STAY LONG WITH THE STOP-LOSS OF 15738

 

STAY LONG WITH THE STOP-LOSS OF 15738

 

WORLD MARKETS

 

US markets were closed for the July 4 Independence Day holiday.

 

European markets rose 0.1%-0.6%. Eurozone IHS Markit final composite PMI came in at a 15-year high of 59.5, up from 57.1 in May and ahead of a “flash” estimate of 59.2.

 

WTI crude climbed 1.56%, or $1.17, to $76.33 per barrel, hitting its highest level since October 2018 and Brent rose 1.2%, or 93 cents, to $77.10 per barrel  after talks between OPEC and its oil-producing allies were postponed indefinitely, with the group failing to reach an agreement on production policy for August and beyond.

 

AT HOME

 

Benchmark indices climbed seven tenth of a percent each, extending the winning streak to second straight day. Sensex settled at 52880, up 395 points while Nifty added 112 points to finish at 15834. Nifty mid-cap and small-cap indices rose 0.5% and 0.8% respectively. Except 0.3% lower Power index, all the BSE sectoral indices ended in green with Realty index leading the tally, up 2.8%, followed by 1.5% higher Metal index.

 

FIIs net sold stocks and index futures worth Rs 338 cr and 133 cr respectively but net bought stock futures worth Rs 1370 cr. DIIs were net buyers to the tune of Rs 646 cr.

 

Rupee appreciated 44 paise to end at 74.30/$.

 

India's IHS Markit June services PMI slipped to 41.2 from 46.4 in May. The composite PMI too fell to 43.1 Vs 48.1 in May.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% while Hang Seng and Shanghai are down 0.8% and 0.4% respectively. SGX Nifty is suggesting around 40 points lower start for our market.

 

In yesterday's report we had said that 15839, the top made last Wednesday, was the immediate hurdle on the hourly chart, upon crossover of which, 15915, the top made last week, would be the next upside level to eye.

 

Nifty rose to touch a high of 15845 before closing at 15834.

 

15915, the top made last week, is the next upside level to eye.

 

15762-15738, the gap created by yesterday's gap-up opening, would now act as immediate support zone. Trading longs can be held on to with the stop-loss of 15738.