15900 ABOVE 15800; 15632 CONTINUES TO BE IMMEDIATE SUPPORT

 

15900 ABOVE 15800; 15632 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.2%-0.4% to notch record closing highs ahead of the second-quarter earnings season that kick off with JP Morgan Chase and Goldman Sachs on Tuesday. The closely watched U.S. consumer price index report is also due to be released Today. Fed Chair Jerome Powell is scheduled to testify before Congress on Wednesday and Thursday.

 

US 10-year treasury yield were little changed at 1.36%. Dollar index inched up 0.1% to 92.267. Spot gold fell 0.2% to $1,804.80 per ounce.

 

Brent crude fell 0.52% to $75.16 per barrel while WTI settled at $74.10 a barrel, for a loss of 0.62%.

 

European markets rose 0.1%-0.9%.

 

AT HOME

 

After rising a percent in the morning, benchmark indices gave away all the gains in noon plunge to end little changed. Sensex settled at 52372, down 13 points while Nifty added 3 points to finish at 15692. Nifty mid-cap and small-cap indices however gained 0.4% and 0.6% respectively. BSE Realty index surged 3.6%, becoming top gainer among the sectoral indices, followed by 0.8% higher Basic Materials index. Telecom and Teck indices were the top losers, down 0.7% and 0.6% respectively.

 

FIIs net sold stocks and stock futures worth Rs 746 cr and 33 cr respectively but net bought index futures worth Rs 719 cr. DIIs were net buyers to the tune of Rs 447 cr.

 

Rupee appreciated 7 paise to end at 74.57/$.

 

India's industrial production grew 29.3% y-o-y in May but fell 8% month-on-month. Retail inflation slowed marginally to 6.27% in June from 6.3% in May. Core CPI too eased to 6.2% from 6.6%.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-1% and SGX Nifty is suggesting around 100 points higher start for our market.

 

In yesterday's report we had reiterated the view that 15800 was the immediate hurdle on the hourly chart while 15632 was the immediate support.

 

Nifty, after touching a high of 15789, reversed to touch a low of 15644 before closing at 15691. The benchmark is set to open near 15800 today.

 

15800 continues to be immediate hurdle on the hourly chart, above which, 15915 would be the bigger resistance to eye.

 

15632, the low made Friday, continues to be important immediate support.