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.3%-1.4% and SGX Nifty is suggesting about 60 points lower start for our market.

In yesterday's report we had said that "10138, the bottom made on 11th October, continues to be important immediate support" while "10710-10780 an important resistance zone".

Nifty yesterday fell 58 points to finish at 10245 and is set to open around 10200 today.

10138 continues to be important immediate support to eye upon breach of which 9951, the bottom made in March, would be the next crucial support to eye.

10450 is the immediate hurdle on the hourly chart above which 10710, the top made last week, would be the bigger hurdle to eye.

Bajaj Finance, Bajaj Finserve and HCL Tech will report their quarterly earnings today.