14720 IS IMMEDIATE SUPPORT

 

14720 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow inched lower by 0.1% while S & P 500 and Nasdaq tumbled 1% and 2.6% respectively as investors exited Big Tech stocks.

 

Facebook lost more than 4%, while Amazon and Netflix both dropped over 3%.  Apple, Alphabet and Microsoft dipped more than 2%.

 

WTI crude settled 2 cents higher at $64.92 per barrel while Brent crude advanced 4 cents to $68.32 per barrel.

 

The yield on the benchmark 10-year Treasury inched up to 1.607% while that on the 30-year note rose to 2.327%, Dollar index was little changed at 90.205. Spot gold rose 0.4% to $1,836.89 per ounce.

 

In Europe, FTSE fell 0.1% while DAX and CAC were little changed.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.8% respectively, extending the winning streak to fourth straight day. Nifty closed at the highest level since 12th March. Sensex added 295 points to settle at 49502 while Nifty finished at 14942, up 119 points. Nifty mid-cap and small-cap indices climbed 0.9% and 1.5% respectively. Except 0.2% lower IT index and flat Teck index, all the BSE sectoral indices ended in green with Metal and Capital Goods indices leading the tally, up 3.5% and 2.6% respectively.

 

FIIs net bought stocks worth Rs 584 cr but net sold index futures and stock futures worth Rs 322 cr and 1674 cr respectively. DIIs were net sellers to the tune of Rs 476 cr.

 

Rupee appreciated 16 paise to end at 73.35/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down more than 2% while Shanghai is off 0.8%. SGX Nifty is suggesting around 200 points lower start for our market.

 

In yesterday's report we had said that 15044, the top made on 29th April, would be next upside target to eye while 14660 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after a gap-up opening, touched a high of 14966 and closed at 14942, but is set to open below 14800 today.

 

14967, the made yesterday, would now work as immediate hurdle, above which, 15044, the top made on 29th April, would be next upside level to eye.

 

14720 is the immediate support on the hourly chart, upon breach of which, 14600, where 20-DMA is placed, would be the next downside level to eye.

 

Meanwhile, trading longs can be held on to with the stop-loss of 14720.