18887 ABOVE 18730; 18500 IS IMMEDIATE SUPPORT

 

18887 ABOVE 18730; 18500 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

US indices gained 0.6%-1.1%, with the S & P 500 snapping 5-day losing streak as weak jobless claim data raised hopes for a soft landing.

 

The data showed a modest uptick in claims while continuing claims hit their highest level since February.

 

US 10-year treasury yield rose 7 bps to 3.486%. Dollar index fell a third of a percent to 104.81. Gold inched up 0.2% to $1789 per ounce.

 

Brent crude lost fell 0.7% to $76.67 a barrel while WTI crude shed 0.2% to $71.85.

 

In Europe, FTSE and CAC were down 0.2% each while DAX ended marginally in the green.

 

AT HOME

 

Benchmark indices rose three tenth of a percent each, with Sensex snapping a 4-day losing streak. Sensex settled at 62570, up 160 points while Nifty added 48 points to finish at 18609. Nifty mid-cap and small-cap indices gained 0.6% and 0.3% respectively. Nifty Bank, powered by 3.8% surged in PSU Bank and 1.2% rise in Private Bank index, surged 1.2%, followed by 0.8% higher Media index. Pharma and Healthcare indices were the top losers, down 1.1% each.

 

FIIs net sold stocks worth Rs 1132 cr but net bought index futures and stock futures worth Rs 770 cr and 27 cr respectively. DIIs were net buyers to the tune of Rs 772 cr.

 

Rupee appreciated 5 paise to end at 82.42/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 1.2% and 0.8% respectively while Shanghai is down 0.2%. SGX Nifty is suggesting around 75 points higher start for our market.

 

In yesterday's report we had said that 20-DMA, placed around 18460, was the downside supports to eye while 18670-18730 was the immediate resistance zone on the hourly chart.

 

Nifty, after touching a low of 18536, rebounded to end at 18609. The benchmark is set to open above 18650 today.

 

18670-18730 continues to be immediate resistance zone on the hourly chart, upon crossover of which, 18887, the top made last week, would be bigger hurdle to eye; 20-DMA, placed around 18500, is the immediate support.

 

For Banknifty, 44000-44100 continues to be next target area on the way up; Immediate support on the hourly chart has moved up to 43200, with the stop-loss of which, trading longs can be held on to.