11111 BELOW 11185; 11437 IS THE IMMEDIATE HURDLE

 

11111 BELOW 11185; 11437 IS THE IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices gained 1.6%-2.7%, snapping 3-day losing streak, as tech stocks rebounded from steep losses suffered in previous couple of sessions.

 

Tesla rose nearly 11% while tech giant Apple gained 4%.

 

Brent crude rose $1.21, or 3%, to $40.99 a barrel while US crude settled $1.29, or 3.5%, higher at $38.05 per barrel, clawing back some of the losses sustained in the previous session.

 

European markets rose 1.4%-2.1%.

 

AT HOME

 

After falling nearly a percent in the morning, benchmark indices recouped around half of the losses in noon trade to end lower by about four tenth of a percent, extending the losing streak to second consecutive day. Sensex settled at 38193, down 171 points while Nifty lost 39 points to finish at 11278. BSE mid-cap and small-cap indices fell 0.3% and 0.9% respectively, extending th losing streak to fourth straight day. BSE Bankex and Finance indices tumbled 2.1% and 1.7% respectively, becoming top losers among the sectoral indices while Energy and Metal indices were the top gainers, up 1.8% and 1.3% respectively.

 

FIIs net sold stocks and index futures worth Rs 959 cr and 726 cr respectively but net bought stock futures worth Rs 191 cr. DIIs were net sellers to the tune of Rs 264 cr.

 

Rupee appreciated 6 paise to end at 73.53/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-0.8% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 11251, the bottom made on Monday, would be the immediate support to eye below which, 11111, the bottom made on 14th August, would be the next support.

 

Nifty, broke 11251 support and plunged all the way to 11185, but rebounded from there to end at 11278.

 

11185, the low made yesterday, also coincided with the 67% retracement level of the 10882-11794 upmove seen in August, and hence is the immediate support to eye. Below 11185, 11111, the bottom made on 14th August, would be the next support.

 

11437, the top made on Tuesday, would now act as the immediate hurdle.