TRAIL SL TO 19080

 

TRAIL SL TO 19080

 

WORLD MARKETS

 

U.S. markets were shut yesterday for the Independence Day holiday.

 

European markets fell 0.1%-0.3%. Germany's exports fell 0.1% and imports rose 1.7%, taking its foreign trade balance to 14.4 billion euros ($15.7 billion).

 

Dollar index inched up 0.1% to 103.08. Gold rose 0.3% to $1926 per ounce.

 

Oil prices climbed 2% as markets weighed August supply cuts by top exporters Saudi Arabia and Russia against a weak global economic outlook. Brent crude futures settled up $1.60 at $76.25 a barrel and WTI crude rose $1.44 to $71.23.

 

AT HOME

 

It was yet another day of record highs as Sensex and Nifty added 0.4% and 0.3% respectively. Sensex settled at 65479, up 274 points while Nifty added 66 points to finish at 19389. Nifty mid-cap index fell 0.2%, snapping a 5-day winning streak while small-cap index rose quarter of a percent. Nifty PSU Bank and IT indices climbed 1.9% and 1% respectively, becoming top gainers among the sectoral indices while Oil & Gas and Auto indices were the top losers, down 0.7% and 0.5% respectively.

 

FIIs net bought stocks and index futures worth Rs 2134 cr and 1173 cr respectively but net sold stock futures worth Rs 1255 cr. DIIs were net sellers to the tune of Rs 785 cr.

 

Rupee depreciated 6 paise to end at 82.02/$.

 

Bajaj Finance surged on the back of robust quarterly numbers for Q1 FY24 with strong loan growth and healthy new customer acquisition.

 

Shares of Eicher Motors plunged on intensifying competition as Harley-Davidson and Hero MotoCorp launched the X440 in India, which is the most affordable Harley-Davidson bike to ever come to India since the Street 750.

 

LTI Mindtree will replace HDFC in Nifty from 13th July.

 

OUTLOOK

 

Today morning, Asian markets are trading with cuts of 0.3%-1.1% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19378, followed by 20071 are the next Fibonacci extension levels and hence continue to be next upside targets to eye while 19000 was the immedaite support on the hourly chart, with the stop-loss of which, trading longs could be held on to.

 

Nifty touched a high of 19434 before closing at 19389.

 

20071, the next Fibonacci extension level, is the next major target to eye; Immediate support on the hourly chart has moved up to 19080, with the stop-loss of which, trading longs can be held on to.

 

For Banknifty, upon crossover of yesterday's high, i.e. 45655, 46000-46100 would be next target area; 44600 is the immediate support on the hourly chart, with the stop-loss of which, trading longs can be held on to.

 

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