15962 ABOVE 15840; 15726 IS IMMEDIATE SUPPORT

 

15962 ABOVE 15840; 15726 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.1%-0.4%, extending the winning streak to third straight day.

 

Jobless claims for the week ended July 17 increased 51,000 to 419,000, the highest level since mid-May and higher than the expected figure of 350,000. Existing home sales rose slightly in June, breaking a four-month slide.

 

The yield on the benchmark 10-year Treasury note fell 2 basis points to 1.263%. The dollar index rose 0.1% to 92.87. Spot gold inched up 0.1% to $1,804.45 per ounce.

 

Brent crude rose $1.56, or 2.2%, to $73.79 per barrel while WTI added $1.61, or 2.3%, to settle at $71.91 per barrel.

 

In Europe, except 0.4% lower FTSE, other markets gained 0.3%-0.6%. ECB held monetary policy steady, but tweaked guidance to reflect its recently-hiked inflation target. The bank vowed to maintain a “persistently accommodative” stance until its target is met consistently.

 

AT HOME

 

Benchmark indices soared 1.2% each, registering biggest gain in 2-months. Sensex added 638 points to settle at 52837 while Nifty finished at 15824, up 192 points. Nifty mid-cap and small-cap indices gained 1.1% and 1.5% respectively. Except 0.2% lower FMCG index, all the BSE sectoral indices ended in green, with Metal and Telecom indices leading the tally, up 3.3% and 3.1% respectively.

 

FIIs net sold stocks worth Rs 248 cr but net bought index futures and stock futures worth Rs 1152 cr and 1497 cr respectively. DIIs were net buyers to the tune of Rs 943 cr.

 

Rupee appreciated 15 paise to end at 74.46/$.

 

OUTLOOK

 

Today, Nikkei continues to be shut while Hang Seng and Shanghai are down 0.5% and 0.3% respectively. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 15840 was the immediate hurdle on the hourly chart while 15578, the low made Tuesday, was the immediate support.

 

Nifty surged to 15834 before closing at 15824.

 

15840 continues to be immediate hurdle on the hourly chart, upon sustained trading above which, 15962, the top made last week, would be the next upside level to eye.

 

15726, the bottom made yesterday, would work as immediate support, below which, 15578, the low made Tuesday, would be the crucial support to eye.

 

Reliance Industries and JSW Steel will report their quarterly earnings today.