17800-17345 CONTINUES TO BE IMMEDIATE RANGE

 

17800-17345 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

US indices gained 0.2%-0.4%, with Dow and S & P 500 snapping a 3-day losing streak, ahead of the three-day Jackson Hole economic symposium that starts Thursday with Federal Reserve Chair Jerome Powell slated to speak Friday morning.

 

Pending home sales declined 1% month-on-month and 19.9% y-o-y.

 

US 10-year treasury yield rose 6 bps to 3.109%. Dollar index inched up 0.1% to 108.60. Gold rose 0.2% to $1751 per ounce.

 

Brent crude rose 1.6% to $101.70 and WTI gained 1.1% to reach $95.16 per barrel.

 

In Europe, FTSE fell 0.2% while DAX and CAC gained 0.2% and 0.4% respectively.

 

AT HOME

 

Benchmark indices ended marginally higher after a rangebound but choppy session, extending the winning streak to second straight day. Sensex settled at 59085, up 54 points while Nifty added 27 points to finish at 17604. Nifty mid-cap and small-cap indices climbed 0.7% and 0.8% respectively. BSE Realty index surged 1.7%, becoming top gainer among the sectoral indices, followed by 0.9% higher Industrials and Telecom indices. IT and Teck indices were the top losers, down 0.2% each.

 

 

FIIs net bought stocks worth Rs 23 cr but net sold index futures and stock futures worth Rs 1329 cr and 2239 cr respectively. DIIs were net sellers to the tune of Rs 322 cr.

 

Rupee appreciated 5 paise to end at 79.81/$.

 

OUTLOOK

 

Market in Hong Kong is shut today while Nikkei and Shanghai are up nearly half a percent. SGX Nifty is suggesting around 70 points higher start for our market.

 

In yesterday's report we had said that 17345, the low made Tuesday, was the immediate support while 17800 continued to be immediate hurdle. Nifty, after touching a low of 17499, rebounded to end at 17604 and is set to open above 17650 today.

 

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

 

For Banknifty, 37950, the low made Tuesday, continues to be immediate support; 39200 continues to be immediate hurdle, upon sustained trading above which, 39759, the top made last week, would be the next target.