NIFTY NEARS 10915 SUPPORT; 11140-11200 CONTINUES TO BE RESISTANCE ZONE

NIFTY NEARS 10915 SUPPORT; 11140-11200 CONTINUES TO BE RESISTANCE ZONE

WORLD MARKETS

US indices climbed 1.2%-1.5% after China said it wished to resolve its protracted trade dispute with the US with a “calm ” attitude.

When asked about its ongoing trade war with the U.S., China’s commerce ministry said that it was opposed to escalating trade tensions, hinting Chinese authorities will not retaliate against the latest round of U.S. tariffs.

Second-quarter U.S. GDP growth was revised down to 2% from 2.1%, which was in line with expectations.

Brent crude rose 51 cents to $61 a barrel while WTI was up 87 cents, or 1.7% to settle at $56.71 a barrel.

European markets rose 1%-1.9%. Data from six German states indicated that overall German inflation likely slowed in August from the prior month, sliding further below the ECB’s target.

AT HOME

Benchmark indices ended lower by a percent after a choppy expiry session, extending the losing streak to second consecutive day. Sensex lost 383 points to settle at 37068 while Nifty finished at 10948, down 98 points. BSE mid-cap and small-cap indices fell 0.2% and 0.6% respectively, outperforming main indices. BSE Bankex and Finance indices tumbled 1.9% and 1.7% respectively, becoming top losers among the sectoral indices while Healthcare and Metal indices were the top gainers, up 1.5% and 1.3% respectively.

FIIs net sold stocks and index futures worth Rs 987 cr and 1092 cr respectively but net bought stock futures worth Rs 475 cr. DIIs were net buyers to the tune of Rs 489 cr.

Rupee depreciated 3 paise to end at 71.80/$.

For the August derivative series, Nifty fell 2.7%.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.6%-1% but SGX Nifty is suggesting a marginally lower start for our market.

In yesterday's report we had reiterated the view that 11140-11200 continues to be immediate resistance zone while 10915 continues to be immediate support.

Nifty plunged to touch a low of 10922, from where it rebounded to close at 10948 and is set to open marginally lower today.

10915 continues to be immediate support, a breach of which will confirm a "Sell" on the hourly chart and would pave the way for further correction. 10830, followed by 10800, the 61.8% and 67% retracement levels of the recent 10637-11141 upmove, would be next downside targets/supports to eye if that happens.

11140-11200 continues to be resistance zone.

11146-11200 CONTINUES TO BE RESISTANCE ZONE; 10915 REMAINS NEAREST SUPPORT

11146-11200 CONTINUES TO BE RESISTANCE ZONE; 10915 REMAINS NEAREST SUPPORT

WORLD MARKETS

US indices gained 0.4%-1% as energy stocks got a lift from higher oil prices, but further inversion of a key part of the U.S. yield curve kept gains in check.

Brent futures rose 1.7% to $60.52 a barrel and WTI crude futures rose 1.5% to $55.75 a barrel after data showed a steep fall in U.S. crude stockpiles.

The closely watched spread between the 10-year Treasury yield and the 2-year rate briefly fell to negative 6 basis points. The 30-year Treasury yield fell to a new record low of 1.907% before seeing a partial recovery.

Trade developments between US and China continues to be in focus. US is scheduled to impose the first stage of U.S. tariffs on $300 billion worth of Chinese goods on Sunday. China is set to respond with tariffs on U.S. products on the same day.

In Europe FTSE gained 0.4% but DAX and CAC fell 0.2% and 0.3% respectively. Sterling fell around 0.4% against the dollar on Wednesday after the queen approved British Prime Minister Boris Johnson’s plan to suspend parliament. The highly-controversial move will restrict parliamentary time before the Brexit deadline and increase the chances of the U.K. leaving the EU with no deal.

AT HOME

After falling nearly a percent, benchmark indices recouped half of the losses in last hour or so to end half a percent lower, breaking three-day winning streak. Sensex settled at 37451, down 189 points while Nifty lost 59 points to finish at 11046. BSE mid-cap and small-cap indices fell 0.9% and 0.6% respectively. BSE Metal index nosedived 3.4%, becoming top loser among the sectoral indices, followed by 1.9% lower Auto index. Realty and IT indices were the top gainers, up 1.9% and 1.3% respectively.

FIIs net sold stocks, index futures and stock futures worth Rs 935, 1420 cr and 287 cr respectively. DIIs were net buyers to the tune of Rs 359 cr.

Rupee depreciated 29 paise to end at 71.77/$.

Government yesterday allowed FDI in coal mining, contract manufacturing digital media while easing rules in single brand retail. Separately, finance ministry has notified rules allowing 100% FDI for insurance intermediaries.

OUTLOOK

Today morning, Nikkei and Hang Seng are off four tenth of a percent while Shanghai is little changed. SGX Nifty is suggesting about 30 points lower start for our market.

In yesterday's report we had said that "11140-11200 is the resistance zone for Nifty as 11146 and 11181 is where the tops made on 19th August and 9th August are placed while 11190 and 11200 is where 34 and 200 DMAs are placed".

Nifty, after touching a high of  11130 in the initial trade, slipped to touch a low of 10987 before closing at 11046 and is set to open lower today.

11140-11200 continues to be immediate resistance zone, a crossover of which is required for a fresh upmove. If that happens, 11370, the 50% retracement level of the 12100-10640 fall, would be the next upside target.

Meanwhile, 10915 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

NIFTY NEARS RESISTANCE ZONE; 10915 IS THE IMMEDIATE SUPPORT

NIFTY NEARS RESISTANCE ZONE; 10915 IS THE IMMEDIATE SUPPORT

WORLD MARKETS

Reversing opening gains, US indices ended with cuts of 0.3%-0.5% as yield curve inversion worsened and fears around the U.S.-China trade war weighed on the sentiment.

The spread between the 10-year Treasury yield and the 2-year rate fell to negative 5 basis points, its lowest level since 2007. The 3-month Treasury bill rate also traded higher than the 30-year bond yield.

Sentiment was also dampened after Hu Xijin, editor-in-chief at Chinese state-run newspaper The Global Times, said in a tweet that China is “not putting so much emphasis on trade talks,” adding that it’s “more and more difficult” for Washington to press Beijing to make concessions as the Chinese economy is becoming increasingly driven by domestic growth.

On Tuesday, China announced measures aimed at raising consumption, including a potential removal of restrictions on car purchases.

Back in the US, data showed U.S. consumer confidence inched down in August and growth in home prices hit its slowest pace in nearly seven years.

Brent crude rose 30 cents a barrel to $59.00 while WTI rose 73 cents to $54.37. Spot gold rose 1% to $1,540.57 per ounce while silver breached $18 for the first time in nearly two years.

In Europe FTSE ended marginally in the red while CAC and DAX rose 0.6% each. German GDP data showed Europe’s largest economy contracted on weaker exports in the second quarter.

AT HOME

Benchmark indices gained four tenth of a percent, extending the winning streak to third straight day. Sensex settled at 37641, up 147 points while Nifty added 47 points to finish at 11105. BSE mid-cap and small-cap indices gained 0.5% and 1.6% respectively. BSE Metal index climbed 2%, becoming top gainer among the sectoral indices, followed by 1.9% higher Auto and Industrials indices. Telecom index tumbled 2.3%, becoming top loser, followed by 1.7% lower Teck index.

FIIs net sold stocks worth Rs 924 cr but net bought index futures and stock futures worth Rs 655 cr and 1784 cr respectively. DIIs were net buyers to the tune of Rs 1163 cr.

Rupee appreciated 54 paise to end at 71.48/$.

OUTLOOK

Today morning, Shanghai is flat while Nikkei and Hang Seng are up 0.1% and 0.4% respectively. SGX Nifty is suggesting about 20 points higher start for our market.

After Nifty crossed the immediate hurdle of 10975, we have been working with the target of around 11200, where 200-DMA is placed.

Nifty yesterday touched a high of 11141 before closing at 11105 and is set to open higher today.

11140-11200 is the resistance zone for Nifty as 11146 and 11181 is where the tops made on 19th August and 9th August are placed while 11190 and 11200 is where 34 and 200 DMAs are placed. 11200 is also the 38.2% retracement level of the entire 12100-10640 fall. Once 11200 is taken out, 11370, the 50% retracement level of the 12100-10640 fall, would be the next upside target.

Meanwhile, immediate support on the hourly chart is placed around 10915, with the stop-loss of which, trading longs can be held on to.

10200 IS THE NEXT UPSIDE TARGET; 10900 IMMEDIATE SUPPORT

10200 IS THE NEXT UPSIDE TARGET; 10900 IMMEDIATE SUPPORT

WORLD MARKETS

US indices gained 1%-1.3% after President Trump said China had called U.S. trade negotiators to resume talks.

Speaking to reporters at the Group of Seven (G-7) meeting in France yesterday, Trump said China had expressed a desire to resume discussions over a potential trade deal and the two countries would start talking very seriously.

Brent crude fell 54 cents to $58.80 a barrel while WTI crude futures fell 53 cents, or 1%, to settle at $53.64 a barrel.

European markets rose 0.3%-1%. Munich’s Ifo Institute said that German business morale fell in August, with its business climate index coming in at 94.3, versus an expected 95.1.

AT HOME

Benchmark indices soared more than 2%, registering biggest single day gain since 20th May. Sensex settled at 37494, up 793 points while Nifty added 228 points to finish at 11057. BSE mid-cap and small-cap indices rose 1.6% each. Except a 1.1% lower Metal index, all the BSE sectoral indices ended in green with Finance index and Bankex leading the tally, up 3.9% and 3.6% respectively.

FIIs net sold stocks worth Rs 753 cr but net bought index futures and stock futures worth Rs 622 cr and 743 cr respectively. DIIs were net buyers to the tune of Rs 1272 cr.

Rupee depreciated 36 paise to end at 72.02/$.

RBI yesterday declared a record high dividend of Rs 1.2 lakh cr to government for this financial year. RBI Board also accepted the Jalan Panel's report on its capital reserves and decided to do a one-time transfer just over Rs 52000 cr from its contingency reserves.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.1%-1.1% and SGX Nifty is suggesting about 30 points higher start for our market.

In yesterday's report we had said that immediate resistance on hourly chart was placed around 10975, upon crossover of which, 200-DMA, placed around 11200 would be the next target.

Nifty, after first hour volatility, crossed 10975 hurdle decisively and touched a high of 11070 before closing at 11057 and is set to open higher today.

11200 continues to be next upside target as well as hurdle to eye, where 200 as well as 34-DMAs are placed.

Immediate support on the hourly chart is placed around 10900, with the stop-loss of which, trading longs can be held on to.

10975 IS THE IMMEDIATE HURDLE; 10637 IMMEDIATE SUPPORT

10975 IS THE IMMEDIATE HURDLE; 10637 IMMEDIATE SUPPORT

WORLD MARKETS

US indices nosedived 2.2%-2.9% on Friday after President Trump ordered that U.S. manufacturers find alternatives to their operations in China after China unveiled new tariffs on US goods.

China will implement new tariffs on another $75 billion worth of U.S. goods, including autos. The tariffs will range between 5% and 10% and will be implemented in two batches on Sept. 1 and Dec. 15. Following that announcement, Trump said he was ordering American companies to “immediately start looking for an alternative to China.”

Markets also digested remarks from Powell at the central bank’s Jackson Hole symposium. The Fed chief said in a speech that the Fed “will act as appropriate to sustain the expansion,” a phrase he has used several times in the recent past.

Brent crude futures fell 50 cents, or 0.8%, to $59.40 a barrel and WTI crude futures fell $1.18, or 2.1%, to settle at $54.17. Spot gold rose 2% to $1,528.53 an ounce.

European markets fell 0.5%-1.6%.

For the week, US indices fell 1%-1.8%, extending the losing streak to fourth straight week.

AT HOME

After plunging nearly a percent in first half an hour, Sensex and Nifty saw huge rebound through the session to end with gains of 0.6% and 0.8% respectively, breaking three-day losing streak. Sensex settled at 36701, up 228 points while Nifty added 88 poitns to finish at 10829. BSE mid-cap and small-cap indices gained 0.9% and 0.6% respectively. BSE Metal and Oil & Gas indices soared 3.5% and 3.4% respectively, becoming top gainers among the sectoral indices while FMCG index and Bankex were the top losers, down 0.8% and 0.3% respectively.

FIIs net sold stocks worth Rs 1737 cr but net bought index futures and stock futures worth Rs 428 cr and 427 cr respectively. DIIs were net buyers to the tune of Rs 1548 cr.

Rupee appreciated 15 paise to end at 71.66/$.

For the week, Sensex and Nifty fell 1.6% and 2% respectively, extending the losing streak to second consecutive week.

In a major and much awaited move, Finance Minister Nirmala Sithatharaman announced rolling back of the enhanced surcharge levied on capital gains along with slew of measures to stoke demand which included a rejig of its spending programme by front-loading it, addressing supply-side bottlenecks and easing bank credit rules, even as she promised to end “tax terrorism" that has left India Inc. jittery.

Major announcement include 1) Extra surcharge on any capital gain from sale of shares has been scrapped. 2) Front loading of the capital infusion of Rs 70000 cr for Public Sector Banks 3) Banks will be asked to link their loan rates to the central bank's repo rate 4) Angel Tax on start ups has been withdrawn 5) New registration fee for vehicles deferred to 2020. 6) Additional 15% depreciation for vehicles purchased from now till the end of March 2020. 7) NHB will extend additional liquidity of Rs 20000 cr to housing finance companies 8) Violation of CSR will not be treated as a criminal offence but a civil liability 9) MSME to get GST refund in 30 days 10) NBFCs will be allowed to use a bank's Aadhaar authenticated KYC data for lending to customers

OUTLOOK

Today morning, Asian markets are trading with cuts of 1.2%-3.2% but SGX Nifty is suggesting about 50 points higher start for our market.

In Friday's report we had said that "10700, the 67% retracement level of the entire 10004-12103 upmove, is the next downside target/support to eye. If that gives way, 34-month moving average, placed around 10375, would be the next crucial support to eye".

Nifty, after touching a low of 10646, rebounded sharply to end at 10842 and is set to open near 10900 today.

Immediate resistance on hourly chart is placed around 10975. Only after that is taken out, we can think of the upmove getting extended to 200-DMA placed around 11200.

Meanwhile, 10637, the low made Friday, would now act as immediate support. If that gets taken out, 34-month moving average, placed around 10375, would be the next crucial support to eye.

NIFTY ACHIEVES 10782 TARGET; STAY SHORT WITH THE STOP-LOSS OF 10900

NIFTY ACHIEVES 10782 TARGET; STAY SHORT WITH THE STOP-LOSS OF 10900

WORLD MARKETS

Dow gained 0.2%, S & P 500 ended marginally in the red and Nasdaq lost 0.4%  an important speech from U.S. Federal Reserve Chairman Jerome Powell.

Powell is set to deliver a speech at a yearly central banking symposium in Jackson Hole, Wyoming. Markets will look for clues about what the U.S. central bank would do next.

Meanwhile, the benchmark 10-year Treasury yield briefly fell back below its 2-year counterpart once again yesterday.

IHS Markit said manufacturing activity in the U.S. contracted this month for the first time in nearly 10 years, adding to recession worries.

Meanwhile, Kansas City Fed President said the Fed should not have cut interest rates last month, stating that “it wasn’t required in my view. ”  Philadelphia Fed President said he does not see the need for another rate cut, noting the central bank should keep rates at this level “for a while. ”

WTI crude fell 33 cents to $55.35 per barrel while Brent crude lost 39 cents to $59.91.

European markets lost 0.1%-1%. Minutes of latest ECB meeting showed policymakers suggesting that a combination of measures may be needed to prop up the euro zone economy, with recent indicators painting a bleak picture of the outlook.

Euro zone composite PMI climbed in August to 51.8 from 51.5 in July, exceeding expectations. France’s composite PMI rose to 52.7 points from 51.9 in July and Germany’s composite came in at 51.4, also beating forecasts.

AT HOME

Benchmark indices plunged 1.6% each, with Sensex and Nifty closing at the lowest level since 5th March and 20 February respectively. Sensex lost 587 points to settle at 36472 while Nifty finished at 10741, down 177 points. BSE mid-cap and small-cap indices fell 1.4% and 2.2% respctively to close at the lowest level since 31st January 2017 and 30th December 2016 respectively. Except a 0.3% higher IT index and flat Teck index, all the BSE sectoral indices ended in red with Realty index losing the most, down 6%, followed by 3.5% lower Metal index.

FIIs net sold stocks, index futures and stock futures worth Rs 903 cr, 244 cr and 125 cr respectively. DIIs were net buyers to the tune of Rs 1719 cr.

Rupee depreciated 25 paise to end at 71.81/$.

OUTLOOK

Today morning, Asian markets are trading mixed with modest changes and SGX nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had reiterated the view that 10901 continues to be immediate support upon breach of which, 10782, the low made on 5th August, would be the next support to eye.

Nifty broke 10901 support in the initial trade itself and plunged all the way to 10718 before closing at 10741.

10700, the 67% retracement level of the entire 10004-12103 upmove, is the next downside target/support to eye. If that gives way, 34-month moving average, placed around 10375, would be the next crucial support to eye.

10900, the erstwhile support, would now act as immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

10782 BELOW 10901; 11034 IS IMMEDIATE HURDLE

10782 BELOW 10901; 11034 IS IMMEDIATE HURDLE

WORLD MARKETS

US indices gained 0.8%-0.9%  as strong quarterly results from retailers such as Target and Lowe's lifted sentiment.

Target shares surged more than 20% to a record after posting better-than-expected results and 3.4% growth in same-store sales. Lowe's jumped 10.4%.

The minutes of the latest Fed meeting showed the Fed has no "pre-set course" for cutting rates. The Fed cut rates by 25 basis points in July, while signaling that it was only a "midcycle adjustment" and the central bank was not returning to the stimulus era.

European markets climbed 1.1%-1.8%.

AT HOME

Sensex and Nifty slipped 0.9% and 0.7% respectively, extending the losing streak to second straight day. Sensex lost 267 points to settle at 37060 while Nifty finished at 10918, down 98 points. BSE mid-cap and small-cap indices tumbled 1.3% and 1.4% respectively. Nifty mid-cap and small-cap indices nosedived 1.6% and 1.9% respectively with the former closing at the lowest level since 24th January 2017, marking a 31-month low.

Except a 0.2% lower IT index, all the BSE sectoral indices ended in red with Metal index leading the losses, down 2.9%, followed by 2.2% lower Industrials, Basic Material and Capital Goods indices.

FIIs net sold stocks, index futures and stock futures worth Rs 771 cr, 137 cr and 328 cr respectively. DIIs were net buyers to the tune of Rs 354 cr.

Rupee appreciated 14 paise to end at 71.56/$.

OUTLOOK

Today morning, Nikkei and Shanghai are trading with modest gains while Hang Seng is flat. SGX Nifty is suggesting a marginally lower start for our market.

For past couple of days we have been mentioning that 11181, the top made on 9th August, continues to be immediate hurdle while 10901, the bottom made last week, continues to be immediate support.

Nifty yesterday plunged to touch a low of 10906 before closing at 10918 and is set to open marginally lower today.

10901 continues to be immediate support upon breach of which, 10782, the low made on 5th August, would be the next support to eye.

Meanwhile, 11034, the top made yesterday, would now act as immediate hurdle, upon crossover of which, 11181, the top made on 9^th August, would the bigger hurdle to eye.

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices fell 0.7%-0.8% to break three-session winning streak as treasury yields declined after two days of recovery.

 The benchmark 10-year yield fell about 5 basis points to 1.54%.

Brent crude rose 3 cents to $59.77 a barrel while US oil fell 11 cents to $56.10.

European markets fell 0.5%-1.3% as worries heightened over Italy's mounting political crisis.  Italian Prime Minister announced he would resign from the government. It comes after Lega party pulled the plug on his coalition with the anti-establishment Five Star Movement.

AT HOME

Sensex and Nifty ended lower by 0.2% and 0.3% respectively after a choppy session, breaking three-day winning streak. Sensex lost 74 points to settle at 37328 while Nifty finished at 11017, down 37 points. BSE mid-cap and small-cap indices fell 0.6% each. BSE Metal and Basic Material indices tumbled 1.7% and 1.4% respectively, becoming top losers among the sectoral indices while IT and Auto indices were the top gainers, up 1.3% and 1.2% respectively.

FIIs net bought stocks and index futures worth Rs 373 cr and 504 cr respectively but net sold stock futures worth Rs 562 cr. DIIs were net buyers to the tune of Rs 286 cr.

Rupee depreciated 27 paise to end at 71.70/$.

Yes Bank shares slipped after CG Power, in which Yes Bank holds 12.8% stake, disclosed certain suspect transactions, which led to potential understatement of not only the company’s liabilities, but also advances to related and unrelated parties of the company and the group.

OUTLOOK

Today morning, Asian markets are trading with cuts of 0.2%-0.6% and SGX Nifty is suggesting about 20 points lower start for our market.

In yesterday's report we had reiterated the view that 11181, the top made on 9th August, continues to be immediate hurdle while 10901, the bottom made last week, continues to be immediate support.

Nifty, after touching a high of 11076 in the initial trade, slipped to end at 11017 and is set to open around 11000 today.

11181, the top made on 9th August, continues to be immediate hurdle, a crossover of which is required for the next leg of upmove. 10901, the bottom made last week, continues to be immediate support. If that gets violated, 10782, the bottom made on 5^th August, would be the crucial support to eye.

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

US indices climbed 1%-1.4% as treasury yields extended Friday's recovery and  after the U.S. agreed to extend a temporary reprieve to Chinese telecom giant Huawei. Stimulus measures/talks from Central banks also helped.

The People’s Bank of China unveiled an interest-rate reform over the weekend aimed at lowering borrowing costs for Chinese companies. In Germany, the government is reportedly preparing fiscal stimulus measures in case the country’s economy falls into a recession

The benchmark 10-year Treasury yields rose to about 1.6% yesterday from around 1.54% last week.

Commerce Secretary Wilbur Ross said the U.S. extended a license for 90 days that allows Huawei to continue business with the U.S. companies to service existing customers.

Brent crude rose 95 cents, or 1.6%, to $59.59 a barrel and WTI crude futures gained $1.34, or 2.4%, to settle at $56.21 a barrel following a weekend attack on a Saudi oil facility.

European markets gained 1%-1.9%.

AT HOME

After rising nearly a percent in first half, benchmark indices slipped later to end just marginally higher. Sensex settled at 37402, up 52 points while Nifty added 6 points to finish at 11053. BSE mid-cap and small-cap indices gained 0.2% and 0.5% respectively. BSE Consumer Durable and Capital Goods indices climbed 1.6% and 1.2% respectively, becoming top gainer among the sectoral indices. Oil & Gas and Auto indices fell 0.6% each, becoming top losers.

FIIs net sold stocks, index futures and stock futures worth Rs 306 cr, 72 cr and 327 cr respectively. DIIs were net buyers to the tune of Rs 386 cr.

Rupee depreciated 28 paise to end at 71.43/$.

OUTLOOK

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

In yesterday's report we had reiterated the view that 11181, the top made on 9th August, continues to be immediate hurdle while 10901, the bottom made last week, continues to be immediate support.

Nifty, after touching a high of 11146 in the first half, slipped to end at 11053 and is set to open lower today.

11181, the top made on 9th August, continues to be immediate hurdle, a crossover of which is required for the next leg of upmove. 10901, the bottom made last week, continues to be immediate support.

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

11181-10901 CONTINUES TO BE IMMEDIATE RANGE

WORLD MARKETS

Us indices surged 1.2%-1.7% on Friday as a rebound in bond yields eased fears of a recession.

Nvidia’s stock jumped more than 7% after it reported better-than-expected fiscal-second quarter earnings.

Brent crude rose 49 cents, or 0.8%, to $58.72 a barrel, after falling 2.1% on Thursday and 3% the previous day. U.S. crude rose 40 cents, or 0.7%, to $54.87 a barrel after having dropped 1.4% in the previous session and 3.3% on Wednesday.

European markets rose 0.7%-1.8%.

For the week, US indices ended with cuts of 0.85-1.5%, extending the losing streak to third consecutive week. European markets fell 0.5%-1.9%. In Asia, Nikkei and Hang Seng fell 1.3% and 0.8% respectively but Shanghai added 1.8%.

AT HOME

After plunging nearly a percent in the initial trade, benchmark indices saw a sustained northward move through the session to end marginally higher, extending the winning streak to second straight day. Sensex settled at 37350, up 38 points while Nifty added 18 points to finish at 11047. BSE mid-cap and small-cap indices too gained 0.1% each. BSE Utilities index climbed 1.5%, becoming top gainer among the sectoral indices, followed by 1.1% higher Auto and Power indices. IT index was the top loser, down 0.8%, followed by 0.6% lower Teck, Consumer Durable and Energy indices.

FIIs net sold stocks, index futures and stock futures worth Rs 1339 cr, 294 cr and 491 cr respectively. DIIs were net buyers to the tune of Rs 1058 cr.

Rupee appreciated 12 paise to end at 71.15/$.

For the week, Sensex and Nifty fell 0.6% each.

OUTLOOK

Today morning, Asian markets are trading with gains of 0.4%-1% and SGX Nifty is suggesting about 20 points higher start for our market.

In Friday's report we had reiterated the view that 10901, the low made on Tuesday, continued to be immediate support while 11181, the top made the previous week, continues to be immediate hurdle.

Nifty, on Friday, after touching a low of 10924, rebounded to end at 11047 and is set to open higher today.

11181, the top made on 9th August, continues to be immediate hurdle to eye, a crossover of which is required for the next leg of upmove.

10901, the bottom made last week, continues to be immediate support.