11111-11373 CONTINUES TO BE IMMEDIATE RANGE

 

11111-11373 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow fell 0.3% but S & P 500 and Nasdaq gained 0.3% and 1% respectively as tech stock rallied while financial and industrial stocks fell.

 

Tensions between Washington and Beijing continued to be in focus. U.S. announced a further tightening of restrictions on Huawei, aimed at limiting the Chinese telecommunications giant’s access to commercially available chips

 

Brent crude rose 57 cents, or 1.3%, to $45.37 a barrel while WTI crude settled 88 cents, or 2.1%, higher at $42.89 per barrel

 

In Europe, FTSE gained 0.6% whie DAX and CAC rose 0.2% each.

 

AT HOME

 

Sesnex and Nifty gained 0.5% and 0.7% respectively on the first day of the new week, breaking 3-day losing streak. Sensex settled at 38050, up 173 points while Nifty added 81 points to finish at 11259. BSE mid-cap and small-cap indices gained 0.4% and 0.8% respectively.  Except 0.7% and 0.6% lower Energy and Telecom indices respectively, all the BSE sectoral indices ended in green with Power index topping the tally, up 3%, followed by 2.7% higher Metal and Utilities indices.

 

FIIs net bought stocks and index futures worth Rs 333 cr and 1558 cr respectively but net sold stock futures worth Rs 102 cr. DIIs were net sellers to the tune of Rs 718 cr.

 

Rupee appreciated 2 paise to end at 74.88/$.

 

OUTLOOK

 

Today morning, Nikkei is down, Shanghai is flat while Hang Seng is up 0.4%. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 11111, the low made on Friday, also coincided with the trendline adjoining recent bottoms on the daily chart and hence was the immediate support to eye.

 

Nifty, after touching a low of 11144 in the initial trade, rebounded to end at 11247.

 

11111, the low made on Friday, continues to be immediate support to eye.

 

11373, the top made last week, continues to be important resistance.