TRAIL STOP-LOSS TO 15280

 

TRAIL STOP-LOSS TO 15280

 

WORLD MARKETS

 

US indices gained 0.1%-0.2% on Friday.

 

The core personal consumption expenditures index, a key inflation indicator, rose 3.1% in April, faster than expectations of a 2.9% increase. The savings rate remained elevated at 14.9%, while consumer spending rose 0.5%, in line with estimates.

 

The White House unveiled a $6 trillion budget proposal that would ramp up spending on infrastructure, education and combating climate change.

 

Brent crude rose 25 cents to $69.12 a barrel while WTI rose 34 cents to $66.55 a barrel.

 

The yield on the benchmark 10-year Treasury note dropped 2.9 basis points to 1.581%. Dollar index erased intraday gain of 0.4% to end flat at 89.99. Spot gold rose 0.3% to $1,902.27 per ounce

 

In Europe, FTSE ended flat while DAX and CAC gained 0.75% each. Euro zone economic sentiment index climbed to 114.5 in May from 110.5 in April, beating expected reading of 112.1 and notching a three-year high. The French economy contracted by 0.1% in the first quarter to slide into a technical recession. Meanwhile, British Prime Minister Boris Johnson has warned that the full lifting of England’s coronavirus restrictions on June 21 may be delayed as cases in the country of the Covid variant first detected in India doubled over the previous week.

 

For the week, Dow and the S&P 500 advanced 0.9% and 1.2% respectively, breaking a two-week losing streak. The Nasdaq rose 2.1% to post its best weekly performance since April 9. In Europe, FTSE inched up 0.1% while DAX and CAC gained 0.5% and 1.5% respectively. Asian markets gained between 1.7%-3.3% with Shanghai on the top. Gold gained 1.1%, extending the winning streak to fourth consecutive week.

 

For the month of May, Dow and the S&P 500 gained 1.9% and 0.6% respectively, posting their fourth up month in a row. Nasdaq however suffered a 1.5% loss this month for its first negative month in seven.

 

AT HOME

 

Benchmark indices gained six tenth of a percent each, with Nifty hitting record intraday as well as closing high while Sensex closed at the highest level after 3rd March. Sensex added 307 points to settle at 51422 while Nifty finished at 15435, up 98 points. Nifty mid-cap and small-cap indices however fell 0.04% and 0.7% respectively. BSE Energy index soared 4.4%, becoming top gainer among the sectoral indices, followed by 1.2% higher Oil & Gas index. Healthcare and Power indices were the top losers, down 1.1% each.

 

FIIs net bought stocks and index futures worth Rs 914 cr and 438 cr respectively but net sold stock futures worth Rs 975 cr. DIIs were net buyers to the tune of Rs 1275 cr.

 

Rupee appreciated 15 paise to end at 72.44/$.

 

For the week, Sensex and Nifty gained 1.7% each, extending the winning streak to second consecutive week.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.7% and SGX Nifty is suggesting around 30 points lower start for our market.

 

Readers would recall that we had turned our view on Nifty bullish after 14825 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In Friday's report we had said that 15431, the top made in February, continued to be the next upside target and had advised trailing stop-loss in long positions to 15240.

 

Nifty touched a high of 15470 before closing at 15435, achieving above mentioned target and vindicating our view.

 

15670 is the next upside target to eye.

 

Immediate support on the hourly chart has moved up to 15280, with the stop-loss of which, trading longs can be held on to.

 

India's Q4 Fy21 GDP data will be released today and is expected to show a growth of nearly 1%. FY21 GDP is expected to contract nearly 7.5%.

 

Markets in the U.S. are closed today for a holiday.

 

TRAIL STOP-LOSS TO 15240

 

TRAIL STOP-LOSS TO 15240

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.4% and 0.1% respectively while Nasdaq ended flat as optimism over economic recovery grew amid strong labor market data.

 

First-time jobless claims fell to a new pandemic low of 406,000, the expected figure being 425000. Durable goods orders for April showed an unexpected decline while the number of pending home sales last month fell 4.4%, due in part to record-low inventory of homes for sale in the first quarter. The U.S. economy expanded at an annualized 6.4% pace in the first quarter unrevised from the prior estimate released last month.

 

Senate Republicans unveiled a $928 billion infrastructure counteroffer to President Joe Biden. However, that’s well below Biden’s most-recent offer of $1.7 trillion.

 

Meanwhile, reports suggested that President Biden is set to propose a $6 trillion budget.

 

Brent crude rose 25 cents to $69.12 a barrel while WTI rose 34 cents to $66.55 a barrel.

 

The yield on the benchmark 10-year Treasury note rose to 1.6%. The dollar index was down 0.1%. Spot gold was little changed at $1,896.76 per ounce.

 

In Europe, FTSE and DAX fell 0.1% and 0.3% respectively while CAC gained 0.7%.

 

AT HOME

 

Sensex and Nifty gained a fifth of a percent after a choppy session with Nifty hitting a record high on closing basis. Sensex added 98 points to settle at 51115 while Nifty finished at 15337, up 36 points. Nifty mid-cap and small-cap indices climbed 0.5% and 1% respectively. BSE Bankex and Consumer Durables indices were the top gainers among the sectoral indices, rising 1.2% and 1% respectively while Realty and Telecom indices were the top losers, down 1.1% and 0.6% respectively.

 

FIIs net sold stocks and stock futures worth Rs 661 cr and 280 cr respectively but net bought index futures worth Rs 2637 cr. DIIs were net buyers to the tune of Rs 112 cr.

 

Rupee appreciated 18 paise to end at 72.59/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2% and 0.6% respectively while Shanghai is little changed. SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 15336, the top made in March, continued to be upside level to eye, upon crossover of which, 15431, the top made in February, would be the next target. We had also advised trailing stop-loss in long positions to 15150.

 

Nifty surged to touch a high of 15384 before closing at 15337 and is set to open near 15400 today.

 

15431, the top made in February, continues to be the next upside target.

 

Immediate support on the hourly chart has moved up to 15240, with the stop-loss of which, trading longs can be held on to.

NIFTY NEARS 15336 TARGET; TRAIL STOP-LOSS TO 15150

 

NIFTY NEARS 15336 TARGET; TRAIL STOP-LOSS TO 15150

 

WORLD MARKETS

 

Dow ended little changed while S & P 500 and Nasdaq rose 0.2% and 0.6% respectively after remarks from Fed officials helped ease worries about higher inflation. Technology and consumer discretionary stocks rose the most.

 

Federal Reserve officials restated their dovish views on easy monetary policy and inflation on Tuesday. Fed Vice Chair Richard Clarida said the central bank would be able to deal with rising inflation without derailing the economic recovery. San Francisco Fed President Mary Daly said while the recovery so far is encouraging, it is “way too early” to tighten policy.

 

S&P CoreLogic Case-Shiller National Home Price Index for March jumped 13.2% y-o-y.

 

US 10-year Treasury yield ticked 1.3 basis points higher to 1.577%. The dollar index rose as much as 0.4% and crossed above 90Spot gold fell 0.3% to $1,893.20 per ounce.

 

Brent crude rose 16 cents, or 0.3%, to $68.87 a barrel while WTI crude settled up 14 cents, or 0.2% to $66.21 a barrel.

 

Main European markets ended near flat line.

 

AT HOME

 

Sensex and Nifty gained 0.7% and 0.6% respectively to close at the highest level since 10 March and 16 February respectively and with Nifty extending the winning streak to fourth straight day. Sensex settled at 51017, up 380 points while Nifty added 93 points to finish at 15301. Nifty mid-cap index inched up 0.1% while small-cap index rose 0.6%. BSE Realty and IT indices climbed 2.8% and 1.8% respectively, becoming top gainers among the sectoral indices while Metal and Power indices tumbled 2.4% and 2.3% respectively, becoming top losers.

 

FIIs net bought stocks and index futures worth Rs 242 cr and 1290 cr respectively but net sold stock futures worth Rs 706 cr. DIIs were net sellers to the tune of Rs 439 cr.

 

OUTLOOK

 

Today morning, Nikkei is down 0.7% while Hang Seng and Shanghai are little changed. SGX Nifty is suggesting a marginally higher start for our market.

 

Readers would recall that we had turned our view on Nifty bullish after 14825 hurdle was taken out and have been advising holding on to long positions with a trailing stop-loss.

 

In yesterday's report we had reiterated the view that 15336, the top made in March, continued to be upside level to eye and had advised holding on to long positions with the stop-loss of 15100.

 

Nifty surged to touch a high of 15320 before closing at 15301.

 

15336, the top made in March, continues to be upside level to eye, upon crossover of which, 15431, the top made in February, would be the next target.

 

Immediate support on the hourly chart has moved up to 15150, with the stop-loss of which, trading longs can be held on to.

 

15336 IS THE IMMEDIATE HURDLE; 15100 IMMEDIATE SUPPORT

 

15336 IS THE IMMEDIATE HURDLE; 15100 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.2% each while Nasdaq ended little changed as energy stocks fell and big Tech shares Apple and Netflix both erased an earlier advance and dipped into negative territory.

 

Data showed a U.S. consumer confidence index for May eased to 117.2.

 

Charles Evans, president of the Federal Reserve Bank of Chicago, said recent inflation reports reflected only a “burst of post-pandemic relative price level adjustments.”

 

US 10-year Treasury yield fell 5 basis points to 1.557%, its lowest in 2 weeks. Dollar index eased 0.2% to 89.646 and hit 4-1/2 month low.Spot gold rose 0.8% to $1,896.74 per ounce and hit 4-1/2 month peak.

 

Brent crude rose 2 cents to $68.48 per barrel while WTI inched 5 cents lower to $66.00 per barrel.

 

In Europe, FTSE and CAC fell 0.3% each while DAX rose 0.2%. The latest Ifo business climate survey from Germany showed business morale climbing to a two-year high of 99.2 in May from April’s 96.6. However, German GDP shrank by more than expected in the first quarter, contracting by 1.8%.

 

AT HOME

 

After gaining more than half a percent at the open, benchmark indices gave away all the gains through the session to end little changed. Sensex settled at 50637, down 14 points while Nifty added 10 points to finish at 15208. Nifty mid-cap and small-cap indices fell 0.2% and 0.1% respectively. BSE Consumer Durables and Consumer Discretionary Goods & Services indices added 1.5% and 1.2% respectively, becoming top gainers among the sectoral indices while Power and Energy indices were the top losers, down 0.9% and 0.8% respectively.

 

FIIs net bought stocks and index futures worth Rs 960 cr and 1476 cr respectively but net sold stock futures worth Rs 1960 cr. DIIs were net sellers to the tune of Rs 564 cr.

 

Rupee appreciated 19 paise to end at 72.77/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.8% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 15336, the top made in March, continued to be next upside target while immediate support on the hourly chart had moved up to 15090, with the stop-loss of which, trading longs should be held on to.

 

Nifty, after touching a high of 15293 at the open, slipped to end at 15208.

 

15336, the top made in March, continues to be upside level to eye, upon crossover of which, 15431, the top made in February, would be the next target.

 

15100 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

15431 ABOVE 15336; TRAIL STOP-LOSS TO 15090

 

15431 ABOVE 15336; TRAIL STOP-LOSS TO 15090

 

WORLD MARKETS

 

US indices rose 0.5%-1.4% led by technology shares and reopening plays as Covid cases drop to their lowest level since June.

 

Bitcoin, after dropping below $32,000 on Sunday, rebounded about 17% to above $39,000 yesterday.

 

Brent crude rose $1.95, or 2.9%, to $68.40 a barrel, while WTI crude rose $2.36, or 3.7% to $65.94 a barrel.

 

U.S 10-year Treasury yields fell to 1.617%, its lowest in nearly two weeks. The dollar was down 0.2%. Spot gold was up 0.1% at $1,882.83 per ounce.

 

In Europe, DAX was shut for a holiday while FTSE and CAC gained nearly half a percent.

 

AT HOME

 

Benchmark indices ended higher by a fifth of a percent after a rangebound but choppy session, extending the rising streak to second straight day. Sensex settled at 50651, up 111 points while Nifty added 22 points to finish at 15197. Nifty mid-cap and small-cap indices gained 0.7% and 1% respectively. BSE Power and Oil & Gas indices climbed 1.9% and 1.7% respectively, becoming top gainer among the sectoral indices. Telecom and Metal indices were the top losers, down 0.9% and 0.6% respectively.

 

FIIs net bought stocks worth Rs 585 cr but net sold index futures and stock futures worth Rs 370 cr and 1791 cr respectively. DIIs were net sellers to the tune of Rs 708 cr.

 

Rupee depreciated 13 paise to end at 72.96/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.5%-0.8% and SGX Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had said that 15336, the top made in March, was the next upside target to eye while 15030 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 15256 before closing at 15197 and is set to open near 15300 today.

 

15336, the top made in March, continues to be next upside target, above which, 15431, the top made in February, would be the next upside level to eye.

 

Immediate support on the hourly chart has moved up to 15090, with the stop-loss of which, trading longs should be held on to.

 

STAY LONG WITH THE STOP-LOSS OF 15030

 

STAY LONG WITH THE STOP-LOSS OF 15030

 

WORLD MARKETS

 

Dow rose 0.4% while S & P 500 and Nasdaq fell 0.1% and 0.5% respectively on Friday as the tech sector came under pressure again amid another drop in bitcoin price.

 

Bitcoin plunged 8% on Friday after Chinese Vice Premier Liu He warned about bitcoin mining and trading behavior, saying tighter regulation is needed to protect the financial system.

 

The IHS Markit flash U.S. Manufacturing PMI jumped to an all-time high of 61.5 in May from 60.5 in April. Existing home sales in April declined month-over-month and missed expectations as U.S. housing supply remained tight.

 

Brent crude rose $1.33, or 2.04%, to settle at $66.44 per barrel, while WTI crude advanced 2.65% to settle at $63.58 per barrel.

 

Dollar index rose 0.22% to 89.993. Spot gold eased 0.1% to $1,876.42 per ounce. The yield on the benchmark 10-year Treasury note was down marginally to 1.63%.

 

In Europe, FTSE ended flat while DAX and CAC rose 0.4% and 0.7% respectively. UK's IHS Markit composite PMI hit 62.0 in May, its highest since the survey was launched in 1998 and up from 60.7 the previous month. U.K. retail sales also jumped 9.2% in April, double the average projection. Eurozone May flash composite PMI came in at 56.9 compared to April’s 53.8.

 

For the week, Dow and S&P 500 fell 0.5% and 0.4% respectively, extending the losing streak to second straight week. Nasdaq eked out a 0.3% gain. Oil fell nearly 3%. Dollar index fell 0.4%. Gold rose 1.9%, extending the winning streak to third straight week.

 

AT HOME

 

Sensex and Nifty soared 2% and 1.8% respectively, registering biggest gain since 30th March and closing at the highest level since 12 March and 3rd March respectively. Sensex settled at 50540, up 975 points while Nifty added 269 points to finish at 15175. Nifty mid-cap and small-cap indices rose 0.8% and 0.6% respectively. All the BSE sectoral indices ended in green with Bankex and Finance indices on the top, up 3.7% and 3% respectively.

 

FIIs net bought stocks and index futures worth Rs 510 cr and 1481 cr respectively but net sold stock futures worth Rs 1005 cr. DIIs were net buyers to the tune of Rs 649 cr.

 

Rupee appreciated 27 paise to end at 72.83/$.

 

For the week, Sensex and Nifty surged 3.7% and 3.4% respectively, registering biggest weekly gain since the Budget week that ended on 5th February.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.4% and 0.2% respectively while Hang Seng is off 0.3%. SGX Nifty is suggesting around 50 points lower start for our market.

 

In Friday's report we had said that 14884, the bottom made Thursday, was the immediate support while 15137, the top made Tuesday was the immediate hurdle.

 

Nifty soared to cross 15137 hurdle and touched a high of 15190 before closing at 15175.

 

15336, the top made in March, is the next upside target to eye.

 

15030 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

14884 IS THE IMMEDIATE SUPPORT; 15137 IMMEIDATE HURDLE

 

14884 IS THE IMMEDIATE SUPPORT; 15137 IMMEIDATE HURDLE

 

WORLD MARKETS

 

US indices gained 0.6%-1.8%, rebounding from a three-day losing streak, led by technology shares and encouraged by a new pandemic-low in jobless claims.

 

First-time unemployment benefits claims for the week ended May 15 came in at 444,000, the lowest since March 14, 2020. The expected figure was 452000.

 

Brent crude fell $1.55, or 2.3%, to $65.11 a barrel while WTI oil fell $1.31, or 2%, to settle at $62.05 a barrel, after diplomats said progress was made toward a deal to lift sanctions on Iran, which could boost crude supply. Both extended the losing streak to third straight day.

 

The yield on the benchmark 10-year Treasury note fell 5 bps to 1.634%. Dollar index fell nearly half a percent to 89.75, giving back all the gains of the previous session. Spot gold rose 0.6% to $1,880.22 per ounce.

 

European markets climbed 1%-1.7%.

 

AT HOME

 

After trading in a narrow range for the better part of the day, Sensex and Nifty nosedived in late noon trade to end lower by 0.7% and 0.8% respectively, extending the losing streak to second straight day. Sensex lost 337 points to settle at 49564 while Nifty finished at 14906. Nifty mid-cap and small-cap indices outperformed, falling 0.1% and 0.2% respectively. BSE Metal index nosedived 3.6%, becoming top loser among the sectoral indices, followed by 1.6% lower Oil & Gas index. Realty and Capital Goods indices were the top gainers, up 0.9% and 0.2% respectively.

 

FIIs net bought stocks worth Rs 71 cr but net sold index futures and stock futures worth Rs 961 cr and 1897 cr respectively. DIIs were net sellers to the tune of Rs 876 cr.

 

Rupee appreciated 6 paise to end at 73.10/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.7% while Hang Seng and Shanghai are little changed. SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 15137, the top made Tuesday, continued to be immediate hurdle while 14825 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty plunged to touch a low of 14884 before closing at 14906 and is set to open near 15000 today.

 

14884, the bottom made yesterday, is the immediate support to eye for Nifty, upon breach of which, 20 DMA and 34-DMA, placed around 14750 and 14700, would be the next downside levels to eye.

 

15137, the top made on Tuesday, continues to be immediate hurdle.

NIFTY RETREATS FROM 14137 HURDLE

 

NIFTY RETREATS FROM 14137 HURDLE

 

WORLD MARKETS

 

After falling more than a percent and half amid a drop in cryptocurrency prices, Dow and S & P 500 rebounded from lower levels to end lower by 0.5% and 0.3% respectively while Nasdaq ended little changed.

 

Cryptocurrency-linked shares, including Tesla, Coinbase and MicroStrategy, led the weakness as bitcoin tanked as much as 30% before cutting the losses to 14%..

 

Minutes from April Fed meeting hinted at considering tapering its asset purchase programs in upcoming meetings. A number of FOMC members  said that should the economic recovery continue to gain momentum, it would be appropriate “at some point” to discuss tightening its accommodative policy.

 

The yield on the benchmark 10-year Treasury note rose 4 basis points to 1.678%. Dollar index rose 0.52% to 90.254, snapping a four-day losing streak. Spot gold eased 0.1% to $1,866.64.

 

Brent crude fell $2.22, or 3.2%, to $66.49 per barrel while WTI dropped $2.30, or 3.5%, to $63.19 per barrel on renewed demand concerns as coronavirus cases in Asia rise and on fears rising inflation might lead the U.S. Federal Reserve to raise interest rates.

 

European markets tumbled 1.2%-1.8%. U.K. consumer prices rose by 1.5% in April after a 0.7% climb in March.

 

AT HOME

 

Sensex and Nifty fell 0.6% and 0.5% respectively, snapping 2-day rising streak. Sensex settled at 49902, down 290 points while Nifty lost 78 points to finish at 15030. Nifty mid-cap index fell 0.1% while small-cap index gained 0.6%. BSE Realty index climbed 2.2%, becoming top gainer among the sectoral indices, followed by 1.2% higher Power and Healthcare indices. Telecom index was the loser, down 1.2%, followed by 0.8% lower Metal, Finance and Auto indices.

 

FIIs net sold stocks and stock futures worth Rs 698 cr and 1426 cr respectively but net bought index futures worth Rs 142 cr. DIIs were net sellers to the tune of Rs 853 cr.

 

Rupee depreciated 12 paise to end at 73.16/$.

 

OUTLOOK

 

Today morning, Nikkei is little changed while Hang Seng and Shanghai are down 0.8% and 0.4% respectively. SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 15137, the top made Tuesday, which roughly coincided with the trendline adjoining tops made in February and March, was the immediate hurdle to eye while immediate support on the hourly chart had moved up to 14825, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 15133, eased to end at 15030.

 

15137, the top made Tuesday, which roughly coincided with the trendline adjoining tops made in February and March, continues to be immediate hurdle, upon crossover of which, 15336, the top made in March, would be the next upside level to eye.

 

14825, continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.