TRAIL STOP-LOSS TO 17750

 

TRAIL STOP-LOSS TO 17750

 

WORLD MARKETS

 

US indices gained 0.7%-1.3%, extending the winning streak to fourth consecutive session, as a weaker dollar and growing confidence that inflation has peaked, boosted sentiment.

 

The New York Fed’s Survey of Consumer Expectations showed that in August Americans expected inflation to be 5.7% one year ahead. That is down from 6.2% in July and the lowest reading since October 2021.

 

US 10-year treasury yield rose 3 bps to 3.353%. Dollar index fell 0.63% to 108.31, its lowest level in more than two weeks. Spot gold rose half a percent to $1,724 per ounce.

 

Brent crude futures rose 1.2% to $94 per barrel and WTI crude settled 99 1.1%, higher at $87.78 per barrel.

 

European markets gained 1.7%-2.4%.

 

AT HOME

 

Benchmark indices rose just above half a percent, extending the winning streak to third consecutive day and closing at the highest level after 18th August. Sensex settled at 60115, up 322 points while Nifty added 103 points to finish at 17936. Nifty mid-cap and small-cap indices surged 1% and 1.3% respectively. All the BSE sectoral indices ended higher, with Realty and Basic Materials indices on the top, up 2.2% and 1.7% respectively.

 

FIIs net bought stocks and index futures worth Rs 2050 cr and 929 cr respectively but net sold stock futures worth Rs 434 cr. DIIs were net sellers to the tune of Rs 891 cr.

 

Rupee appreciated 6 paise to end at 79.52/$.

 

OUTLOOK

 

Today morning, Asian markets are flat to modestly higher and SGX Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 17992, the top made in August, continued to be immediate hurdle, upon crossover of which, 18115, the top made in April, would be next upside levels to eye. We had also advised trailing the stop-loss in longs to 17650.

 

Nifty, after touching a high of 17980, closed at 17936. The benchmark is set to open near 18000 today.

 

With the Nifty set to open above 17992 top made in August, 18115, the top made in April, would be next upside levels to eye; Immediate support on the hourly chart has moved up to 17750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 40900 followed by 41800 are upside levels to eye; 39700 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.