15900-15962 IS THE RESISTANCE ZONE; 15513 IMPORTANT SUPPORT
WORLD MARKETS
US indices fell 0.4%-0.7%
on Friday
The core personal
consumption expenditures price index rose 3.5% y-o-y in June, slightly below
forecast of a 3.6% jump. U.S. second-quarter GDP accelerated 6.5%y-o-y,
considerably less than the 8.4% rate of growth expected.
Amazon sank 7.6% after
reporting its first quarterly revenue miss in three years and gave weaker
guidance.
US 10-year Treasury yield
fell 4 basis points to 1.231%. Dollar index rose 0.32% to 92.181. Spot gold
slipped 0.8% to $1,814.00 per ounce.
Brent crude dipped 2
cents to $76.03 a barrel while WTI futures slid 8 cents to $73.53 per barrel.
European markets fell
0.3%-0.6%. The euro zone economy posted a sharper rebound than expected in the
second quarter to grow by a quarterly 2%. Euro zone inflation climbed to 2.2%
in July, its highest rate since October 2018. German annual consumer price
inflation spiked to 3.1% in July, its highest since August 2008.
For the week, Dow and S
& P 500 fell 0.4% each while Nasdaq slipped 1.1%. Dollar index fell 0.8%
for its worst weekly performance since the first week of May. Crude oil gained
nearly 2%.
AT HOME
After rising half a
percent, benchmark indices nosedived in late noon trade to end marginally in
the red. Sensex settled at 52586, down 66 points while Nifty lost 15 points to
finish at 15763.Nifty mid-cap and small-cap indices however climbed 1.1% and
0.4% respectively. BSE Healthcare index surged 2.2% becoming top gainer among
the sectoral indices, followed by 0.9% higher Utilities and Auto indices. Metal
and Energy indices were the top losers, down 1% and 0.8% respectively.
FIIs net sold stocks and
index futures worth Rs 3848 cr and 1884 cr respectively but net bought stock
futures worth Rs 2314 cr. DIIs were net buyers to the tune of Rs 2957 cr.
Rupee depreciated 12
paise to end at 74.41/$.
For the week, Sensex and Nifty fell 0.7% and 0.6% respectively, extending the losing streak to second consecutive week.
Maruti July sales beat estimate
while Escorts, Tata Motors and Eicher Motors' Royal Enfield sales were a miss.
OUTLOOK
Today morning, Nikkei is
up nearly 1.5% while Hang Seng and Shanghai are down 0.2% and 0.6%
respectively. SGX Nifty is suggesting
around 75 points higher start for our market.
In Friday's report we had
said that 15513, the low made Wednesday, continued to be immediate support
while 15817, the top made Thursday, was the immediate hurdle.
Nifty, after making a top
of 15862, slipped to end at 15763. The benchmark is set to open near 15850
today.
15900-15962 continues to
be next resistance zone, upon crossover of which, 16300-16400 would be the next
target zone to eye.
15513, the low made last
week, which is also the low of July, is the important immediate support to eye.
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