16000 CONTINUES TO BE IMMEDIATE HURDLE; 15550 IMMEDIATE SUPPORT

 

16000 CONTINUES TO BE IMMEDIATE HURDLE; 15550 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow rose 0.3% while S & P 500 and Nasdaq ended marginally in the red after a choppy session

 

Speaking at the European Central Bank Forum in Sintra, Fed chair Powell said that while there’s a risk that rate increases could slow the economy too much, the bigger risk was persistent inflation. Cleveland Fed President Loretta Mester said she will advocate for a 75 basis point hike to interest rates at the central bank’s July meeting if economic conditions remain the same by then.

 

US 10-year treasury yield slipped 9 bps to 3.095%. Dollar index rose 0.6% to 105.10. Spot gold fell 0.1% to $1,818.66 per ounce.

 

Brent crude futures settled 1.5% lower at $116.26 and WTI futures fell 1.8% to $109.78, snapping 3-day rising streak.

 

European markets fell 0.2%-1.7%. Euro zone government bond yields fell on as the German state of North-Rhine Westphalia reported a surprise fall in inflation. Spanish inflation surged 10.2% in June, up from 8.7% in May and above a 9% forecast.

 

AT HOME

 

After opening with cuts of a percent, benchmark indices recouped two third of the losses to end lower by a third of a percent, snapping 4-day winning streak. Sensex settled at 53026, down 150 points while Nifty lost 51 points to finish at 15799. Nifty mid-cap and small-cap indices fell 0.4% and 0.6% respectively. BSE Power and Utilities indices climbed 1.6% and 1.5% respectively, becoming top gainers among the sectoral indices while Bankex was the top loser, down 1.2%, followed by 1% each lower FMCG, Finance and IT indices.

 

FIIs net sold stocks and index futures worth Rs 851 cr and 2413 cr respectively but net bought stock futures worth Rs 13 cr. DIIs were net buyers to the tune of Rs 847 cr.

 

Rupee depreciated 20 paise to end at 78.97/$.

 

OUTLOOK

 

Today morning, Shaghai is up 0.7%, Hang Seng is flat while Nikkei is down nearly a percent. SGX Nifty is suggesting around 35 points lower start for our market.

 

In yesterday's report we had said that 16000, around which 34-DMA was placed, continued to be immediate hurdle while 15550 was the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty, after touching a low of 15687, rebounded to end at 15799.

 

16030, around which 34-DMA is placed, continues to be immediate hurdle, above which, 16172, the upper end of the gap created by big gap-down opening on 13th June, would be the next target; 15550 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34150, the top made Monday, coincided with 34-DMA and is the immediate hurdle, above which, 34346, the upper end of the gap created by gap-down opening on 13th June, would be the next upside level to eye; 32900 is the immediate support, below which, 32290, the bottom made on 17th June, would be the next downside level to eye.

16000 CONTINUES TO BE IMMEDIATE HURDLE; 15550 IMMEDIATE SUPPORT

 

16000 CONTINUES TO BE IMMEDIATE HURDLE; 15550 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After opening with gains of 1% and more, US indices saw a sustained downward move through the session to end with deep cuts of 1.6%-3%. The reversal came as weak consumer confidence data added to concerns over a possible recession.

 

Conference Board's consumer confidence index fell to 98.7 in June, down from 103.2 in May and missing estimate of 100. Also, 12-month inflation expectations were at 8% for June, the highest level in data going back to August 1987. the S&P CoreLogic Case-Shiller national home prices index showed a 20.4% y-o-y jump through April.

 

US 10-year treasury yield slipped 3 bps to 3.175%. Dollar index rose half a percent to 104.48. Spot gold fell 0.2% to $1819 per ounce.

 

Brent crude futures rose 1%, to $116.28 a barrel and WTI futures rose 0.9%, to $110.53, extending the winning streak to third straight day.

 

European markets gained 0.4%-0.9%. The GfK German consumer confidence survey showed that consumer sentiment is projected to slide to a record low in July.

 

Earlier, China cut the quarantine period for international travelers.

 

AT HOME

 

After falling about three fourth of a percent in the initial trade, benchmark indices recouped all the losses and some more to end marginally higher, extending the winning streak to fourth consecutive day. Sensex settled at 53117, up 16 points while Nifty added 18 points to finish at 15850. Nifty mid-cap index rose 0.3% but small-cap index fell a third of a percent. BSE Oil & Gas and Energy indices climbed 2.5% each, becoming top gainers among the sectoral indices while Consumer Durables and Telecom indices were the top losers, down 1.5% and 1% respectively.

 

FIIs net sold stocks worth Rs 1244 cr but net bought index futures and stock futures worth Rs 84 cr and 327 cr respectively. DIIs were net buyers to the tune of Rs 1206 cr.

 

Rupee tumbled 43 paise to end at 78.77/$.

 

OUTLOOK

 

Today morning, Nikkei is down more than a percent while Hang Seng and Shanghai are off 0.8% and 0.25% respectively. SGX Nifty is suggesting around 150 points lower start for our market.

 

In yesterday's report we had said that 16000, around with 20 as well 34-DMAs are placed, was the immediate hurdle, above which, 16172, the upper end of the gap created by big gap-down opening on 13th June, would be the next target. We had also said that immediate support on the hourly chart had moved up to 15500, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 15710, rebounded to end at 15850. The benchmark is set to open near yesterday's low today.

 

16000, around which 34-DMA is placed, continues to be immediate hurdle, above which, 16172, the upper end of the gap created by big gap-down opening on 13th June, would be the next target; Immediate support on the hourly chart has moved up to 15550, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34150, the top made Monday, coincided with 34-DMA and is the immediate hurdle, above which, 34346, the upper end of the gap created by gap-down opening on 13th June, would be the next upside level to eye; 32900 is the immediate support on hourly chart.

 

TRAIL STOP-LOSS TO 15500

 

TRAIL STOP-LOSS TO 15500

 

WORLD MARKETS

 

US indices fell 0.2%-0.7%, snapping a 2-day winning streak.

 

Pending home sales posted a surprise 0.7% increase in May as against expectations of a 4% drop.

 

US 10-year treasury yield rose 7 bps to 3.204%. Dollar index fell 0.2% to 103.94. Spot gold fell 0.2% to $1822  per ounce.

 

Brent crude futures rose 1.7% to $115.09 per barrel and U.S. WTI crude settled 1.8%, higher at $109.57 per barrel.

 

In Europe, FTSE and DAX rose 0.7% and 0.5% respectively while CAC fell 0.4%.

 

AT HOME

 

Benchmark indices rose eight tenth of a percent each, extending the winning streak to third straight day and closing at two-week high. Sensex settled at 53161, up 433 points while Nifty added 132 points to finish at 15832. Nifty mid-cap and small-cap indices surged 1% and 2% respectively. All the BSE sectoral indices ended higher, with Capital Goods and IT indices leading the tally, up 2.3% and 2% respectively.

 

FIIs net sold stocks worth Rs 1278 cr but net bought index futures and stock futures worth Rs 205 cr and 525 cr respectively. DIIs were net buyers to the tune of Rs 1184 cr.

 

Rupee appreciated 1 paise to end at 78.34/$.

 

OUTLOOK

 

Today morning, Nikkei is flat while Hang Seng and Shanghai are off 0.8% and 0.3% respectively. SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 15886, the lower end of the gap created by gap-down opening on 13th June, was the immediate upside level to eye, above which, 16172, the upper end of this gap, would be the next target. We had also advised holding on to long positions with the stop-loss of 15367.

 

Nifty, after touching a high of 15927, slipped to end at 15832.

 

16000, around with 20 as well 34-DMAs are placed, is the immediate hurdle, above which, 16172, the upper end of the gap created by big gap-down opening on 13th June, would be the next target;  Immediate support on the hourly chart has moved up to 15500, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 34150, the top made yesterday, coincided with 34-DMA and is the immediate hurdle, above which, 34346, the upper end of the gap created by gap-down opening on 13th June, would be the next upside level to eye; 32900 is the immediate support on hourly chart.

 

16172 ABOVE 15886; 15367 IS IMMEDIATE SUPPORT

 

16172 ABOVE 15886; 15367 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices surged 2.7%-3.3% on Friday after a consumer sentiment reading that’s closely followed by the Federal Reserve showed a slight easing of inflation expectations.

 

University of Michigan's Consumer sentiment hit a record low reading of 50 in June. A figure inside the report showed 12-month inflation expectations by consumers easing back to 5.3%.

 

US 10-year treasury yield rose around 4 bps to 3.134%. Dollar index fell 0.3% to 104.12. Spot gold rose 0.2% to $1,826 per ounce.

 

Brent crude rose $3.07, or 2.8%, to $113.12 a barrel and WTI crude settled up $3.35, or 3.2%, at $107.62.

 

European markets rose 1.6%-3.2%. U.K. retail sales fell 0.5% month-on-month in May, slightly less than the -0.7% projected. U.K. consumer confidence fell to its lowest level since records began. The Ifo Institute’s business climate index for Germany fell to 92.3 in June from 93.0 in May. Spanish economy expanded by 0.2% in the first quarter of 2022, slowing from a growth rate of 2.2% in the last quarter of 2021.

 

For the week, US indices surged 5.4%-7.5%, posting their first positive week since May.

 

AT HOME

 

Benchmark indices climbed 0.9% each, repeating yesterday's 0.9% upmove. Sensex settled at 52727, up 462 points while Nifty added 142 points to finish at 15699. Nifty mid-cap and small-cap indices climbed 1.4% and 1.8% respectively. Except 0.6% and 0.2% lower IT and Teck indices respectively, all the BSE sectoral indices ended in green, with Telecom and Auto indices leading the tally, up 2.5% and 2% respectively.

 

Rupee depreciated 5 paise to end at 78.35/$.

 

For the week, Sensex and Nifty gained 2.7% and 2.6% respectively, snapping a 2-week losing streak.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-1.8% with Hang Seng on the top. SGX Nifty is suggesting around 150 points higher start for our market.

 

In Friday's report we had said that 15707, the top made Tuesday, continued to be immediate hurdle, upon crossover of which, 15886, the top made previous week, would be the next upside level to eye. We had also said that 15367, the low made Thursday, was the immediate support.

 

Nifty touched a high of 15749 before closing at 15699 and is set to open above 15800 today.

 

15886, the lower end of the gap created by gap-down opening on 13th June, is the immediate upside level to eye, above which, 16172, the upper end of this gap, would be the next target; 15367, the low made last week, is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, above last week’s high of 33774, 34346, the upper end of the gap created by gap-down opening on 13th June, would be the next upside level to eye; 32650, the low made last week, is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

15886 ABOVE 15707; 15367 IS IMMEDIATE SUPPORT

 

15886 ABOVE 15707; 15367 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Helped by late-session rally, US indices rose 0.6%-1.6%, with Nasdaq on the top, as bond yields slipped.

 

U.S. weekly jobless claims fell 2,000 to 229,000 for the week ended June 18, though the labor market remains tight. The S&P Global’s headline factory PMI fell to a near two- year low of 52.0 from 54.6. Composite PMI Output Index dropped to 51.2 in June from a final reading of 53.6 in May.

 

UBS increased the chance of a recession to 69%, pointing to weak reports in housing, industrial production and capital goods. Citigroup raised the probability of a recession to 50%. Goldman Sachs raised the chances of a U.S. recession to 30%, up from 15%, over the next year.

 

US 10-year treasry yield dropped 7 bps to 3.089%. Dollar index inched up 0.2% to 104.40. Spot gold fell 0.8% to $1,822.64 per ounce.

 

Brent crude futures settled at $110.05 a barrel, falling $1.69, or 1.5%; WTI crude futures settled at $104.27 a barrel, down $1.92, or 1.8%.

 

European markets fell 0.6%-1.8%. The German composite PMI dropped to 52.0 in June from May’s 54.8, below a forecast of 54.0. France’s composite reading came in at 52.8, down from 57.0 in May. The broader euro zone PMI also dropped markedly to 51.9 in June from 54.8 in May.

 

AT HOME

 

Benchmark indices ended higher by 0.9% each after a roller-coaster session, recouping nearly two-third of yesterday's losses. Sensex settled at 52265, up 443 points while Nifty added 143 points to finish at 15556. Nifty mid-cap and small-cap indices rose 1.2% and 1.3% respectively. Except 0.5% and 0.3% lower Energy and Oil & Gas indices respectively, all the BSE sectoral indices ended higher, with Auto index being the top gainer, up 4.4%, followed by 2.4% higher Consumer Discretionary Goods & Services indices.

 

FIIs net sold stocks worth Rs 2319 cr but net bought index futures and stock futures worth Rs 853 cr and 1701 cr respectively. DIIs were net buyers to the tune of Rs 2438 cr.

 

Rupee appreciated 7 paise to end at 78.32/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-1.1% and SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 15382, the lower end of the gap created by Tuesday's gap-up opening, was the immediate support, while 15707, the top made Tuesday, continued to be immediate hurdle.

 

Nifty, after touching a low of 15367, rebounded to end at 15556 and is set to open near 15650 today.

 

15707, the top made Tuesday, continued to be immediate hurdle, upon crossover of which, 15886, the top made last week, would be the next upside level to eye; 15367, the low made yesterday, is the immediate support.

 

For Banknifty, 32650, the low made yesterday, is the immediate support, below which, 32290, the low made last week, would be the next downside level to eye; 33600-33800 is the resistance zone.

15183 BELOW 15382; 15707 IS IMMEDIATE HURDLE

 

15183 BELOW 15382; 15707 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

After rising nearly a percent, US indices slipped in late session to end mildly lower.

 

Federal Reserve Chairman Jerome Powell told Congress the central bank is “strongly committed” to curb inflation which is running at a 40-year high.

 

US 10-year treasury yield fell 12 bps to 3.162%. Dollar index, after a volatile session, ended 0.2% lower at 104.18. Gold rose 0.3% to $1838 per ounce.

 

Brent crude futures fell $2.91, or 2.5%, to settle at $111.74 a barrel and WTI fell $3.33, or 3%, to settle at $106.19 a barrel.

 

European markets fell 0.7%-1.1%. U.K. inflation hit a new 40-year high of 9.1% in May.

 

AT HOME

 

Benchmark indices tumbled 1.4% each, giving away nearly three fourth of the gains made yesterday. Sensex settled at 51822, down 710 points while Nifty lost 225 points to finish at 15413. Nifty mid-cap and small-cap indices fell 1.6% and 1.4% respectively.  All the BSE sectoral indices ended in red, with Metal index leading the losses, down 5%, followed by 2.7% lower Basic Materials index.

 

FIIs net sold stocks and index futures worth Rs 2920 cr and 761 cr respectively but net bought stock futures worth Rs 830 cr. DIIs were net buyers to the tune of Rs 1859 cr.

 

Rupee depreciated 31 paise to end at 78.38/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.4%-0.9% and SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 15707, the top made Tuesday, was the immediate hurdle while 15420-15382, the gap created by Tuesday's gap-up opening, was the immediate support zone.

 

Nifty plunged to 15386 before closing at 15413.

 

15382, the lower end of the gap created by Tuesday's gap-up opening, is the immediate support, upon breach of which, 15183, the bottom made last week, would be the next downside level to eye; 15707, the top made Tuesday, continues to be immediate hurdle.

 

32600, around which a trendline adjoining recent bottoms on the hourly chart is placed, is the immediate support for Banknifty, below which, 32290, the low made last week, would be the next downside level to eye; 33600-33800 is the resistance zone.

 

15886 ABOVE 15707; 15420-15382 IS THE SUPPORT AREA

 

15886 ABOVE 15707; 15420-15382 IS THE SUPPORT AREA

 

WORLD MARKETS

 

US indices soared 2.2%-2.5%, with the Dow and S & P 500 posting their best day of the month.

 

The Philadelphia Federal Reserve nonmanufacturing survey showed activity expanded in the region this month. However, expectations for future growth declined.

 

US 10-year treasury yield rose 2 bps to 3.281%. Dollar index was little changed at 104.42. Spot gold fell 0.2% to $1,834.19 per ounce.

 

Brent crude futures settled 52 cents, or 0.5%, higher at $114.65 a barrel and WTI crude contract for July expired at $110.65, with a gain of $1.09, or 1%.

 

European markets rose 0.2%-0.8%.

 

AT HOME

 

Sensex and Nifty surged 1.8% and 1.9% respectively, posting their best day in 3-weeks. Sensex settled at 52532, up 934 points while Nifty finished at 15638, up 288 points. Nifty mid-cap and small-cap indices climbed 3.6% and 3.4% respectively, and had their best day in 4-months. All the BSE sectoral indices ended in green, with Oil & Gas and Energy indices leading the tally, up 6% and 5% respectively.

 

FIIs net sold stocks worth Rs 2701 cr but net bought index futures and stock futures worth Rs 2148 cr and 2333 cr respectively. DIIs were net buyers to the tune of Rs 3066 cr.

 

Rupee depreciated 9 paise to end at 78.07/$.

 

OUTLOOK

 

Today morning, Shanghai is flat while Nikkei and Hang Seng are down 0.1% and 0.4% respectively. SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 15000 continued to be next immediate support while 15800 continued to be immediate hurdle, with the stop-loss of which, trading shorts could be held on to.

 

Nifty soared to touch a high of 15707 before closing at 15638.

 

15707, the top made yesterday, is the immediate hurdle, upon crossover of which, 15886, the top made last week, would be the next upside level to eye; 15420-15382, the gap created by yesterday's gap-up opening, is the immediate support zone.

 

33774, the top made last week, is the next upside level for Banknifty; 32800, 32300 are supports.

 

15000, 14750 ARE DOWNSIDE LEVELS TO EYE; 15800 CONTINUES TO BE HURDLE

 

15000, 14750 ARE DOWNSIDE LEVELS TO EYE; 15800 CONTINUES TO BE HURDLE

 

WORLD MARKETS

 

US markets were shut yesterday for a holiday. US futures are trading with gains of more than a percent today morning.

 

European markets gained 1%-1.5%. German producer prices soared by 33.6% year-on-year in May, their largest increase on record.

 

Dollar index eased 0.2% to 104.48. Spot gold was little changed at $1838 per ounce,

 

Brent crude rose 0.9% to $114.18 and WTI crude inched up 0.2% to $110.25 a barrel.

 

AT HOME

 

Sensex and Nifty gained 0.5% and 0.4% respectively, snapping 6-day losing streak. Sensex settled at 51597, up 237 points while Nifty added 56 points to finish at 15350. Nifty mid-cap and small-cap indices however saw steep cuts of 2.3% and 3.2% respectively to close at the lowest level after 20th May 2021 and 25th March 2021 respectively. BSE Metal and Oil & Gas indices tumbled 4.5% and 3.5% respectively, becoming top losers among the sectoral indices while FMCG and Teck indices were the top gainers, up 1.2% and 0.6% respectively.

 

FIIs net sold stocks and index futures worth Rs 1217 cr and 18 cr respectively but net bought stock futures worth Rs 1170 cr. DIIs were net buyers to the tune of Rs 2093 cr.

 

Rupee apprecaited 9 paise to end at 77.98/$.

 

OUTLOOK

 

Today morning, Nikkei is up more than a percent, Hang Seng is marginally higher while Shanghai is marginally in the red. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 15000 continued to be next immediate support, while 15800 continues to be immediate hurdle, with the stop-loss of which, trading shorts can be held on to.

 

Nifty rose to close at 15350.

 

15000 continues to be next immediate support, below which, 14750, around which a trendline adjoining bottoms made in December 2021 and March 2022 is placed, would be the next downside level to eye; 15800 continues to be immediate hurdle, 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; 33500 is the immediate hurdle.