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.