18115 IS NEXT TARGET; 17700 IMMEDIATE SUPPORT
WORLD MARKETS
US indices rose
0.1%-0.2%.
US 10-year treasury yield
eased 1.5 bps to 2.886%. Dollar index jumped 0.8% to 107.49. Gold inched 0.1%
lower to $1759 per ounce.
Initial jobless claims
fell 2000 to 250,000 for the week ended Aug. 13 and the prior period’s data was
revised sharply lower. Existing home sales dropped nearly 6% in July.
European markets gained
0.4%-0.5%. July’s final inflation print
confirmed that annual consumer price increases across the 19-member currency bloc
hit a record high 8.9%.
AT HOME
After falling half a
percent in the morning, benchmark indices recouped all the losses in noon to
end marginally higher. Sensex settled at 60298, up 38 points while Nifty added
12 points to finish at 17956. Nifty mid-cap and small-cap indices gained 0.2%
each. BSE Realty and Utilities indices gained the most among the sectoral
indices, up 1.8% and 1.1% respectively while Oil & Gas IT indices were the
top losers, down 0.8% each.
FIIs net sold stocks,
index futures and stock futures worth Rs 1706 cr, 1652 cr and 1431 cr
respectively. DIIs were net buyers to the tune of Rs 471 cr.
Rupee depreciated 23
paise to end at 79.67/$.
OUTLOOK
Today morning, Hang Seng
is up 0.3% while Nikkei and Shanghai are up 0.1% each. SGX Nifty is suggesting
a marginally lower start for our market.
In yesterday's report we
had said that 18115, the top made in April, is the next upside level to eye and
had advised trailing stop-loss in longs to 17700.
Nifty, after touching a
low of 17852, rebounded to end at 17956.
18115, the top made in
April, continues to be next upside level to eye; 17700 continues to be
immediate support, with the stop-loss of which, trading longs can be held on
to.
For Banknifty, 39760, the
78.6% retracement level of the entire 41830-34018 fall, followed by 40160, the
top made in November 2021, are the upside levels to eye; 39200 is the immediate
support, with the stop-loss of which, trading longs can be held on to.
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