TRAIL STOP-LOSS TO 16340

 

TRAIL STOP-LOSS TO 16340

 

WORLD MARKETS

 

US indices gained 0.5%-1.4% with Nasdaq again leading the gains as Tesla shares surged on the back of better-than-expected earnings results.

 

The Philadelphia Fed manufacturing index came in at -12.3, worse than the 1.6 estimate. Initial jobless claims climbed to 251,000 for the week of July 16, up from an adjusted 244,000 claims from the prior week, in its third straight weekly gain.

 

European Central Bank delivered a larger-than-expected 50 bps rate hike, which is the first hike in 11 years.

 

US 10-year treasury yield fell 15 bps to 2.878%. Dollar index fell 0.4% to 106.60. Spot gold rose 1.03% to $1,713.69 per ounce.

 

Oil prices fell on higher U.S. gasoline stockpiles and after an ECB rate hike stoked demand worries, while returning oil supply from Libya and the resumption of Russia’s gas flows to Europe eased supply concerns. Brent crude settled 2.9% lower at $103.86 per barrel and WTI crude futures ended the day at $96.35, for a loss of 3.5%.

 

In Europe, FTSE and CAC rose 0.1% and 0.3% respectively but DAX fell 0.3%.

 

AT HOME

 

Benchmark indices rose half a percent each, extending the winning streak to fifth consecutive day and closing at the highest level since early June. Sensex settled at 55681, up 284 points while Nifty added 84 points to finish at 16605. Nifty mid-cap and small-cap indices surged 1.4% and 0.8% respectively. Except 0.1% lower Healthcare index, all the BSE sectoral indices ended higher, with Telecom and Capital Goods indices leading the gains, up 2.2% and 2.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 1799 cr, 2449 cr and 510 cr respectively. DIIs were net sellers to the tune of Rs 312 cr.

 

Rupee appreciated 5 paise to end at 79.94/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.3%-0.8% and SGX Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 16600 was the immediate hurdle, upon crossover of which, 16794, the top made in June, would be the next upside level to eye and had advised holding on to long positions with the stop-loss of 16170.

 

Nifty touched a high of 16627 before closing at 16605 and is set to open near 16650 today.

 

16794, the top made in June is the next upside level to eye; Immediate support on the hourly chart has moved up to 16340, with the stop-loss of which, trading longs can be held on to.

 

36425, 37000 are upside level to eye for Banknifty; 35550 is immediate support.