17345 IS THE IMMEDIATE SUPPORT; 17800 IS THE HURDLE

 

17345 IS THE IMMEDIATE SUPPORT; 17800 IS THE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.2% respectively, extending the losing streak to third straight day, while Nasdaq ended flat.

 

The S&P Global flash composite PMI for August dropped to 45, the lowest since February 2021. US New home sales fell 12.6% in July, about 10 percentage points more than expected.

 

US 10-year treasury yield rose 3 bps to 3.05%. Dollar index fell 0.4% to 108.51, snapping 4-day winning streak. Gold rose 0.7% to $1748 per ounce.

 

Brent crude advanced 3.9% to $100.22 a barrel and WTI crude rose 3.7% to $93.74 per barrel.

 

In Europe, FTSE dipped 0.6% while DAX and CAC fell 0.3% each. Eurozone August flash PMI showed that business activity contracted for a second straight month.

 

AT HOME

 

After falling eight tenth of a percent at the open, benchmark indices reversed to end higher by half a percent, snapping a 2-day losing streak. Sensex settled at 59031, up 257 points while Nifty finished at 17577, up 86 points. Nifty mid-cap and small-cap indices surged 1.1% each. Except 1.7% and 1.4% lower IT and Teck indices respectively, all the BSE sectoral indices ended higher, with Metal and Auto indices on the top, up 2.1% and 1.7% respectively.

 

FIIs net bought stocks and stock futures worth Rs 563 cr and 367 cr respectively but net sold index futures worth Rs 110 cr. DIIs were net buyers to the tune of Rs 185 cr.

 

Rupee appreciated 5 paise to end at 79.86/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of upto 0.7% and SGX Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 17330, the 23.6% retracement level of the entire 15183-17992 upmove, was the next support for Nifty while 17800 was the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts could be held on to.

 

Nifty, after touching a low of 17345, rebounded to end at 17577.

 

17345, the low made yesterday, is the immediate support; 17800 continues to be immediate hurdle.

 

For Banknifty, 37950, the low made yesterday, is the immediate support; 39200 continues to be immediate hurdle.