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.