TRAIL STOP-LOSS TO 17200

 

TRAIL STOP-LOSS TO 17200

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.8% and 0.3% respectively while Nasdaq inched up 0.1% amid lingering concerns about the delta Covid variant’s impact on the economic reopening.

 

US 10-year treasury yield rose nearly 5 bps to 1.37%. The dollar index climbed 0.6% to 92.42. Gold dropped 1.4% to $1,797 per ounce

 

Brent crude declined 53 cents, or 0.73%, to $71.69 per barrel, while WTI crude settled 94 cents, or 1.36%, lower at $68.35 per barrel, extending losses from the previous session, as Saudi Arabia’s sharp cuts in crude contract prices for Asia sparked fears over slower demand.

 

European markets fell 0.3%-0.7%. Germany’s ZEW economic sentiment index for September fell to 26.5 points from 40.4 in August, short of a forecast of 30.0.

 

China’s exports jumped 25.6% y-o-y in August, above expectations for a 17.1% rise.

 

AT HOME

 

After rising a third of a percent and hitting fresh record highs, benchmark indices slipped to end marginally in the red, snapping 3-day winning streak. Sensex settled at 58279, down 17 points while Nifty lost 15 points to finish at 17362. Nifty mid-cap and small-cap indices fell 0.25% and 0.1% respectively to snap 10-day winning streak. BSE Realty and IT indices tumbled 2.2% and 1.2% respectively, becoming top losers among the sectoral indices, while Telecom index soared 3.1% to become top gainer, followed by 1.3% higher Consumer Durables index.

 

FIIs net sold stocks and stock futures worth Rs 145 cr and 1091 cr respectively but net bought index futures worth Rs 433 cr. DIIs were net sellers to the tune of Rs 137 cr.

 

Rupee depreciated 31 paise to end at 73.42/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.6% and SGX Nifty is suggesting around 60 points higher start for our market.

 

In yesterday's report we had said that 17430, the top made Monday, was the immediate hurdle, upon crossover of which 17650 would be the next upside target to eye.

 

Nifty, after touching a high of 17436, eased to end at 17362 and is set to open near 17400 today.

 

17575, followed by 17650 are the upside levels to eye.

 

17250-17200 is the support zone and trading longs can be held on to with the stop-loss of 17200.