18135 NEXT; TRAIL STOP-LOSS TO 17750

 

18135 NEXT; TRAIL STOP-LOSS TO 17750

 

WORLD MARKETS

 

US indices surged 1.6%-2.4% as strong results from Meta Platforms boosted tech-related names. It was the best day since January for the Dow and S&P 500 and since March for the Nasdaq.

 

Meta shares surged 14% after the company reported quarterly revenue that topped expectations and issued an upbeat forecast.

 

The advance estimate showed US economy grew at 1.1% in first quarter, missing the estimate of expansion of 2% and down from 2.6% growth in fourth quarter. The report also showed personal consumption expenditures price index, an inflation measure that the Federal Reserve follows closely, jumped 4.2%, ahead of the 3.7% estimate. Core personal consumption expenditure prices rose 4.9%, higher than the consensus figure of 4.7% and up from the fourth quarter figure. Meanwhile, initial claims for state unemployment benefits decreased 16,000 to 230,000 for the week ending April 22, lower than the expected 248,000 figure.

 

US 10-year treasury yield rose 7 bps to 3.524%. Dollar index was flat at 101.48. Gold eased 0.1% to $1987 per ounce.

 

Brent crude futures settled up 60 cents at $78.29 a barrel while WTI crude settled up 51 cents at $74.81 a barrel.

 

In Europe, FTSE fell 0.3% but DAX and CAC gained 0.03% and 0.2% respectively.

 

AT HOME

 

Sensex and Nifty climbed six tenth of a percent each to close at the highest level after 21st and 17th February respectively. Sensex settled at 60649, up 348 points while Nifty added 101 points to finish at 17915. Nifty mid-cap and small-cap indices rose 0.6% and 0.8% respectively. Except 0.1% lower FMCG index, all the NSE sectoral indices ended higher, with Realty and IT indices being the top gainers, up 1.5% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1653 cr and 2154 cr respectively but net sold index futures worth Rs 305 cr. DIIs were net buyers to the tune of Rs 97 cr.

 

Rupee depreciated 7 paise to end at 81.84/$.

 

For the April derivative series, Nifty gained 4.9%.

 

Wipro and Tech Mahindra reported disappointing Q4 earnings. Wipro warned of negative growth in first quarter of new fiscal. The company approved Rs. 12000 cr buyback. Tech Mahindra's deal wins were the lowest in two years and margin hit 23-quarter low. Hindustan Unilever misses mark on all parameters. Axis Bank delivered better-than-expected numbers despite higher provisions for Citi acquisition.

 

OUTLOOK

 

Today morning, Hang Seng is up 1.2% while Nikkei and Shanghai are up 0.7% each. SGX Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 17863, the top made last week, continued to be next upside target, upon crossover of which, 18135, the top made in February, would be next level to eye. We had also said that 17700-17650 was the immediate support area, with the stop-loss of which, trading longs could be held on to.

 

Nifty surged to touch a high of 17931 before closing at 17915. The benchmark is set to open near 18000 today.

 

18135, the top made in February, is the next upside target to eye; Immediate support on the hourly chart has moved up to 17750, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43578, the top made in January, is the next upside level to eye; 42600 is the immediate support area on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Ultratech Cement will report its quarterly earnings today.

 

18135 ABOVE 17863; 17700-17650 IS THE SUPPORT AREA

 

18135 ABOVE 17863; 17700-17650 IS THE SUPPORT AREA

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.7% and 0.4% respectively but Nasdaq rose half a percent as worries over First Republic overshadowed excitement around Big Tech earnings.

 

First Republic Bank slid 30%, extending losses after falling almost 50% on Tuesday after a report said the U.S. government was unwilling to intervene in the rescue process for the troubled lender. Microsoft shares jumped more than 7%, buoyed by an earnings beat.

 

New orders for key U.S.-manufactured capital goods fell more than expected last month, the Commerce Department said.

 

US 10-year treasury yield rose 5 bps to 3.45%. Dollar index fell 0.4% to 101.45. Gold fell 0.3% to $1990 per ounce.

 

Brent crude settled at $77.69 a barrel, losing 3.8% and WTI crude settled at $74.30, shedding 3.6%.

 

In Europe, FTSE and DAX fell half a percent each while CAC slipped 0.9%.

 

AT HOME

 

After falling three tenth of a percent in the initial trade, benchmark indices reversed these losses through the session to end higher by three tenth of a percent. Sensex settled at 60300, up 170 points while Nifty added 44 points to finish at 17813. Nifty mid-cap and small-cap indices rose 0.2% and 0.5% respectively. Nifty Realty and FMCG indices gained 1.4% and 0.7% respectively, becoming top gainers among the sectoral indices while Metal index was the top loser, down 0.4%, followed by 0.03% lower Oil & Gas and Healthcare indices.

 

FIIs net bought stocks and index futures worth Rs 1257 cr and 54 cr respectively but net sold stock futures worth Rs 796 cr. DIIs were net sellers to the tune of Rs 228 cr.

 

Rupee appreciated 15 paise to end at 81.77/$.

 

Bajaj Finance posted steady fourth quarter results with healthy return rations even as interest margins contracted on expected lines. HDFC Life posted in line set of earnings but FY24 commentary was cautious. SBI Life, helped by VNB margin expansion, put up a strong show.

 

OUTLOOK

 

Today morning, Shanghai is flat while Hang Seng and Nikkei are down 0.4% and 0.3% respectively. SGX Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 17863, the top made last week, continued to be next upside target, while 17650 was the immediate support on hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 17711, rebounded to end at 17813.

 

17863, the top made last week, continues to be next upside target, upon crossover of which, 18135, the top made in February, would be next level to eye; 17700-17650 is the immediate support area, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 43000-43100 is the next target area; 42300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Axis Bank, HUL, Wipro and Tech Mahindra will report their quarterly earnings today.

 

STAY LONG WITH THE STOP-LOSS OF 17650

 

STAY LONG WITH THE STOP-LOSS OF 17650

 

WORLD MARKETS

 

US indices nosedived 1%-2% as First Republic Bank reignited banking crisis fears.

 

Shares of First Republic Bank nosedived 49% after the regional bank posted its latest quarterly results, saying that deposits dropped 40% to $104.5 billion in the first quarter but have since stabilized.  UPS tumbled 10% after the company missed expectations and management said sales volumes were — and should continue to be — under pressure. PepsiCo, on the other hand, rose 2.3% on better-than-expected numbers.

 

The Conference Board said its consumer confidence index fell to 101.3 — the lowest since July 2022 - from a revised 104.0 in March. Richmond Fed manufacturing index slid as well, down at -10 in April, the fourth straight month of contraction. On the flip side, New home sales beat estimates with a 9.6% rise in March to a one-year high of 683,000 after net revisions.

 

US 10-year treasury yield fell 9 bps to 3.403%. Dollar index rose half a percent to 101.84. Gold rose  0.4% to $1997 per ounce.

 

Brent crude fell by 2.4% to $80.77 a barrel and WTI crude dropped 2.2% to settle at $77.07.

 

In Europe, FTSE and CAC fell 0.3% and 0.6% respectively while DAX ended marginally in the green.

 

AT HOME

 

Benchmark indices ended marginally higher, extending yesterday's climb. Sensex settled at 60130, up 75 points while Nifty added 25 points to finish at 17769. Nifty mid-cap index fell 0.1% but small-cap index rose half a percent. Nifty PSU Bank and Oil & Gas indices were the top gainers among the sectoral indices, up 1.3% and 0.7% respectively whereas Consumer Durables and Media indices were the top losers, down 1.2% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 407 cr but net bought index futures and stock futures worth Rs 527 cr and 1705 cr respectively. DIIs were net buyers to the tune of Rs 564 cr.

 

Rupee ended flat at 81.91/$.

 

Bajaj Auto Q4 numbers beat estimates on top line, bottom line as well as margin front. Net profit fell 2.5% y-o-y to Rs 1433 cr while margin stood at 19.3%. Nestle India beat estimate on revenue and net profit front while margin, at 22.7%, missed estimate. Tata Consumer reported strong numbers with profit rising 21% while revenue grew 14%.

 

OUTLOOK

 

Today morning, Hang Seng is flat while Nikkei and Shanghai are down 0.4% and 0.2% respectively. SGX Nifty is suggesting around 20 points lower start for our market.

 

In yesterday's report we had said that 17863, the top made last week, was the next upside target while 17630 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 17807, closed at 17769.

 

17863, the top made last week, continues to be next upside target, upon crossover of which, 18135, the top made in February, would be next level to eye; 17650 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42966, the 78.6% retracement level of the entire 44151-38613 fall seen since December 2022, continues to be next upside level to eye; 42300 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Maruti Suzuki, Bajaj Finance, HDFC Life and SBI Life will report their quarterly earnings today.

STAY LONG WITH THE STOP-LOSS OF 17630

 

STAY LONG WITH THE STOP-LOSS OF 17630

 

WORLD MARKETS

 

Dow and S & P 500 inched up 0.2% and 0.1% respectively while Nasdaq fell 0.3%.

 

Dallas Fed’s report showed manufacturing activity in Texas contracted in April.

 

US 10-year treasury yield fell 7 bps to 3.494%. Dollar index fell 0.4% to 101.34. Gold rose 0.3% to $1989 per ounce.

 

Brent crude settled up 1.3% at $82.73 a barrel while WTI crude settled up 1.1% at $78.76.

 

European markets ended marginally in the red.  A survey showed that German business morale rose slightly in April.

 

AT HOME

 

Benchmark indices climbed 0.7% each, posting their best day in nearly 3-weeks. Sensex settled at 60056, up 401 points while Nifty added 119 points to finish at 177743. Nifty mid-cap and small-cap indices gained 0.4% and 0.6% respectively. Nifty PSU Bank surged 2.6%, becoming top gainer among the sectoral indices, followed by 1.3% higher Financial Services index. Media and Pharma indices were the top losers, down 1.3% and 0.7% respectively.

 

FIIs net sold stocks worth Rs 412 cr but net bought index futures and stock futures worth Rs 1113 cr and 1312 cr respectively. DIIs were net buyers to the tune of Rs 1177 cr.

 

Rupee appreciated 19 paise to end at 81.91/$.

 

OUTLOOK

 

Today morning, Nikkei is up half a percent but Hang Seng and Shanghai are down 1.2% and 0.2% respectively. SGX Nifty is suggesting a modestly higher start for our market.

 

In yesterday's report we had said that 17554, the low made on Friday, was the immediate support while 17863, the top made last week, was the immediate hurdle.

 

Nifty surged to touch a high of 17754 before closing at 17743.

 

17863, the top made last week, is the next upside target; 17630 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 42966, the 78.6% retracement level of the entire 44151-38613 fall seen since December 2022, is the next upside level to eye; 42250 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Bajaj Auto, HDFC AMC, Tata Consumer and Nestle will report their quarterly earnings today.

 

17554-17863 IS THE IMMEDIATE RANGE

 

17554-17863 IS THE IMMEDIATE RANGE

 

WORLD MARKETS

 

US indices inched up 0.1% on Friday

 

US 10-year treasury yield rose 4 bps to 3.576%. Dollar index eased 0.1% to 101.72. Gold fell 1.1% to $1982 an ounce.

 

Brent futures rose 0.8% to $81.77 a barrel and WTI was up 0.8% at $78.02.

 

European markets gained 0.2%-0.5%.

 

For the week, the Dow dropped 0.2% and ended a four-week upside streak. The Nasdaq declined 0.4%, while the S&P edged down 0.1%.

 

AT HOME

 

Benchmark indices ended flat after a choppy session. Sensex settled at 59655, up 22 points while Nifty was absolutely flat at 17624. Nifty mid-cap and small-cap indices fell 0.4% and 0.3% respectively. Nifty Realty and Metal indices fell 2.1% and 1.4% respectively, becoming top losers among the sectoral indices while Media and FMCG indices were the top gainers, up 1.3% and 0.9% respectively.

 

FIIs net sold stocks worth Rs 2117 cr but net bought index futures and stock futures worth Rs 105 cr and 468 cr respectively. DIIs were net buyers to the tune of Rs 1633 cr.

 

Rupee appreciated 6 paise to end at 82.09/$.

 

For the week, Sensex and Nifty fell 1.3% and 1.1% respectively, snapping a 3-week winning streak.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% while Hang Seng and Shanghai are down 0.2% and 0.4% respectively. SGX Nifty is suggesting around 30 points higher start for our market.

 

In Friday's report we had said that 17574, the low made Monday, continued to be immediate support, while 17863, the top made Monday, continued to be immediate hurdle.

 

Nifty, after touching a low of 17554, closed at 17624.

 

17554, the low made on Friday, which roughly coincided with the bottom made on Monday, which in turn was close to 200-DMA, is the immediate support to eye. Below 17554, 20 and 34-DMAs, placed around 17425 and 17380 respectively, would be next downside levels to eye; 17863, the top made last week, which also coincided with the 50% retracement level of the entire 18887-16828 fall, is the immediate hurdle, a crossover of which is required for a fresh upmove.

 

For Banknifty, 42603, the top made last week, is the immediate hurdle, upon crossover of which, 42966, the 78.6% retracement level of the entire 44151-38613 fall seen since December 2022, would be next upside level to eye; 41800-41700 is the immediate support zone on the hourly chart.

 

17574-17863 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

US indices fell 0.3%-0.8%, reacting to weak economic data and a mixed bag of corporate earnings, including disappointing results from Tesla.

 

Initial jobless claims rose modestly to 245,000 in the latest week, while the week before was revised to show 1,000 more claims than previously reported. Philadelphia Fed's measure of factory activity in the mid-Atlantic region plunged to the lowest level in nearly three years in April. Existing home sales slid 2.4% to a seasonally-adjusted annual rate of 4.44 million units last month.

 

Tesla shares plunged 10% after the company posted first-quarter net income that declined sharply from the year-ago quarter.

 

US 10-year treasury yield fell 6 bps to 3.534%. Dollar index fell 0.1% to 101.80. Gold rose half a percent to $2004.

 

Brent as well as WTI crude futures fell 2.4% each to settle at $81.10 and $77.29 a barrel respectively.

 

In Europe, FTSE was little changed while DAX and CAC fell 0.6% and 0.1% respectively.

 

AT HOME

 

Benchmark indices ended marginally higher after a choppy session, snapping a 3-day losing streak. Sensex settled at 59632, up 64 points while Nifty added 7 points to finish at 17625. Nifty mid-cap and small-cap indices inched up 0.03% and 0.2% respectively. Nifty Consumer Durables and Bank indices were the top gainers among the sectoral indices, up 0.4% and 0.3% respectively while Pharma and Healthcare indices were the top losers, down 1.1% and 0.9% respectively.

 

FIIs net sold stocks worth Rs 1169 cr but net bought index futures and stock futures worth Rs 476 cr and 913 cr respectively. DIIs were net buyers to the tune of Rs 833 cr.

 

Rupee appreciated 8 paise to end at 82.15/$.

 

OUTLOOK

 

Today morning, Asian markets are little changed and SGX Nifty too is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17574, the low made Monday, continued to be immediate support while 17863, the top made Monday, continues to be immediate hurdle.

 

Nifty, after touching a low of 17584, rebounded to end at 17625.

 

17574, the low made Monday, continues to be immediate support, upon breach of which, 20-DMA, placed around 17400, would be next downside level to eye; 17863, the top made Monday, continues to be immediate hurdle.

 

For Banknifty, 42600, 43000 are the upside targets to eye; 41700 is the immediate support, with the stop-loss of which, trading longs can be held on to.

Reliance Industries will report its quarterly earnings today.

17574-17863 CONTINUES TO BE IMMEDIATE RANGE

 

17574-17863 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

Dow fell 0.2% while S & P 500 and Nasdaq ended near zero line after digesting more earnings reports from names like Netflix and Morgan Stanley.

 

Netflix shares fell 3.2% after the streaming giant disappointed investors by pushing back plans to clamp down on password sharing.  Morgan Stanley rose 0.7%, but initially traded down as margins for its investment banking, wealth and asset management businesses were weaker than expected.

 

US 10-year treasury yield rose 2 bps to 3.595%. Dollar index rose 0.2% to 101.94. Gold fell half a percent to $1995 per ounce.

 

Brent futures for June delivery fell 2.0% to $83.12 a barrel and WTI for May delivery fell 2.1%, to settle at $79.16.

 

In Europe, FTSE fell 0.1% while DAX and CAC rose 0.1% and 0.2% respectively. U.K. inflation rose 10.1% y-o-y, above expectations for it to slow down to 9.8%. Monthly increase stood at 0.8%, above the forecast of 0.5% rise.

 

AT HOME

 

Benchmark indices fell nearly a fourth of a percent each, extending the losing streak to third straight day. Sensex settled at 59567, down 159 points while Nifty lost 41 points to finish at 17618. Nifty mid-cap and small-cap indices fell 0.1% each, snapping a 7-day and 11-day winning streak respectively. Nifty IT and Media indices tumbled 1.8% and 1.7% respectively, becoming top losers among the sectoral indices while Metal index was the top gainer, up 0.5%, followed by 0.2% higher Oil & Gas and Realty indices.

 

FIIs net sold stocks, index futures and stock futures worth Rs 13 cr, 292 cr and 868 cr respectively. DIIs were net sellers to the tune of Rs 110 cr.

 

Rupee depreciated 23 paise to end at 82.23/$.

 

OUTLOOK

 

Today morning, Hang Seng and Nikkei are up 0.4% and 0.1% respectively but Shanghai is off 0.4%. SGX Nifty is suggesting around 40 points higher start for our market.

 

In yesterday's report we had said that 17574, the low made Monday, which roughly coincided with 200-DMA, continued to be immediate support, while 17863, the top made Monday, continued to be immediate hurdle.

 

Nifty fell to close at 17579 and is set to open near 17600 today.

 

17574, the low made Monday, which roughly coincided with 200-DMA, continues to be immediate support, upon breach of which, 34-DMA, placed around 17370, would be next downside level to eye; 17863, the top made Monday, continues to be immediate hurdle.

 

For Banknifty, 42600, 43000 are the upside targets to eye; 41700 is the immediate support, with the stop-loss of which, trading longs can be held on to.

 

200-DMA LANDS SUPPORT AROUND 17570; 17863 IS IMMEDIATE HURDLE

 

200-DMA LANDS SUPPORT AROUND 17570; 17863 IS IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and Nasdaq ended marginally in the red while S & P 500 inched up 0.1%. Markets digested mixed signals on future rate hikes from Fed officials and another set of corporate earnings.

 

St. Louis Fed President James Bullard said the Fed should continue raising rates as recent data shows inflation remains persistent, while Atlanta Fed President Raphael Bostic said the Fed will likely need to hold steady for an extended period to lower inflation after one more rate hike.

 

Goldman Sachs posted weak first quarter results while Netflix posted mixed results and pushed back it's crackdown on password sharing.

 

US 10-year treasury yield fell 2 bps to 3.579%. Dollar index fell 0.4% to 101.72. Gold rose half a percent to $2005 per ounce.

 

Economic data from China was strong. China’s economy grew more than expected at 4.5% y-o-y in first quarter, beating estimates to see growth of 4%. Retail sales growth quickened to 10.6% in March, beating expectations and hitting a near two-year high, while factory output growth also sped up but was just below expectations.

 

Brent crude settled 1 cent at $85.25 a barrel while WTI crude futures closed up 3 cents at $80.86.

 

European markets gained 0.4%-0.7%. U.K. job market figures showed unemployment rose slightly, but the number of people classed as economically inactive was down 0.4% points to 21.1%. Meanwhile, pay growth slowed by less than expected, with wages increasing 6.9% in the private sector and 5.3% in the public sector.

 

AT HOME

 

Benchmark indices ended lower by three tenth of a percent after a choppy session, extending the losing streak to second straight day. Sensex settled at 59727, down 184 points while Nifty lost 46 points to finish at 17660. Nifty mid-cap and small-cap indices however gained 0.8% and 0.3% respectively. Nifty Pharma and Healthcare indices climbed 1.6% and 1.2% respectively, becoming top gainers among the sectoral indices while Consumer Durables index was the top loser, down 0.4%, followed by 0.3% lower FMCG, Financial Services, Media and Oil & Gas indices.

 

FIIs net sold stocks and stock futures worth Rs 811 cr and 187 cr respectively but net bought index futures worth Rs 72 cr. DIIs were net buyers to the tune of Rs 402 cr.

 

Rupee depreciated 3 paise to end at 82/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.1%-0.8% and SGX Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 17574, the low made Monday, which roughly coincided with 200-DMA, was the immediate support to eye while 17863, the top made Monday, was the immediate hurdle.

 

Nifty, after touching a high of 17766, slipped to 17610 before closing at 17660.

 

17574, the low made Monday, which roughly coincided with 200-DMA, continues to be immediate support, upon breach of which, 34-DMA, placed around 17360, would be next downside level to eye; 17863, the top made Monday, continues to be immediate hurdle.

 

For Banknifty, 42600, 43000 are the upside targets to eye; 41300 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.