TRAIL STOP-LOSS TO 18060
WORLD MARKETS
Dow climbed 1.6% while S
& P 500 and Nasdaq surged 1.7% each on Thursday on better-than-expected
earnings reports and jobless claim data while falling rates boosted technology
stocks. S&P 500 posted its biggest jump since March. Shares of Walgreens
Boots Alliance, UnitedHealth, Bank of America, Morgan Stanley and Citigroup
rose after beating earnings expectations. Wells Fargo shares declined 1.6%
despite an earnings beat.
Weekly jobless claims
stood at 293,000, lower than the 318,000 estimate and dropping below 300,000
for the first time in 19 months. September’s producer price index increased by
0.5%, compared with estimate of 0.6% and marking the smallest gain in nine
months.
Oil prices rose nearly a
percent after Saudi Arabia dismissed requests for additional OPEC+ supply,
while the International Energy Agency said spikes in natural gas prices could
bolster oil demand from power generators.
On Friday, US indices
gained 0.5%-1.1% on the back of strong retail sales data and
better-than-expected earnings from Goldman Sachs.
Retail sales posted a
surprise increase in September, rising 0.7% as against estimate of a 0.2%
decline.
Goldman Sachs' surged
3.8% after results beat significantly on the top and bottom line.
US 10-year treasury yield
climbed 5.3 bps to 1.572%. Dollar index was little changed at 94.034. Spot gold
held steady at $1,794.09 per ounce.
Brent crude futures
advanced 1% to settle at $84.86 per barrel while WTI futures settled 97 cents,
or 1.2%, higher at $82.28 per barrel, boosted by forecasts of a supply deficit
in the next few months as the easing of coronavirus-related travel restrictions
spurs demand.
European markets rose
0.4%-0.8%. French September consumer price inflation came in at negative 0.2%
month-on-month. On an annual basis, it was 2.7% higher.
For the week, US indices
gained 1.6%-2.2%. European markets rose 2%-2.6%. In Asia, except 0.6% lower
Shanghai, other markets gained 2%-3.6% with Nikkei on the top. WTI crude surged
3.9% to $82.66, extending the winning streak to eighth consecutive week and
hitting 7-year high. Brent crude rose 2.8% to $84.9, rising for the sixth
consecutive week and hitting 3-year high.
AT HOME
It was yet another bull
day as benchmark indices soared nearly a percent, extending the winning streak
to sixth consecutive day and hitting fresh record highs. Sensex settled at
61305, up 568 points while Nifty added 176 points to finish at 18338. Nifty
mid-cap and small-cap indices gained 0.6% each. Except 0.7% lower Auto index, all
the BSE sectoral indices ended in green, with Bankex leading the tally, up
1.7%, followed by 1.4% higher Finance and Metal indices.
Rupee appreciated 11
paise to end at 75.25/$.
For the week, Sensex and
Nifty gained 2.1% and 2.5% respectively.
India's September WPI inflation eased to 10.66% from 11.39% in August.
HDFC Bank reported strong
Q2 earnings and while HCL Tech was a miss on revenue as well as margin front.
OUTLOOK
Today morning, Asian
markets are trading with cuts of 0.2%-0.7%. SGX Nifty is trading around 18440,
suggesting around 90 points higher start for our market when compared to Thursday's
close of Nifty futures.
In Thursday's report we
had said that 18400-18450 was the next target zone while immediate support on
the hourly chart had moved up to 17950, with the stop-loss of which, trading
longs could be held on to.
Nifty surged to touch a
high of 18350 before closing at 18338 and is set to open near 18400 today.
18450-18500, where a
rising trendline adjoining recent tops is placed, is the next target/resistance
zone to eye; Immediate support on the hourly chart has moved up to 18060, with
the stop-loss of which, trading longs can be held on to.
For Banknifty, 39900 is
the next upside target, upon crossover of which, 40300-40500 would be the next
target zone; 38500 is the immediate support on the hourly chart, with the
stop-loss of which, trading longs can be held on to.
L&T and Ultratech
Cement will report their quarterly earnings today.
No comments:
Post a Comment