18342 CONTINUES TO BE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

18342 CONTINUES TO BE UPSIDE TARGET; 17900 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After opening higher by nearly a third of a percent, US indices gave away all the gains through the session to end little changed, amidst a jump in yields.

 

US 10-year Treasury note rose 4.1 bps to 1.625%. Dollar index rose 0.3% to 95.437, its highest since July 2020. Spot gold fell 0.3% to $1,858.70 per ounce.

 

President Biden signed the $1 trillion bipartisan infrastructure bill into law which includes funding for transportation, broadband and utilities.

 

Brent futures settled down 12 cents, or 0.2%, to $82.05 a barrel while WTI crude rose 8 cents, or 0.1%, to $80.88.

 

In Europe, FTSE was flat while DAX and CAC gained 0.3% and 0.5% respectively.

 

AT HOME

 

After rising six tenth of a percent in the initial trade, benchmark indices gave away all the gains through the session to end little changed. Sensex settled at 60718, up 32 points while Nifty finished 6 points higher at 18109. Nifty mid-cap and small-cap indices gained 0.4% and 0.3% respectively. BSE Healthcare index climbed 2.1%, becoming top gainer among the sectoral indices, followed by 0.8% higher FMCG index. Metal index tumbled 2.4%, becoming top loser, followed by 0.9% lower Basic Materials index.

 

FIIs net bought stocks worth Rs 425 cr but nest sold index futures and stock futures worth Rs 291 cr and 78 cr respectively. DIIs were net buyers to the tune of Rs 1525 cr.

 

Rupee depreciated 5 paise to end at 74.48/$.

 

OUTLOOK

 

Today morning Hang Seng is up 0.6% while Nikkei and Shanghai are up 0.1% each. SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 18342, the top made on 27th October, was the next upside targets to eye and that 17900 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18210, slipped to end at 18109.

 

18342, the top made on 27th October, continues to be next upside targets; 17900 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

38346, 37600 are supports for Banknifty; 39200 is immediate hurdle.