15513 IS THE IMMEDIATE SUPPORT; 15817 IMMEDIATE HURDLE

 

15513 IS THE IMMEDIATE SUPPORT; 15817 IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.4% each and hit record intraday highs while Nasdaq inched up 0.1%.

 

U.S. second-quarter GDP accelerated 6.5% from the year prior, slightly stronger than the 6.3% annualized gain in the first quarter, but well below 8.4% expectation. Weekly jobless claims stood at 400,000, nearly double the pre-pandemic norm.

 

US 10-year treasury yield was little changed at 1.264%. Dollar index slipped 0.5% to 91.98, its lowest since June 29. Spot gold climbed 1.3% to $1,830.11 per ounce.

 

Brent oil futures advanced $1.31, or 1.8%, to $76.05 per barrel while WTI crude oil futures settled $1.23, or 1.7%, higher at $73.62 per barrel.

 

European markets gained 0.4%-1%. Euro zone economic sentiment index rose to 119.0 points in July, the highest since data collection began in 1985 and up from 117.9 in June.

 

Amazon shares sank nearly 7% in extended trading after it reported its first quarterly revenue miss in three years and gave weaker guidance.

 

AT HOME

 

Benchmark indices gained four tenth of a percent each, snapping 3-day losing streak. Sensex settled at 52653, up 209 points while Nifty added 69 points to finish at 15778. Nifty mid-cap and small-cap indices climbed 0.7% and 0.9% respectively. BSE Metal index surged 5.5%, becoming top gainer among the sectoral indices, followed by 2.7% higher Basic Materials indices. FMCG and Telecom indices were the top losers, down 0.9% and 0.6% respectively.

 

FIIs net sold stocks worth Rs 866 cr but net bought index futures and stock futures worth Rs 1054 cr and 1877 cr respectively. DIIs were net buyers to the tune of Rs 2047 cr.

 

Rupee appreciated 8 paise to end at 74.28/$.

 

Tech Mahindra exceeded expectation on revenue as well as margin front with highest constant currency revenue growth in six quarters.

 

OUTLOOK

 

Today morning, Nikkei is down 1.6% while Hang Seng and Shanghai are off 1.1% each. SGX Nifty is suggesting around 80 points lower start for our market.

 

In yesterday's report we had said that 15513, the low made Wednesday, which also coincided with a downward sloping trendline adjoining recent bottoms on the hourly chart, was the immediate support while 15800 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a high of 15817, closed at 15778 and is set to open near 15700 today.

 

15513, the low made Wednesday, continues to be immediate support to eye.

 

15817, the top made yesterday, is the immediate hurdle, upon crossover of which, 15900-15962 would be the bigger resistance zone to eye.

 

Britannia, Sun Pharma, IPC and UPL will report theri quarterly earnings today.