15100 IS NEXT UPSIDE LEVEL TO EYE; 14800 IS IMMEDIATE SUPPORT

 

15100 IS NEXT UPSIDE LEVEL TO EYE; 14800 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.2%-0.4% on the back of weakness in tech stocks.

 

Brent crude rose 75 cents, or 1.1%, to $69.46 a barrel while WTI crude settled 90 cents, or 1.4%, higher at $66.27.

 

US treasury traded mostly flat. The dollar index fell 0.14% to 90.157. Spot gold jumped 1.3% to $1,866.84 per ounce, it's highest in 3-1/2 months.

 

The World Health Organization warned that the global pandemic isn’t over yet despite high Covid vaccination rates in some countries.

 

Main European markets eased 0.1%-0.3%. U.K. eased lockdown further with pubs and restaurants set to reopen to customers for in-dining. Museums and cinemas are also allowed to reopen. U.K. Prime Minister Boris Johnson however warned the spread of the Indian variant could threaten further easing on June 21.

 

AT HOME

 

Benchmark indices soared 1.7% each, snapping 3-day losing streak and registering biggest gain since 30th March. Sensex settled at 49580, up 848 points while Nifty added 245 points to finish at 14923. Nifty mid-cap and small-cap indices gained 1.8% AND 1.2% respectively. Except 1.4% and 0.01% lower Telecom and Healthcare indices respectively, all the BSE Sectoral indices ended in green with Bankex and Finance indices leading the tally, up 4% and 3.1% respectively.

 

FIIs net sold stocks worth Rs 2256 cr but net bought index futures and stock futures worth Rs 886 cr and 1058 cr respectively. DIIs were net buyers to the tune of Rs 1948 cr.

 

Rupee appreciated 8 paise to end at 73.21/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 2.2% and 1.4% respectively while Shanghai is marginally in the green. SGX Nifty is suggesting around 150 points higher start for our market.

 

In yesterday's report we had said that 14800-14825 was the immediate resistance zone, above which, 14900-14930 would be the next target/resistance zone.

 

Nifty crossed 14825 hurdle and surged all the way to 14938 before closing at 14923. The benchmark is set to open near 15050 today.

 

15100, where a trendline adjoining tops made in February and March is placed, is the next upside target/resistance to eye.

 

14800 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

 

Tata Motors will report its quarterly earnings today.