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.