17428 IS THE IMMEDIATE HURDLE; 17064 IMMEDIATE SUPPORT

 

17428 IS THE IMMEDIATE HURDLE; 17064 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices fell 0.3%-1% with the Nasdaq Composite closing at its lowest since July 2020.

 

Semiconductor stocks fell after the Biden administration announced new export controls that limit U.S. companies selling advanced computing semiconductors and related manufacturing equipment to China.

 

JPMorgan CEO Jamie Dimon warned that the U.S. would likely fall into a recession in 2023, and that it may not be just a mild economic contraction as some economists have projected.

 

US bond market was closed due to the Columbus Day Holiday. Dollar index rose 0.4% to 113.18 for it's fourth consecutive up day. Gold tumbled 1.5% to $1668 per ounce.

 

Brent crude futures fell 69 cents, or 0.7%, to $97.23 a barrel and WTI crude declined by 36 cents, or 0.4%, to $92.57 a barrel.

 

Russia pounded Kyiv and other Ukrainian cities with missiles in response to a blast that hit its only bridge to Crimea.

 

In Europe, DAX ended flat while FTSE and CAC fell 0.4% each.

 

AT HOME

 

After starting with cuts of nearly a percent and half, Sensex and Nifty recouped most of the losses through the session to end lower by 0.3% and 0.4% respectively. Sensex settled at 57991, down 200 points while Nifty lost 73 points to finish at 17241. Nifty mid-cap and small-cap indices fell 1% and 0.5% respectively. Except 1.1% higher IT index, all the NSE sectoral indices ended lower, with Consumer Durables index being the top loser, down 1.2%, followed by 1.1% lower FMGC and Media indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 2139 cr, 1316 cr and 2110 cr respectively. DIIs were net buyers to the tune of Rs 2137 cr.

 

Rupee ended unchanged at 82.32/$.

 

TCS quarterly results beat estimate on revenue and margins front. Quarterly profits crossed Rs. 10000 cr for the first time.

 

OUTLOOK

 

Today morning, Shanghai is flat while Hang Seng and Nikkei are down 1% and 2% respectively. SGX Nifty is suggesting a modestly lower start for our market.

 

In yesterday's report we had said that 17025 continued to be immediate support while 17428, the top made last week, continued to be immediate hurdle.

 

Nifty, after touching a low of 17064, rebounded to end at 17241.

 

17428, the top made last week, continues to be immediate hurdle; 17064, the low made yesterday, would now act as immediate support and should serve as the revised stop-loss for trading longs.

 

For Banknifty, 38450 continues to be immediate support on the hourly chart, below which, 37963, the low made during the week, would be next downside level to eye; 39608, the top made last week, continues to be immediate hurdle.