16300, 16400 ARE NEW UPSIDE TARGETS

 

16300, 16400 ARE NEW UPSIDE TARGETS

 

WORLD MARKETS

 

Dow and S & P 500 climbed 0.8% each while Nasdaq rose 0.6%. S & P 500 hit a new record closing high

 

US 10-year treasury yield was little changed at 1.174%. Dollar index was flat at 92.07. Spot gold fell 0.2% to $1,809.79 per ounce.

 

Brent crude oil futures declined 48 cents, or 0.7%, to settle at $72.41 per barrel while WTI crude slid 70 cents, or 1% to $70.56 per barrel.

 

In Europe, FTSE and CAC gained 0.3% and 0.7% respectively while DAX fell 0.1%. Euro zone producer prices surged 1.4% month-on-month in June for a 10.2% annual increase.

 

AT HOME

 

Benchmark indices soared 1.6% each, posting biggest percentage gain since 21st May and hitting record highs. Sensex settled at 53823, up 872 points while Nifty added 245 points to finish at 16130. Broader indices however underperformed with Nifty mid-cap index closing flat and small-cap index losing 0.2%. Except 0.1% lower Metal index, all the BSE sectoral indices ended higher, with Telecom index leading the tally, up 1.7%, followed by 1.6% higher FMCG, Bankex and Auto indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 2117 cr, 2537 cr and 474 cr respectively. DIIs were net sellers to the tune of Rs 299 cr.

 

Rupee appreciated 6 paise to end at 74.28/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are trading with modest cuts while Shanghai is up 0.1%. SGX Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 15900-15962 continued to be immediate resistance zone, upon crossover of which, 16300-16400 would be the next target zone to eye.

 

Nifty crossed 15962 hurdle and surged all the way to 16147 before closing at 16130.

 

16300, 16400 continues to be upside targets to eye.

 

15835 is the immediate support on the hourly chart, with the stop-loss of which, trading longs should be held on to.

 

35675, 36000 are upside targets for Banknifty; 34700 is immediate support.

 

SBI will report its quarterly earnings today.