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.