18604 CONTINUES TO BE UPSIDE TARGET; 18200 IMMEDIATE SUPPORT

 

18604 CONTINUES TO BE UPSIDE TARGET; 18200 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow eased 0.1% while S & P 500 and Nasdaq tumbled 0.8% and 1.2% respectively as a gloomy holiday quarter update from Target pressured retail stocks.

 

Target shares plunged more than 13% for its worst day since May after reporting a decline in sales. Macy’s, Nordstrom, Kohl’s and Gap also fell sharply.

 

US October retail sales rose 1.3% compared with economist expectations for 1.2%.

 

US 10-year treasury yield fell 8 bps to 3.692%. Dollar index fell 0.3% to 106.28. Gold fell 0.3% to $1774 per ounce.

 

Brent crude futures settled 1.1% lower at $92.86 a barrel and WTI crude futures fell 1.5% to $85.59 a barrel.

 

European markets fell 0.25%-1%. U.K. inflation climbed to 11.1%, a 41-year high.

 

AT HOME

 

Benchmark indices ended marginally higher after a choppy session. Sensex settled at 61980, up 107 points while Nifty inched up 6 points to finish at 18409. Nifty mid-cap and small-cap indices fell 0.6% and 0.8% respectively. Nifty Metal and Media indices were the top losers among the sectoral indices, down 1.9% and 1.4% respectively whereas Nifty Bank was the top gainer, up 0.4%, followed by 0.3% higher Financial Services and IT indices.

 

FIIs net sold stocks and stock futures worth Rs 386 cr and 693 cr respectively but net bought index futures worth Rs. 1845 cr. DIIs were net buyers to the tune of Rs 1437 cr.

 

Rupee depreciated 20 paise to end at 81.30/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are down 1.3% and 0.4% respectively while Nikkei is little changed. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 18604, the all-time high made in October 2021, continued to be next upside target to eye while immediate support on the hourly chart had moved up to 18200, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18442, closed at 18409.

 

18604, the all-time high made in October 2021, continues to be next upside target to eye; 18200 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43000 is the next upside levels to eye; 41900 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.