18265 IS THE NEXT TARGET; 17853 IMMEDIATE SUPPORT

 

18265 IS THE NEXT TARGET; 17853 IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow and S & P 500, pressured by Goldman Sachs, fell 1.1% and 0.2% respectively to snap 4-day winning streak while Nasdaq inched up 0.1%.

 

Goldman Sachs’ shares fell more than 6% following a drop in investment banking and asset management revenues. Meanwhile, Morgan Stanley gained 6%, boosted by better-than-expected wealth management revenue.

 

The New York Fed’s business activity index fell in January to the lowest since mid-2020.

 

US 10-year treasury yield rose 2 bps to 3.553%. Dollar index rose 0.4% to 102.56. Gold fell half a percent to $1908 per ounce.

 

Brent crude futures settled up 1.7% at $85.92 while WTI crude rose 0.4% to $80.18.

 

In Europe, FTSE fell 0.1% but DAX and CAC rose 0.4% and 0.5% respectively.

 

Data earlier showed China’s GDP expanded 3% in 2022, missing the official target of “around 5.5%” and marking the second-worst performance since 1976.

 

AT HOME

 

Benchmark indices climbed nine tenth of a percent each and closed at the highest level after 9th January. Sensex settled at 60655, up 562 points while Nifty added 158 points to finish at 18053. Nifty mid-cap and small-cap indices however ended marginally in the red. BSE Capital Goods and Power indices were the top gainers among the sectoral indices, up 1.6% and 1.4% respectively while Consumer Durables and Healthcare indices were the top losers, down 0.2% and 0.1% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 211 cr, 1488 cr and 848 cr respectively. DIIs were net buyers to the tune of Rs 91 cr.

 

Rupee depreciated 15 paise to end at 81.76/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are up 0.7% and 0.1% respectively while Hang Seng is down 0.4%. SGX Nifty is suggesting around 20 points higher start for our market.

 

In yesterday's report we had said that 18050 was the immediate hurdle, upon crossover of which, 18265, the top made on 30th December, would be the next upside level to eye.

 

Nifty surged to touch a high of 18072 before closing at 18053.

 

18265, the top made on 30th December, is the next upside level to eye; 17853, the low made Monday, is the immediate support, below which, 17761, the low made last week, would be next downside level to eye.

 

For Banknifty, 42715 continues to be immediate hurdle, upon crossover of which, 43578, the top made on 4th January, would be the next upside target to eye; 41569, the bottom made in December, is the important support.