16450 ABOVE 16288; 16060 IS IMMEDIATE SUPPORT

 

16450 ABOVE 16288; 16060 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

After opening with gains of 1%-1.5%, US indices saw a sustained downward move through the session to end with cuts of 0.7%-0.8%

 

Goldman Sachs rose 2.5% after earnings and revenue beat estimates. Bank of America reported quarterly revenue that beat expectations.

 

US 10-year treasury yield rose 7 bps to 2.989%. Dollar index slipped half a percent to 107.41. Gold inched up 0.1% to $1709 per ounce.

 

Oil rose mounting concerns over gas supply from Russia and a lower dollar. Brent September futures surged 5% higher to $106.27 and WTI August futures rose 5.13% to trade at $102.60.

 

European markets gained 0.7%-0.9%

 

AT HOME

 

Benchmark indices soared 1.4% each, notching biggest gain in nearly a month and closing at the highest level after 9th June 2022. Sensex settled at 54521, up 760 points while Nifty added 229 points to finish at 16278. Nifty mid-cap and small-cap indices climbed 1.4% and 1.6% respectively. Nifty IT and PSU Bank indices were the top gainers among the sectoral indices, up 3.2% and 2.8% respectively while Pharma and FMCG indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 156 cr, 1395 cr and 118 cr respectively. DIIs were net buyers to the tune of Rs 844 cr.

 

Rupee depreciated 9 paise to end at 79.97/$.

 

OUTLOOK

 

Today morning Nikkei is up 0.95, Shanghai is little changed while Hang Seng is down 0.6%. SGX Nifty is suggesting around 120 points lower start for our market.

 

In yesterday's report we had said that If Nifty is able to take out first hour high, 16275, the top made on 8th July, would be next upside level to eye.

 

Nifty surged to touch a high of 16288 before closing at 16278. The benchmark is set to open near 16150 today.

 

Above yesterday's high, i.e. 16288, 16450, the 78.6% retracement level of the 16794-15183 fall, would be the next upside level to eye; 16060 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

35543, the top made last week, is the immediate upside level to eye for Banknifty, above which, 34-week moving average, placed around 35900, would be the bigger hurdle to eye; 34900 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

HUL, Ambuja Cement and HDFC Life will report their quarterly earnings today.