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.

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