NIFTY REBOUNDS FROM 18647 SUPPORT

 

NIFTY REBOUNDS FROM 18647 SUPPORT

 

WORLD MARKETS

 

Dow ended marginally in the red, extending the losing streak to sixth straight session, while S & P 500 and Nasdaq fell 0.4% and 1.2% respectively

 

Tesla tumbled 6% after Goldman Sachs downgraded the stock, citing pricing headwinds. Other tech names like Nvidia, Alphabet and Meta Platforms also lost more than 3% each.

 

U.S. 10-year treasury yield fell 1 bps to 3.725%. Dollar index fell 0.1% to 102.75. Gold was little changed at $1922 per ounce.

 

WTI as well as Brent futures rose 0.8% each to $69.74 and $74.47 per barrel respectively.

 

In Europe, FTSE and DAX fell 0.1% each while CAC rose 0.3%. S&P Global Ratings raised its 2023 GDP forecast for the euro zone to 0.6% from 0.3% but nudged its 2024 growth forecast down to 0.9% from 1%. Meanwhile, a German business sentiment survey significantly missed economists’ expectations.

 

AT HOME

 

Sensex ended marginally in the red while Nifty inched up 0.1% after a rangeboud but choppy session. Sensex settled at 62970, down 9 points while Nifty added 25 points to finish at 18691. Nifty mid-cap and small-cap indices rose 0.9% and 0.6% respectively, snapping a 2-day losing streak. Except 0.2% and 0.1% lower PSU Bank and Oil & Gas indices respectively, all the NSE sectoral indices ended higher, with Pharma and Healthcare indices on the top, up 1.5% each.

 

FIIs net sold stocks worth Rs 409 cr but net bought index futures and stock futures worth Rs 263 cr and 1948 cr respectively. DIIs were net buyers to the tune of Rs 250 cr.

 

Rupee ended flat at 82.04/$.

 

OUTLOOK

 

Today morning, Hang Seng and Shanghai are up 1.2% and 0.3% respectively but Nikkei is down a percent. SGX Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 18887 continued to be important immediate hurdle while 18647, the low made last week, was the immediate support.

 

Nifty, after touching a low of 18647, rebounded to end at 18691.

 

18647 continues to be immediate support, upon breach of which, 34-DMA, placed around 18530, would be next downside level to eye; 18887 continues to be immediate hurdle.

 

For Banknifty, 43345, the low made last week, continues to be immediate support, upon breach of which, 42800-42600 would be next support area; 44000-44100 is the immediate resistance zone, above which, 44500 would be bigger hurdle to eye.

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