15900-15673 CONTINUES TO BE IMMEDIATE RANGE

 

15900-15673 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow and S & P 500 were little changed while Nasdaq inched up 0.2%.

 

Homebuilder stocks rose after data from S&P CoreLogic Case-Shiller showed home prices rose more than 14% in April from the previous year. The Conference Board’s consumer confidence index also came in at its highest level since March 2020.

 

US 10-year treasury yield were little changed at 1.476%. The dollar index rose 0.2% to 92.077. Spot gold fell 0.93% to $1,761.66 per ounce, its lowest since mid-April.

 

Brent futures rose 37 cents, or 0.5%, to $75.05 a barrel while WTI futures rose 40 cents, or 0.6%, to $73.31 a barrel.

 

European markets gained 0.1%-0.9%. Euro zone economic sentiment index rose to a 21-year high of 117.9 in June, up from 114.5 in May and ahead of an estimate of 116.5. German annual consumer price inflation rose by 2.1% in June, slightly down from a 2.4% increase in May.

 

AT HOME

 

After a flattish start, benchmark indices slipped to end lower by four tenth of a percent, extending the losing streak to second straight day. Sensex settled at 52550, down 186 points while Nifty lost 66 points to finish at 15748. Nifty mid-cap and small-cap indices fell 0.5% and 0.1% respectively.  BSE Metal index tumbled 1.4%, becoming top loser among the sectoral indices, followed by 1.2% lower Oil & Gas and Telecom indices. Healthcare and FMCG indices were the top gainers, up 0.7% and 0.6% respectively.

 

FIIs net bought stock worth Rs 117 cr but net sold index futures and stock futures worth Rs 1301 cr and 1177 cr respectively. DIIs were net buyers to the tune of Rs 1810 cr.

 

Rupee depreciated 3 paise to end at 74.22/$.

 

OUTLOOK

 

Today morning, Shanghai and Nikkei are modestly higher while Hang Seng is little changed. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that a sustained trading above 15900 was required for a fresh upmove and that 15673 continued to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a high of 15835 in the initial trade, slipped to 15724 before closing at 15748.

 

15900 continues to be immediate hurdle, a sustained trading above which is required for a fresh upmove. If that happens, 16100 and 16350 would be subsequent targets to eye.

 

15673, the low made last Wednesday, continues to be immediate support, upon breach of which, 15500-15450 would be the next support zone.