STAY LONG WITH THE STOP-LOSS OF 17260

 

STAY LONG WITH THE STOP-LOSS OF 17260

 

WORLD MARKETS

 

Dow ended flat while S & P 500 and Nasdaq fell 0.7% and 1.7% respectively to snap a three-day win streak, as some countries took measures to fight the Omicron variant of the coronavirus and rating agency Fitch downgraded two Chinese property developers.

 

Weekly jobless claims totaled 184,000, below the 211,000 estimated and the lowest reading since 1969.

 

US 10-year treasury yield fell 3 bps to 1.50%. Dollar index rose 0.3% to 96.233. Spot gold fell half a percent to $1,774 per ounce

 

Brent crude futures fell $1.40, or 1.9%, to $74.42 a barrel, while WTI crude fell $1.42, or 2%, to $70.94.

 

In Europe FTSE, CAC and DAX saw cuts of 0.1%-0.3%.

 

AT HOME

 

Benchmark indices ended higher by 0.3% each after a rangebound but choppy session, extending the winning streak to third consecutive day. Sensex settled at 58807, up 157 points while Nifty added 47 points to finish at 17516. Nifty mid-cap and small-cap indices gained 0.6% and 1.2% respectively. BSE Capital Goods and FMCG indices climbed 2% and 1.5% respectively, becoming top gainers among the sectoral indices while Bankex and Finance indices were the top losers, down 0.5% and 0.4% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 1586 cr, 749 cr and 422 cr respectively. DIIs were net buyers to the tune of Rs 783 cr.

 

Rupee depreciated 7 paise to end at 75.52/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.2%-0.6% and SGX Nifty is suggesting around 15 points lower start for our market.

 

In yesterday's report we had said that 34-DMA, placed around 17700, was the next upside level to eye and had advised holding on to long positions with the stop-loss of 17250.

 

Nifty touched a high of 17543 before closing at 17516.

 

34-DMA, placed around 17690, continues to be next upside level to eye.

 

17260 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

37900 is the next upside level for Banknifty; 36550 is immediate support.