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.