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.

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