17850 IS THE NEXT SUPPORT; 18150 IMMEDIATE HURDLE

 

17850 IS THE NEXT SUPPORT; 18150 IMMEDIATE HURDLE

 

WORLD MARKETS

 

US indices surged 0.7%-1.4%, with the S&P 500 and Nasdaq Composite closing at record highs as investors shrugged off disappointing economic data.

 

The U.S. economy grew at a 2% annualized pace in the third quarter, its slowest increase since the end of the 2020 recession and missing expectations of 2.8% growth.

 

US 10-year treasury yield rose nearly 5 bps to 1.577%. Dollar index fell 0.6% to 93.36, a one-month low. Spot gold rose 0.3% to $1,801.43 per ounce.

 

Amazon shares dropped in extended trading after the company badly missed earnings and revenue expectations for the third quarter and also issued disappointing guidance for the critical holiday period. Apple fell 4% after quarterly revenue fell short of expectations amid larger-than-expected supply constraints on iPhones, iPads and Macs.  

 Brent crude settled 26 cents, or 0.31%, lower at $84.32 per barrel while WTI crude settled 15 cents, or 0.18%, higher at $82.81 per barrel.

 

In Europe, FTSE and DAX were marginally lower, while CAC climbed 0.8%. The European Central Bank decided to keep interest rates and its monetary policy stance unchanged, despite ongoing inflationary pressures.

 

AT HOME

 

Benchmark indices nosedived nearly 2%, suffering their worst fall since 12th  April, 2021 and closing at the lowest level since 7th October. Sensex settled at 59984, down 1158 points while Nifty lost 353 point to finish at 17857. Nifty mid-cap and small-cap indices slipped 2% and 1.8% respectively. All the BSE sectoral indices ended in red, with Realty index and Bankex leading the losses, down 3.8% and 3.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 3819 cr, 1129 cr and 1382 cr respectively. DIIs were net buyers to the tune of Rs 837 cr.

 

Rupee appreciated 10 paise to end at 74.92/$

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-0.7% and SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 18384 continued to be immediate hurdle, a crossover of which is required for a fresh upmove and that 17968, the bottom made Monday, continued to be immediate support.

 

Nifty broke 17968 support and plunged all the way to 17799 before closing at 17857.

 

34-DMA, placed around 17850, is the next important support to eye. Below 17850, 17600 and 17450 would be subsequent downside levels to eye.

 

18150 is the immediate hurdle on the hourly chart, above which, 18342, the top made on Wednesday, would be the next resistance.

 

Meanwhile, trading shorts can be held on to with the stop-loss of 18150.

 

39000, 38400 are supports for Banknifty; 40800 is immediate hurdle.

 

NIFTY RETREATS FROM 18314-18384 RESISTANCE ZONE

 

NIFTY RETREATS FROM 18314-18384 RESISTANCE ZONE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.7% and 0.5% respectively to snap 3-day and 2-day rising streak respectively while Nasdaq ended flat.

 

New orders for durable goods fell less than expected in September and the rise for August was revised down to 1.3% growth from 1.8%.

 

US 10-year treasury yield dropped 8 basis points to 1.534% while the 2-year note yield rose 3 bps to 0.5108%, flattening the yield curve in the run-up to the Fed's policy meeting next week. The dollar index fell 0.1%. Spot gold was up 0.1% at $1,784.66 an ounce

 

Brent oil futures fell 1.42%, or $1.28 to $85.12 a barrel while WTI futures settled 2.4%, or $1.99, lower at $82.66 a barrel after Crude oil inventories rose 2.3 million barrels in the week ending Oct. 22, more than the expectations for a 1.9 million barrel gain.

 

Industrial profits in China surged 16.3% y-o-y in September.

 

European markets fell 0.2%-0.6%.

 

AT HOME

 

After rising four tenth of a percent in the morning, benchmark indices reversed in noon trade to end lower by a third of a percent, snapping 2-day winning streak. Sensex settled at 61143, down 207 points while Nifty lost 57 points to finish at 18211. Nifty mid-cap and small-cap indices however managed to end higher by 0.1% and 0.3% respectively. BSE Metal index and Bankex slipped 1.8% and 1.1% respectively, becoming top losers among the sectoral indices while IT and Teck indices were the top gainers, up 1% and 0.8% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1913 cr, 2552 cr and 1612 cr respectively. DIIs were net buyers to the tune of Rs 472 cr.

 

Rupee depreciated 7 paise to end at 75.03/$.

 

OUTLOOK

 

Today morning, Hang Seng is up 0.2% while Nikkei and Shanghai are down 0.9% and 0.6% respectively. SGX Nifty is suggesting around 15 points higher start for our market.

 

In yesterday's report we had said that 18314-18384 continues to be immediate resistance zone.

 

Nifty, after touching a high of 18342, slipped to end at 18210.

 

18384 continues to be immediate hurdle, a crossover of which is required for a fresh upmove; 17968, the bottom made Monday, continues to be immediate support.

 

41830, the top made Monday, is the immediate hurdle for Banknifty; 40000 is immediate support.

 

Tata Power and Bajaj Finserve will report their quarterly earnings today.

 

18314-18384 CONTINUES TO BE RESISTANCE ZONE; 17968 IMMEDIATE SUPPORT

 

18314-18384 CONTINUES TO BE RESISTANCE ZONE; 17968 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and Nasdaq inched up less than 0.1% while S & P 500 rose 0.2%.

 

New home sales in the U.S. in September came in at 800,000, up from a downwardly revised pace of 702,000 in August and expected figure of 760,000.

 

US 10-year treasury yield dipped 2.3 bps to 1.612%. Dollar index inched up 0.1% to 93.9280. Spot gold fell 0.9% to $1,790.54 per ounce, snapping a five-session long streak of gains.

 

Brent futures rose 41 cents, or 0.5%, to $86.40 a barrel, while WTI crude ended 89 cents, or 1.1%, higher at $84.65. Both closed at the highest level since October 2014.

 

European markets climbed 0.8%-1%.

 

AT HOME

 

Sensex and Nifty gained 0.6% and 0.8% respectively, extending the winning streak to second straight day. Sensex added 383 points to settle at 61350 while Nifty finished at 18268, up 143 points. Nifty mid-cap and small-cap indices climbed 1.8% and 2.6% respectively, snapping 5-day losing streak. All the BSE sectoral indices ended higher with Realty and Metal indices leading the tally, up 3.4% and 2.9% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2369 cr, 340 cr and 151 cr respectively. DIIs were net buyers to the tune of Rs 1385 cr.

 

Rupee depreciated 12 paise to end at 74.96/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.5%-1.5% with Hang Seng leading the losses. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 17968, the low made Monday, which also coincided with 20-DMA, was the immediate support while 18314-18384 was the immediate resistance zone.

 

Nifty surged to touch a high of 18310 before closing at 18268.

 

18314-18384 continues to be immediate resistance zone, upon crossover of which, 18604, the top made last week, would be the bigger hurdle to eye.

 

17968, the bottom made Monday, continues to be immediate support.

 

41830, the top made Monday, is immediate hurdle for Banknifty, above which, 42600 would be the next target; 40000 is immediate support.

 

Maruti, Bajaj Auto, L&T, ITC, Adani Ports, Titan and Indusind Bank will report their quarterly earnings today.

 

17968 IS IMMEDIATE SUPPORT; 18314-18384 IMMEDIATE RESISTANCE ZONE

 

17968 IS IMMEDIATE SUPPORT; 18314-18384 IMMEDIATE RESISTANCE ZONE

 

WORLD MARKETS

 

US indices gained 0.2%-0.9% with the Dow and S & P 500 hitting record highs

 

Tesla surged 12% to hit a $1 trillion market capitalization for the first time.

 

US 10-year treasury yield fell nearly 2 bps to 1.636%. Dollar index inched up 0.2% to 93.825. Spot gold gained 0.8% to $1,806 per ounce.

 

Brent crude settled 0.54% higher at $85.99 per barrel while WTI crude futures were unchanged at $83.76 a barrel after reaching $85.41 a barrel, the highest since October 2014.

 

In Europe, FTSE and DAX rose 0.2% and 0.4% respectively but CAC eased 0.3%. Germany's Ifo Business Climate Index fell to 97.7 this month from 98.9 in September.

 

AT HOME

 

After falling about eight tenth of a percent in the initial trade, benchmark indices recouped all the losses through the session to end marginally higher. Sensex settled at 60967, up 145 points while Nifty finished at 18125, up 10 points. Nifty mid-cap and small-cap indices however tumbled 1.7% and 2.3% respectively. BSE Bankex climbed 2.3%, becoming top gainer among the sectoral indices, followed by 1% higher Finance index. Realty and Consumer Discretionary Goods & Services were the top losers, down 2.6% and 2% respectively.

 

FIIs net sold stocks and index futures worth Rs 2459 cr and 808 cr respectively but net bought stock futures worth Rs 329 cr. DIIs were net buyers to the tune of Rs 2390 cr.

 

Rupee depreciated 18 paise to end at 75.07/$.

 

OUTLOOK

 

Today morning, Nikkei is up nearly 2%, Shanghai is up 0.2% but Hang Seng is marginally in the red. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 18034, the low made last week, was the immediate support, upon breach of which, 20-DMA, placed around 17950, would be  the  next support to eye

 

Nifty, after touching a low of 17968, rebounded to end at 18125.

 

17968, the low made yesterday, which also coincides with 20-DMA, is the immediate support to eye. Below 17968, 34-DMA, placed around 17800, would be the next important support to eye.

 

18314-18384 is the immediate resistance zone, upon crossover of which, 18604, the top made last week, would be the bigger hurdle to eye.

 

41830, the top made yesterday, is immediate hurdle for Banknifty, above which, 42600 would be the next target; 40000 is immediate support.

 

Axis Bank, Kotak Mahindra Bank, Bajaj Finance, Ambuja Cement and Cipla will report their quarterly earnings today.

 

17960 BELOW 18034; 18384 CONTINUES TO BE IMMEDIATE HURDLE

 

17960 BELOW 18034; 18384 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow, helped by American Express, inched up 0.2% to hit record high while S & P 500 and Nasdaq, pulled down by Intel and Snap, fell 0.1% and 0.8% respectively on Friday.

 

Intel shares retreated 11.6% after reporting weaker-than-expected sales and a revenue miss. Snap nosedived 26.5% after it said its advertising business declined due to Apple’s privacy changes.

 

US 10-year treasury yield fell 3.9 basis points to 1.636%. Dollar index eased 0.2% to 93.61. Gold rose half a percent to $1792 per ounce.

 

WTI crude settled $1.26, or 1.5%, higher at $83.76 per barrel while Brent climbed 92 cents, or 1.09%, to $85.53 per barrel,

 

Shares of China Evergrande Group bounced in Hong Kong following reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond.

 

European markets gained 0.2%-0.7%. U.K.’s GfK consumer confidence survey for October showed British consumers at their most downbeat since February. Eurozone October initial flash composite PMI for the euro zone came in at a six-month low of 54.3, down from 56.2 in September. U.K.'s composite PMI unexpectedly climbed to 56.8 from 54.9 in September, but retail sales fell 0.2% month-on-month in September, well below consensus expectations for a 0.5% rise.

 

For the week, US indices gained 1.1%-1.6%, extending the winning streak to third straight week. WTI crude rose 1.7% for its ninth consecutive up week while Brent gained 1% for its seventh straight weekly gain. Gold gained 1.5%.

 

AT HOME

 

After rising nearly three fourth of a percent in the initial trade, Sensex and Nifty plunged around a percent from the top of the day to end lower by 0.2% and 0.4% respectively, extending the losing streak to fourth straight day. Sensex lost 101 points to settle at 60821 while Nifty finished at 18114, down 63 points. Nifty mid-cap and small-cap indices tumbled 0.9% and 1.2% respectively, also falling for the fourth consecutive day. BSE Metal and Basic Material indices were the top losers among the sectoral indices, down 2.9% and 1.8% respectively while Realty index climbed 2.4%, becoming top gainer, followed by 0.7% higher Bankex.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2698 cr, 610 cr and 1088 cr respectively. DIIs were net buyers to the tune of Rs 1030 cr.

 

Rupee depreciated 3 paise to end at 74.89/$.

 

For the week, Sensex and Nifty fell 0.8% and 1.2% respectively, snapping 2-week winning streak.

 

OUTLOOK

 

Today morning, Asian markets were trading with cuts of 0.1%-0.7% and SGX Nifty is suggesting a flattish start for our market.

 

In Friday's report we had said that 18384, the top made Thursday, was the immediate hurdle, while 18048, the bottom made Thursday, was the immediate support.

 

Nifty, after touching a high of 18314 in the initial trade, plunged to 18034, before closing at 18115.

 

Upon breach of last week's low, 18034, 20-DMA, placed around 17950, would be the  next support to eye.

 

18384 continues to be immediate hurdle, upon crossover of which, 18604, the top made during the week, would be the bigger hurdle to eye.

 

For Banknifty, 40700, followed by 41000 are the upside levels to eye. 39700 is the immediate support on the hourly chart.

 

NIFTY REBOUNDS FROM 18050 SUPPORT

 

NIFTY REBOUNDS FROM 18050 SUPPORT

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq gained 0.3% and 0.6% respectively after digesting a slew of corporate earnings reports and strong jobs data. S & P 500 notched both a fresh intraday high and new record close and extended the winning streak to seventh straight day.

 

Initial jobless claims fell to a new pandemic low of 290,000 last week, down 6,000 from the previous week and lower than the expected 300,000 figure.

 

US 10-year treasury yield rose 4.3 bps to 1.678%. Dollar index inched up 0.2% to 93.76. Spot gold rose 0.1% to $1,783 per ounce.

 

Brent crude dipped 1.41%, or $1.21, to settle at $84.61 per barrel while WTI settled 92 cents, or 1.1%, lower at $82.50 per barrel on forecast of mild US winter.

 

Intel fell more than 8% after hours following a weaker-than-expected sales report. Social media stocks also dropped in extended trading after Snap said its advertising business declined due to Apple’s privacy changes.

 

shares of China's Evergrande Group in Hong Kong more than 12% after the debt-laden firm announced in an exchange filing that a deal to sell a 50.1% stake in its property services business to another developer Hopson had fallen through..

 

European markets fell 0.2%-0.4%.

 

AT HOME

 

After falling more than a percent, benchmark indices recouped more than half of the losses in last hour of trade to end lower by nearly half a percent, extending the losing streak to third straight day. Sensex settled at 60923, down 336 points while Nifty lost 88 points to finish at 18178. Nifty mid-cap and small-cap indices fell 0.4% and 0.8% respectively. BSE IT and Teck indices plunged 2.3% and 2.1% respectively, becoming top gainers among the sectoral indices while Bankex and Finance indices were the top gainers, up 1.7% and 1.1% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2819 cr, 1539 cr and 1938 cr respectively. DIIs were net buyers to the tune of Rs 428 cr.

 

Rupee appreciated 1 paise to end at 74.86/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.8% and 0.2% respectively while Shanghai is little changed. SGX Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 18200 continued to be immediate support on the hourly chart, upon breach of which, 18000-18050 would be the next support zone.

 

Nifty broke 18200 support and plunged all the way to 18048 but rebounded from there to end at 18178.

 

18384, the top made yesterday, is the immediate hurdle, upon crossover of which, 18604, the top made Tuesday, would be the bigger resistance to eye.

 

18048, the bottom made yesterday, is the immediate support, upon breach of which, 34-DMA, placed around 17800, would be the important support to eye.

 

40700 is the upside target to eye for Banknifty; 39450 is immediate support.

 

Reliance Industries will report its quarterly earnings today.

 

18200 IS THE IMMEDIATE SUPPORT; 18400-18450 RESISTANCE ZONE

 

18200 IS THE IMMEDIATE SUPPORT; 18400-18450 RESISTANCE ZONE

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.4% each while Nasdaq ended marginally in the red. Dow hit an intraday record, surpassing its peak from mid-August.

 

US 10-year treasury yield rose 2 bps to 1.66%. Dollar index fell 0.2% to 93.60. December gold climbed by $14.40, or 0.8%, to settle at $1,784.90 an ounce.

 

Brent crude rose 74 cents, or 0.9%, to $85.82 a barrel while WTI settled 1.1% higher at $83.87 per barrel after data showed U.S. crude stocks fell by 431,000 barrels in the most recent week against expectations for an increase.

 

In Europe, CAC rose half a percent while FTSE and DAX inched up marginally.

 

AT HOME

 

Sensex and Nifty slipped 0.7% and 0.8% respectively, extending the weakness to second straight day. Sensex lost 456 points to settle at 61260 while Nifty finished at 18266, down 152 points. Nifty mid-cap and small-cap indices nosedived 2.2% and 2.4% respectively. Except 3% higher Telecom index, all the BSE sectoral indices ended in red, with Consumer Durables and Basic Materials indices leading the losses, down 3.4% and 2.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1843 cr, 298 cr and 2198 cr respectively. DIIs were net sellers to the tune of Rs 1681 cr.

 

Rupee appreciated 47 paise to end at 74.87/$.

 

OUTLOOK

 

Today morning, Nikkei is down 0.3% while Hang Seng and Shanghai are marginally higher. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 18604 was the immediate hurdle to eye while immediate support on the hourly chart had moved up to 18200, with the stop-loss of which, trading longs could be held on to.

 

Nifty plunged to 18209 before closing at 18266.

 

18200 continues to be immediate support on the hourly chart, upon breach of which, 18000-18050 would be the next support zone.

 

18400-18450 is the immediate resistance zone.

 

38900-38850 is the immediate support zone for Banknifty; 40000 is immediate hurdle, upon crossover of which, 40500-40700 would be the next target zone.

 

Asian Paints and JSW Steel will report their quarterly earnings today.

TRAIL STOP-LOSS TO 18200

 

TRAIL STOP-LOSS TO 18200

 

WORLD MARKETS

 

Dow rose 0.6% while S & P 500 and Nadaq climbed 0.7% each as strong earnings numbers lift sentiment.

 

Both Johnson & Johnson and Procter & Gamble beat third-quarter expectations.

 

US 10-year treasury yield rose 5.3 bps to 1.637%. Spot gold rose 0.3% to $1,769.94 per ounce. Dollar index fell 0.3% to 93.67.

 

IMF slashed its 2021 economic growth forecast for Asia to 6.5% from 7.6% earlier.

 

In Europe, FTSE and DAX gained 0.2% and 0.3% respectively while CAC was little changed.

 

Brent crude rose 1.2%, to $85.32 a barrel while WTI futures rose $1.27, or 1.5%, to $83.71 a barrel.

 

AT HOME

 

After rising two third of a percent in the initial trade, Sensex and Nifty plunged to end lower by 0.1% and 0.3% respectively, snapping 7-day winning streak. Sensex settled at 61716, down 50 points while Nifty lost 58 points to finish at 18418. Nifty mid-cap and small-cap indices tumbled 2.2% and 1.7% respectively. BSE Realty and FMCG indices nosedived 4.6% and 3.1% respectively, becoming top gainers among the sectoral indices while IT and Teck indices were the top gainers, up 1.3% and 1.1% respectively.

 

FIIs net sold stocks and stock futures worth Rs 506 cr and 2147 cr respectively but net bought index futures worth Rs 1771 cr. DIIs were net sellers to the tune of Rs 2578 cr.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.6% and 0.9% respectively while Shanghai is off 0.3%. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that upon crossover of 18543, 18650 would be the next target for Nifty and had advised trailing the stop-loss in trading longs to 18130.

 

Nifty, after touching a high of 18604, plunged to 18377 before closing at 18418.

 

18604, the top made yesterday, is the immediate hurdle to eye.

 

Immediate support on the hourly chart has moved up to 18200, with the stop-loss of which, trading longs can be held on to.

 

40011, the top made yesterday, is the immediate hurdle for Banknifty, upon crossover of which, 40500 would be the next level to eye; 38900 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.