18325 ABOVE 18184; STAY LONG WITH THE STOP-LOSS OF 17950

 

18325 ABOVE 18184; STAY LONG WITH THE STOP-LOSS OF 17950

 

WORLD MARKETS

 

US indices climbed 0.8%-2%, extending Friday's upmove, on optimism the Federal Reserve may slow down its interest rate hikes.

 

US 10-year treasury yield rose 3 bps to 3.517%. Dollar index was flat at 102.02. Gold inched up 0.2% to $1930 per ounce.

 

Brent crude rose 56 cents to $88.19 a barrel while WTI crude settled 2 cents lower at $81.62 a barrel.

 

In Europe, FTSE inched up 0.2% while DAX and CAC rose half a percent each.

 

AT HOME

 

Benchmark indices rose half a percent each, snapping a 2-day losing streak. Sensex settled at 60941, up 320 points while Nifty added 90 points to finish at 18118. Nifty mid-cap index rose 0.6% but small-cap index ended marginally in the red. BSE IT and Teck indices surged 1.6% and 1.5% respectively, becoming top gainers among sectoral indices while Commodities and Realty indices were the top losers, down 1.1% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 220 cr but net bought index futures and stock futures worth Rs 859 cr and 2240 cr respectively. DIIs were net buyers to the tune of Rs 435 cr.

 

Rupee depreciated 27 paise to end at 81.39/$.

 

OUTLOOK

 

Markets in China, Hong Kong, Taiwan, South Korea, Malaysia and Singapore are closed for a holiday. Nikkei is up 1.7% and SGX Nifty is suggesting around 90 points higher start for our market.

 

In yesterday's report we had said that 18184, was the immediate hurdle while 17950 continued to be immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty rose to touch a high of 18162 before closing at 18105. The benchmark is set to open near 18200 today.

 

18184, the top made last week, continues to be immediate hurdle, upon sustained trading above which, 18325 and 18457, the 50% and 61.8% retracement levels of the 18887-17761 fall, would be next upside levels to eye; 17950 continues to be immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43578, the top made on 4th January, is the next upside target to eye; 42380 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.