18133 CONTINUES TO BE NEXT SUPPORT; 20-DMA RESISTANCE AT 18540

 

18133 CONTINUES TO BE NEXT SUPPORT; 20-DMA RESISTANCE AT 18540

 

WORLD MARKETS

 

US indices fell 0.5%-1.5%, extending the losing streak to fourth consecutive day.

 

US 10-year treasury yield rose 10 bps to 3.59%. Dollar index fell 0.2% to 104.66. Gold fell 0.3% to $1787 per ounce.

 

Brent crude gained 76 cents to settle at $79.80 a barrel, while WTI crude rose 90 cents to $75.19.

 

European markets gained 0.3%-0.4%. Ifo business climate survey showed German business morale rose more than expected in December.

 

In a statement following the annual budget-setting Central Economic Work Conference, Chinese officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key target.

 

AT HOME

 

Benchmark indices rose eight tenth of a percent, snapping a 2-day losing streak. Sensex settled at 61806, up 468 points while Nifty added 151 points to finish at 18420. Nifty mid-cap and small-cap indices gained 0.6% and 0.5% respectively. Except 0.5% and 0.1% lower IT and PSU Bank indices respectively, all the NSE sectoral indices ended higher, with Auto and FMCG indices on the top, up 1.6% and 1.5% respectively.

 

FIIs net sold stocks worth Rs 538 cr but net bought index futures and stock futures worth Rs 1156 cr and 1766 cr respectively. DIIs were net buyers to the tune of Rs 687 cr.

 

Rupee appreciated 16 paise to end at 82.70/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% but Hang Seng and Shanghai are down 1.5% and 0.5% respectively. SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 18133, the low made on 21st November was the next support, while 20-DMA, placed around 18530 would be the immediate hurdle.

 

Nifty rose to touch a high of 18431 before closing at 18420.

 

20-DMA, placed around 18540, continues to be immediate hurdle on the way up; 18133, the low made on 21st November, continues to be next support.

 

For Banknifty, 43080, the low made last week, is the immediate support, upon breach of which, 34-DMA, placed around 42700, would be crucial support to eye. On the way up, 43800 is the immediate hurdle on the hourly chart, above which, 44151, the top made last week, would be next resistance.