18887 ABOVE 18662; 18450 CONTINUES TO BE IMMEDIATE SUPPORT

 

18887 ABOVE 18662; 18450 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

Dow inched up 0.03% while S & P 500 and Nasdaq gained 0.2% and 0.4% respectively.

 

U.S. 10-year treasury yield fell 2 bps to 3.662%. Dollar index inched up  0.1% to 104.13. Gold rose 0.1% to $1963 per ounce.

 

World Bank raised it's global growth forecast for 2023 to 2.1% from 1.7% earlier.

 

Brent and WTI crude futures fell 0.6% each to $76.29 and $71.74 a barrel respectively.

 

European markets gained 0.1%-0.7%. German industrial orders fell unexpectedly in April.

 

AT HOME

 

After falling a third of a percent, benchmark indices recouped all the losses in late noon surge to end marginally in the green. Sensex and Nifty both added 5 points each to settle at 62792 and 18599 respectively. Nifty mid-cap and small-cap indices gained 0.1% and 0.5% respectively.  Nifty Realty and Auto indices climbed 1.2% and 1.1% respectively, becoming top gainers among the sectoral indices while IT index tumbled 1.9%, becoming top loser, followed by 0.3% lower Consumer Durables index

 

FIIs net bought stocks and stock futures worth Rs 386 cr and 557 cr respectively but net sold index futures worth Rs 920 cr. DIIs were net sellers to the tune of Rs 489 cr.

 

Rupee appreciated 6 paise to end at 82.61/$.

 

World Bank lowered India's FY24 GDP growth forecast to 6.3% from 6.6% earlier.

 

OUTLOOK

 

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

 

In yesterday's report we had said that 18662, the top made last week, continued to be immediate hurdle while 18450 was the immediate support, with the stop-loss of which, trading longs could be held on to.

 

Nifty, after touching a low of 18531, rebounded to end at 18599.

 

18662, the top made last week, continues to be immediate hurdle, upon crossover of which, 18887, the record high made in December 2022, would be the next major target to eye; 18450 continues to be immediate support, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, 44500, the top made last week, is the immediate hurdle; 43706, the low made last week, is the immediate support.

 

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