15671 IS THE SUPPORT; 16250 HURDLE

 

WORLD MARKETS

 

Dow inched up 0.1% but S & P 500 and Nasdaq fell 0.4% and 1.2% respectively.

 

US 10-year treasury yield fell 4 bps to 2.886%. Dollar index eased 0.3% to 104.19. Gold rose three fourth of a percent to $1824 per ounce.

 

China’s retail and factory activity fell sharply in April as a result of Covid restrictions.

 

Oil gained on optimism that China would see significant demand recovery after positive signs that coronavirus pandemic was receding in the hardest-hit areas. Brent crude advanced 2.4% to $114.24, while WTI crude settled 3.4% higher at $114.20 per barrel.

 

In Europe, FTSE rose 0.6% while DAX and CAC fell 0.4% and 0.2% respectively. Finland announced on Sunday that it will apply to join the military alliance NATO.

 

AT HOME

 

Benchmark indices rose nearly four tenth of a percent, snapping a 6-day losing streak. Sensex settled at 52973, up 180 points while Nifty added 60 points to finish at 15842. Nifty mid-cap and small-cap indices rose 1.25% and 1.1% respectively. BSE Telecom and Realty indices gained the most among the sectoral indices, rising 2.8% and 2.6% respectively whereas IT and Teck indices were the top losers, down 0.6% and 0.4% respectively.

 

FIIs net sold stocks worth Rs 1789 cr but net bought index futures and stock futures worth Rs 980 cr and 2039 cr respectively. DIIs were net buyers to the tune of Rs 1428 cr.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.8% and SGX Nifty is suggesting around 50 points higher start four market.

 

In yesterday's report we had said that 15671, the low made in March continued to be the crucial support to eye while 16250 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a low of 15740, rebounded to end at 15842.

 

15671, the low made in March, continues to be the important support; 16250 continues to be immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

 

For Banknifty, 32155, the low made in March, is the important immediate support; 34100 is the immediate hurdle on the hourly chart.