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.