14750 BELOW 15000; 15800 CONTINUES TO BE IMMEDIATE HURDLE

 

14750 BELOW 15000; 15800 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow ended marginally in the red while S & P 500 and Nasdaq gained 0.2% and 1.4% on Friday.

 

US 10-year treasury yield rose 3 bps to 3.231%. Dollar index rose 0.8% to 104.65. Gold slipped 1% to $1839 per ounce.

 

Brent futures fell $6.69, or 5.6%, to settle at $113.12 a barrel, while WTI crude fell $8.03, or 6.8%, to settle at $109.56.

 

In Europe, FTSE and CAC fell 0.4% and 0.1% respectively while DAX rose 0.7%.

 

For the week, Dow and Nasdaq tumbled 4.8% each while S & P 500 nosedived 5.8%, posting its worst week since 2020. European markets fell 4.1%-4.9%. In Asia, except 1% higher Shanghai, other markets fell 3.4%-6.7%, with Nikkei leading the losses. Brent oil declined 7.1%, its first decline in five weeks, while WTI dropped 8.5% for its irst dip in eight weeks.

 

AT HOME

 

Sensex and Nifty ended lower by 0.26% and 0.44% respectively, extending the losing streak to sixth consecutive day. Sensex settled at 51360, down 135 points while Nifty lost 67 points to finish at 15293. Nifty mid-cap and small-cap indices fell 1.2% and 0.8% respectively.  BSE Oil & Gas and Consumer Durables indices tumbled 3.1% and 2.7% respectively, becoming top losers among the sectoral indices while Bankex and Finance indices were the top gainers, up 0.4% and 0.2% respectively.

 

FIIs net sold stocks worth Rs 7819 cr but net bought index futures and stock futures worth Rs 411 cr and 52 cr respectively. DIIs were net buyers to the tune of Rs 6087 cr.

 

Rupee ended unchanged at 78.07/$.

 

For the week, Sensex and Nifty fell 5.4% and 5.9% respectively, suffering the worst weekly cut after the week ended 8th May 2020.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.3% and SGX Nifty is suggesting around 50 points lower start for our market.

 

In Friday's report we had said that 15000 was the next support for Nifty and had advised trailing stop-loss in short positions to 15800.

 

Nifty, after touching a low of 15183, rebounded to close at 15293.

 

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.