TRAIL STOP-LOSS TO 18400

 

WORLD MARKETS

 

Dow fell 0.2%, S & P 500 ended flat while Nasdaq rose 0.3% as markets weighed odds of debt ceiling deal clearing Congress amid growing opposition within the GOP.

 

U.S. 10-year treasury yield fell 12 bps to 3.69%. Dollar index was flat at 104.06. Gold rose 0.7% to $1958 per ounce.

 

Oil tumbled as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Brent crude futures fell 4.6% to $73.54 a barrel and WTI crude slipped 4.4% to $69.46 a barrel.

 

European markets fell 0.3%-1.4%.

 

AT HOME

 

Sensex and Nifty inched up a fifth of a percent each, extending the winning streak to fourth straight day and closing at the highest level after 1st December and 14th December respectively. Sensex settled at 62969, up 122 points while Nifty added 35 points to finish at 18633. Nifty mid-cap and small-cap indices too rose 0.2% each with the former hitting record high. Nifty Media index rose 0.7%, becoming top gainer among the sectoral indices, followed by 0.6% higher FMCG and Private Bank indices. Metal index was the top loser, down 0.9%, followed by 0.3% lower Consumer Durables index.

 

FIIs net bought stocks and index futures worth Rs 2086 cr and 241 cr respectively but net sold stock futures worth Rs 653 cr. DIIs were net sellers to the tune of Rs 439 cr.

 

Rupee depreciated 8 paise to end at 82.71/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.4%-1.5% and SGX Nifty is suggesting around 30 points lower start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, continued to be next major target while 18350 was the immediate support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 18662 before closing at 18633.

 

18887, the record high made in December 2022, continues to be next major target to eye; 18400 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

44800-44900 continues to be next target area for Banknifty; 44800 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

STAY LONG WITH THE STOP-LOSS OF 18350

 

STAY LONG WITH THE STOP-LOSS OF 18350

 

WORLD MARKETS

 

U.S. markets were closed yesterday for Memorial Day.

 

In Europe, U.K. markets were closed today for a bank holiday while DAX and CAC fell 0.2% each.

 

Dollar index fell 0.2% to 104.04. Gold fell 0.1% to $1944 per ounce.

 

Brent crude futures rose 0.2% to $77.07 a barrel and WTI crude rose 0.3% to $72.92 a barrel.

 

AT HOME

 

Sensex and Nifty rose half a percent each, extending the winning streak to third consecutive day and closing at the highest level after 2nd and 14th December respectively. Sensex settled at 62846, up 344 points while Nifty added 99 points to finish at 18598. Nifty mid-cap and small-cap indices rose 0.4% and 0.3% respectively. Except 0.5% and 0.4% lower Oil & Gas and IT indices respectively, all the NSE sectoral indices ended higher, with Consumer Durables and Financial Services indices on the top, up 1.3% and 1.1% respectively.

 

FIIs net bought stocks and stock futures worth Rs 1758 cr and 2124 cr respectively but net sold index futures worth Rs 162 cr. DIIs were net buyers to the tune of Rs 854 cr.

 

Rupee depreciated 5 paise to end at 82.63/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.4% and 0.3% respectively while Nikkei is down half a percent. SGX Nifty is suggesting around 25 points higher start for our market.

 

In yesterday's report we had said that 18887, the record high made in December 2022, is the next major target to eye while 18350-18300 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Nifty surged to touch a high of 18641 before closing at 18598.

 

18887, the record high made in December 2022, continues to be next major target to eye; 18350 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

44800-44900 is the next target area for Banknifty; 43800 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

18887 IN SIGHT

 

18887 IN SIGHT

 

WORLD MARKETS

 

U.S. indices surged 1%-2.2% on Friday, on hopes that lawmakers will soon reach a deal to raise the U.S. debt ceiling.

 

The personal consumption expenditures index, Fed’s preferred inflation gauge, increased 0.4% last month and 4.7% from a year earlier.

 

U.S. 10-year treasury yield eased 1 bps to 3.81%. Dollar index was flat at 104.226. Gold rose 0.3% to $1946 per ounce.

 

Brent crude settled 0.9%, higher at $76.95 a barrel and WTI crude rose 1.2% to $72.67 a barrel.

 

European markets rose 0.7%-1.2%

 

Nasdaq notched its fifth straight weekly gain, rising 2.5%. S&P 500 rose 0.3% but Dow fell 1%. Dollar index rose 1%, extending winning streak to third

 

Brent and WTI both posted a second week of gains with Brent climbing 1.7%, while WTI rose 1.6%.

 

AT HOME

 

Benchmark indices surged 1% each and closed at the highest level after 14th December. Sensex settled at 62501, up 629 points while Nifty added 178 points to finish at 18499. Nifty mid-cap and small-cap indices rise 0.8% and 0.5% respectively. All the NSE sectoral indices ended higher, with Media index being the top gainer, up 2.2%, followed by 1.5% higher IT and FMCG indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 350 cr, 1185 cr and 1252 cr respectively. DIIs were net buyers to the tune of Rs 1841 cr.

 

Rupee appreciated 16 paise to end at 82.58/$.

 

For the week, Sensex and Nifty gained 1.2% and 1.6% respectively and closed at the highest level after the week ended 2nd December.

 

OUTLOOK

 

U.S President Joe Biden and congressional leaders reached a tentative deal to raise the debt ceiling over the weekend.

 

Today morning, Nikkei and Shanghai are up 1.4% and 0.4% respectively while Hang Seng is a tad lower. SGX Nifty is suggesting around 130 points higher start for our market.

 

In Friday's report we had said that 18202, the low made Thursday, was the immediate support while 18458, the top made previous week, continued to be immediate hurdle.

 

Nifty crossed 18458 hurdle and surged all the way to 18508 before closing at 18499 and is set to open above 18600 today.

 

18887, the record high made in December 2022, is the next major target to eye; 18350-18300 is the immediate support zone on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

44800-44900 is the next target area for Banknifty; 43400 is the immediate support on hourly chart, with the stop-loss of which, trading longs can be held on to.

 

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

 

18060 BELOW 18202; 18458 CONTINUES TO BE HURDLE

 

WORLD MARKETS

 

Dow fell 0.1% but S & P 500 and Nasdaq gained 0.9% and 1.7% respectively as tech shares, led by Nvidia, surged.

 

Nvidia shares surged 24% after the company posted stronger-than-expected revenue guidance, and reported beats on the top and bottom lines in the recent quarter.

 

Talks between congressional leaders and President Joe Biden advanced yesterday, according to a report from Reuters, which said both parties merely need to agree on $70 billion in spending.

 

Weekly jobless claims rose by 4,000 last week to 229,000, below the estimate of 225,000 while data from the prior week was revised sharply lower, indicating the labor market remains strong. In addition, the second estimate of first-quarter GDP growth confirmed the economy slowed but the 1.3% increase was revised up from the initial 1.1% reading.

 

U.S. 10-year treasury yield rose 8 bps to 3.823%. Dollar index rose 0.3% to 104.21. Gold fell 0.9% to $1940 per ounce.

 

Brent crude futures fell 3.6% to $75.55 a barrel and WTI fell 4% to $71.41 after Russian Deputy Prime Minister Alexander Novak played down the prospect of further OPEC+ production cuts at its meeting next week.

 

European markets fell 0.3%-0.7%. German economy was in recession in the first quarter as GDP fell 0.3%.

 

AT HOME

 

After falling nearly half a percent, benchmark indices surged in late noon trade to end higher by 0.2% each. Sensex settled at 61872, up 98 points while Nifty added 35 points to finish at 18321. Nifty mid-cap and small-cap indices gained 0.4% and 0.1% respectively. Nifty Realty and FMCG indices were the top gainers among the sectoral indices, up 1.1% and 0.6% respectively while PSU Bank and Healthcare indices were the top losers, down 0.4% and 0.2% respectively.

 

FIIs net bought stocks worth Rs 589 cr but net sold index futures and stock futures worth Rs 988 cr and 582 cr respectively. DIIs were net buyers to the tune of Rs 338 cr.

 

Rupee depreciated 8 paise to end at 82.74/$.

 

For the May derivative series, Nifty gained 2.3%.

 

OUTLOOK

 

Hang Kong market is shut today. Nikkei is up 0.8% but Shanghai is off 0.4% and SGX Nifty is suggesting a marginally lower start for our market.

 

In yesterday's report we had said that 18458, the top made last week, continued to be immediate hurdle while 18250-18200 continued to be immediate support zone and trading longs could be held on to with the stop-loss of 18200.

 

Nifty, after touching a low of 18202, rebounded to end at 18321.

 

18202, the low made yesterday, is the immediate support, upon breach of which, 18060, the low made last week, would be next downside level to eye; 18458, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove.

 

For Banknifty, 43400 is the immediate support, upon breach of which, 43000-42800 would be next support area; 44151, the top made last week, continues to be immediate hurdle, upon crossover of which, 44800-44900 would be next target area.

 Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

 

18060 BELOW 18200; 18458 CONTINUES TO BE HURDLE

 

WORLD MARKETS

 

U.S. indices fell 0.6%-0.8%, with the Dow extending the losing streak to fourth straight day, as lawmakers struggled to reach a deal on debt ceiling, heightening worries of a potential default.

 

House Speaker Kevin McCarthy, in a late-morning press conference, said that negotiators are struggling to agree on spending levels, but reiterated his confidence that both negotiating teams would reach an agreement.

 

Meanwhile, ratings agency Fitch put the United States’ AAA rating on negative watch.

 

Minutes of latest Fed meeting showed “uncertainty” from participants about whether to increase rates for an 11th time at its June meeting.

 

U.S. 10-year treasury yield rose 5 bps to 3.746%. Dollar index rose 0.4% to 103.89. Gold fell 0.9% to $1957 per ounce. 

 

Brent crude futures rose 1.8% to $78.24 a barrel and WTI futures gained 1.7% to $74.18 a barrel.

 

European markets tumbled 1.7%-2.4%. U.K. headline inflation fell from 10.1% to 8.7%, though was above estimate of 8.2%. Core CPI rose to 6.8% from 6.2%. Prices rose 1.2% month on month, above a forecast of 0.8%.

 

AT HOME

 

After a negative start, benchmark indices rebounded to trade higher by a fourth of a percent, only to fall again in noon trade and close lower by a third of a percent. Sensex settled at 61773, down 208 points while Nifty lost 62 points to finish at 18285. Nifty mid-cap index rose 0.2% while small-cap index ended flat. Nifty Metal and Financial Services indices fell 1.6% and 0.8% respectively, becoming top losers among the sectoral indices while Consumer Durables and Pharma indices were the top gainers, up 1.4% and 1% respectively.

 

FIIs net bought stocks worth Rs 1186 cr but net sold index futures and stock futures worth Rs 458 cr and 202 cr respectively. DIIs were net buyers to the tune of Rs 301 cr.

 

Rupee appreciated 14 paise to end at 82.66/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.3% but Hang Seng and Shanghai are down 1.5% and 0.2% respectively. SGX Nifty is suggesting around 50 points lower start for our market.

 

In yesterday's report we had said that 18458, the top made last week, continued to be immediate hurdle while 18250-18200 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a high of 18392, plunged to 18262 before closing at 18285. The benchmark is set to open near 18250 today.

 

18458, the top made last week, continues to be immediate hurdle; 18250-18200 continues to be immediate support zone, upon breach of which, 18060, the low made last week, would be next downside level to eye; Meanwhile, trading longs can be held on to with the stop-loss of 18200.

 

For Banknifty, 44151, the top made last week, continues to be immediate hurdle, upon crossover of which, 44800-44900 would be next target area. On the way down, 43500 is the immediate support, upon breach of which, 43000-42800 would be next support area.

 

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

 

18458 CONTINUES TO BE HURDLE; 18250-18200 IS THE SUPPORT AREA

 

WORLD MARKETS

 

U.S. indices fell 0.7%-1.3% as ongoing debt ceiling discussions appeared to yield little progress.

 

Sales of new U.S. single-family homes jumped to a 13-month high in April. S&P Global’s flash U.S. Composite PMI also climbed to a reading of 54.5 this month, which is the highest level since April 2022 and followed a final reading of 53.4 in April.

 

U.S. 10-year treasury yield fell 2 bps to 3.696%. Dollar index rose 0.3% to 103.52, it's highest level in 2-months. Gold rose 0.3% to $1975 per ounce.

 

Brent crude futures rose 1.1% to settle at $76.84 a barrel, while WTI crude futures settled at $72.91 a barrel, up 1.2%.

 

European markets fell 0.1%-1.3%. The euro zone Composite PMI for May showed solid growth that continued to be driven by services, with manufacturing hit by weak demand and a fall in selling prices.

 

AT HOME

 

After rising more than half a percent in the morning, benchmark indices gave away most of the gains in late noon trade to end just marginally higher. Sensex settled at 61981, up 18 points while Nifty added 33 points to finish at 18348. Nifty mid-cap index rose 0.6% and hit a record high on daily closing basis while small-cap index ended flat. Nifty Metal and Media indices climbed 2.6% and 1.1% respectively, becoming top gainers among the sectoral indices while IT and Consumer Durables indices were the top losers, down 0.5% and 0.2% respectively.

 

FIIs net bought stocks, index futures and stock futures worth Rs 183 cr, 820 cr and 1236 cr respectively. DIIs were net buyers to the tune of Rs 397 cr.

 

Rupee appreciated 3 paise to end at 82.80/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.6%-1.5% while SGX Nifty is suggesting around 70 points lower start for our market.

 

In yesterday's report we had said that 18458, the top made last week, was the next upside target/hurdle to eye while 18200-18150 was the immediate support zone, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after making a top of 18420, slipped to end at 18348. The benchmark is set to open below 18300 today.

 

18458, the top made last week, continues to be immediate hurdle, a crossover of which is required for a fresh upmove; 18250-18200 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44151, the top made last week, continues to be immediate hurdle, upon crossover of which, 44800-44900 would be next target area. On the way down, 43446, the low made last week, is the immediate support, upon breach of which, 42800-42600 would be next support area.

 

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

18458 IS NEXT UPSIDE TARGET; 18200-18150 IS IMMEDIATE SUPPORT AREA

 

18458 IS NEXT UPSIDE TARGET; 18200-18150 IS IMMEDIATE SUPPORT AREA

 

WORLD MARKETS

 

Dow fell 0.4%, S & P 500 was little changed while Nasdaq rose half a percent, awaiting a pivotal debt ceiling meeting between President Joe Biden and House Speaker Kevin McCarthy. Nasdaq scaled highest level since August.

 

US 10-year treasury yield rose 4 bps to 3.719%, rising for the seventh consecutive day and hitting highest level since 13th March. Dollar index was little changed at 103.23. Gold fell 0.4% to $1969 per ounce.

 

Brent as well as WTI crude futures rose half a percent each to to $75.99 and $72.05 a barrel respectively.

 

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

 

AT HOME

 

Sensex and Nifty gained 0.4% and 0.6% respectively, extending Friday's rebound. Sensex settled at 61963, up 234 points while Nifty added 111 points to finish at 18314. Nifty mid-cap and small-cap indices gained 0.6% each. Nifty Metal and IT indices surged 3.2% and 2.5% respectively, becoming top Nifty gainers whereas Bank and Financial Services indices were the top losers, down 0.2% each.

 

FIIs net bought stocks, index futures and stock futures worth Rs 923 cr, 39 cr and 1127 cr respectively. DIIs were net buyers to the tune of Rs 605 cr.

 

Rupee depreciated 17 paise to end at 82.83/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.8%, Hang Seng is little changed while Shanghai is off 0.3%. SGX Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 18060, the bottom made Friday, was the immediate support while 18300 was the immediate hurdle on the hourly chart, upon crossover of which, 18458, the top made last, would be bigger hurdle to eye.

 

Nifty surged to touch a high of 18335 before closing at 18314.

 

18458, the top made last week, is the next upside target/hurdle to eye; 18200-18150 is the immediate support zone, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44151, the top made last week, is the immediate hurdle, upon crossover of which, 44800-44900 would be next target area. On the way down, 43446, the low made last week, is the immediate support, upon breach of which, 42800-42600 would be next support area.

 Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

18458 ABOVE 18300; 17900 BELOW 18060

 

18458 ABOVE 18300; 17900 BELOW 18060

 

WORLD MARKETS

 

U.S. indices fell 0.1%-0.3% on Friday, giving away initial gains, as GOP negotiators halted ongoing debt ceiling negotiations, stoking doubt of a deal being reached soon.

 

Federal Reserve Chairman Jerome Powell, speaking at a central bank conference in Washington, said tighter credit conditions mean that policy rate may not need to rise as much as it would have otherwise to quell inflation.

 

U.S. 10-year treasury yield rose 3 bps to 3.678%. Dollar index fell 0.3% to 103.19 after hitting seven-week peak in previous session. Gold rose 1% to $1977 per ounce.

 

Brent futures settled 0.8%, lower at $75.58 a barrel, while WTI crude for July expiry fell 0.3% to $71.69.

 

European markets rose 0.2%-1%. German producer prices rose slightly more than forecast.

 

AT HOME

 

After falling four tenth of a percent in the morning, benchmark indices reversed these losses through the session to end higher by just under half a percent. Sensex settled at 61729, up 297 points while Nifty added 73 points to finish at 18203. This was the first positive day in four for both the indices. Nifty mid-cap index ended marginally in the red while small-cap index was little changed. Nifty IT and Realty indices were the top gainers among the sectoral indices, up 1.5% and 0.9% respectively while Pharma and Healthcare indices were the top losers, down 1% and 0.3% respectively.

 

 

FIIs net sold stocks and index futures worth Rs 113 cr and 565 cr respectively but net bought stock futures worth Rs 1952 cr. DIIs were net buyers to the tune of Rs 1071 cr.

 

Rupee depreciated 6 paise to end at 82.66/$.

 

For the week, Sensex and Nifty fell 0.5% and 0.6% respectively, with Nifty snapping 3-week winning streak.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 0.3% and 0.1% respectively while Nikkei is flat. SGX Nifty is suggesting a marginally lower start for our market.

 

18060, the bottom made Friday, roughly coincided with 20-DMA as well as the bottoms made in early May, making it immediate support to eye. If this level breaks, next support will come around 17900, around which 34-DMA is placed. On the way up, 18300 is the immediate hurdle on the hourly chart, upon crossover of which, 18458, the top made during the week, would be bigger hurdle to eye.

 

For Banknifty, 44151, the top last week, which exactly coincided with the record high made in December 2022, is the immediate hurdle, upon crossover of which, 44800-44900 would be next target area. On the way down, 43446, the low made during the week, is the immediate support, upon breach of which, 42800-42600 would be next support area.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.