NIFTY RESISTED AT 20-DMA

 

NIFTY RESISTED AT 20-DMA

 

WORLD MARKETS

 

U.S. indices gained 0.1%-0.5%, extending the winning streak to fourth straight day, as a fresh batch of weak economic readings reinforced the view that the Fed may have to hit pause on its interest rate hikes.

 

Data from ADP showed private payrolls rose by 177,000 jobs last month, lower than the expected 195000 mark and sharply below the revised July reading of 371,000. Second-quarter GDP growth was revised downward to a 2.1%.

 

U.S. 10-year treasury yield was little changed at 4.118%. Dollar index fell 0.3% to 103.17. Gold rose 0.3% to $1942 per ounce.

 

Brent crude futures for October rose 37 cents to settle at $85.86 a barrel. WTI crude futures gained 47 cents to $81.63.

 

In Europe, FTSE inched up 0.1% but DAX and CAC fell 0.2% and 0.1% respectively. Germany reported a 13.2% y-o-y drop in imports in July, the sharpest drop since January 1987.

 

AT HOME

 

After rising more than half a percent, benchmark indices gave away all the gains in noon plunge to end flat. Sensex settled at 65087, up 11 points while Nifty added 5 points to finish at 19347. Nifty mid-cap and small-cap indices surged 0.7% and 1% respectively, hitting fresh record highs. Nifty Realty and Metal indices climbed 1.4% and 0.9% respectively, becoming top gainers among the sectoral indices while Bank and Financial Services indices were the top losers, down 0.6% and 0.5% respectively.

 

FIIs net sold stocks and index futures worth Rs 495 cr and 13 cr respectively but net bought stock futures worth Rs 1930 cr. DIIs were net buyers to the tune of Rs 1323 cr.

 

Rupee depreciated 2 paise to end at 82.75/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up nearly half a percent while Shanghai is off 0.3%. GIFT Nifty is suggesting around 30 points higher start for our market.

 

In yesterday's report we had said that 19400 was the immediate hurdle on the hourly chart, upon sustained trading above which, 19584, the top made last week, would be next upside target/resistance to eye.

 

Nifty, after touching a high of 19452, slipped to end at 19347.

 

19452, the top made yesterday, roughly coincided with 20-DMA and is the immediate hurdle to eye, upon crossover of which, 19584, the top made last week, would be next upside target/resistance to eye; 19230, the low made last week, continues to be immediate support.

 

For Banknifty, 44950, the top made last week, continues to be immediate hurdle; A trendline adjoining recent bottoms lands support around 44000, below which, 43600, the low made in mid-August, would be next downside level to eye.

Investment in securities market is subject to market risk.

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19584 ABOVE 19400; 19229 CONTINUES TO BE IMMEDIATE SUPPORT

 

19584 ABOVE 19400; 19229 CONTINUES TO BE IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices surged 0.8%-1.7%, extending the winning streak to third consecutive day, as soft economic data raised hopes that the Federal Reserve could lighten its policy stance.

 

A Conference Board consumer sentiment index came in at 106.1, under the consensus estimate of 116. Data from the U.S. Bureau of Labor Statistics showed Job openings, a measure of labor demand, dropped 338,000 to 8.827 million on the last day of July, the lowest level since March 2021.

 

U.S. 10-year treasury yield fell 8 bps to 4.122%. Dollar index slipped half a percent to 103.48. Gold climbed 0.9% to $1937 per ounce.

 

Brent crude futures rose 1.3% to $85.53 a barrel and WTI futures settled at $81.24 a barrel, up 1.4%.

 

European markets gained 0.7%-1.7%.

 

AT HOME

 

Sensex and Nifty inched up 0.1% and 0.2% respectively, extending yesterday's mild gains. Sensex settled at 65075, up 79 points while Nifty added 36 points to finish at 19342. Nifty mid-cap and small-cap indices gained 0.3% and 0.5% respectively and hit a record high on closing basis. Nifty Realty and Metal indices climbed 1.7% and 1.3% respectively, becoming top gainers among the sectoral indices while PSU Bank index was the top loser, down half a percent, followed by 0.3% lower FMCG and Pharma indices.

 

FIIs net bought stocks, index futures and stock futures worth Rs 62 cr, 559 cr and 2542 cr respectively. DIIs were net buyers to the tune of Rs 305 cr.

 

Rupee depreciated 8 paise to end at 82.71/$.

 

OUTLOOK

 

Today morning, Asian markets are trading with gains of 0.2%-0.9% and GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had said that 19229, the low made Friday, continued to be immediate support while 19400 continued to be immediate hurdle on the hourly chart.

 

Nifty rose to touch a high of 19377 before closing at 19342. The benchmark is set to open near 19400 today.

 

19400 is the immediate hurdle on the hourly chart, upon sustained trading above which, 19584, the top made last week, would be next upside target/resistance to eye; 19229, the bottom made last week, continues to be immediate support.

 

For Banknifty, 44950, the top made last week, is the immediate hurdle, above which, 45700-45800 would be next target area; 43900 continues to be immediate support.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19229 CONTINUES TO BE IMMEDIATE SUPPORT; 19584 ABOVE 19400

 

19229 CONTINUES TO BE IMMEDIATE SUPPORT; 19584 ABOVE 19400

 

WORLD MARKETS

 

Dow and S & P 500 rose 0.6% each while Nasdaq gained 0.8%.

 

U.S. 10-year treasury yield fell 3 bps to 4.208%. Dollar index fell 0.2% to 103.98. Gold rose 0.3% to $1920 per ounce.

 

Brent crude fell 6 cents to $83.10 while WTI crude rose 29 cents to $80.12 a barrel.

 

In Europe, FTSE was closed for a public holiday. DAX and CAC climbed 1% and 1.3% respectively.

 

AT HOME

 

Benchmark indices inched up a fifth of a percent each, snapping a 2-day losing streak. Sensex settled at 64996, up 110 points, while Nifty gained 40 points to finish at 19306. Nifty mid-cap and small-cap indices gained 0.5% and 0.7% respectively.          Nifty Capital Goods and Industrial indices were the top gainers among the sectoral indices, up 1.4% and 1% respectively while IT and Teck indices were the top losers, down 0.4% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 1393 cr but net bought index futures and stock futures worth Rs 674 cr and 506 cr respectively. DIIs were net buyers to the tune of Rs 1264 cr.

 

Rupee appreciated 2 paise to end at 82.63/$.

 

OUTLOOK

 

Today morning, Asian markets are up 0.1%-0.9% and GIFT Nifty is suggesting a marginally higher start for our market.

 

In yesterday's report we had said that 19229, the low made Friday, was the immediate support while 19400 was the immediate hurdle on the hourly chart.

 

Nifty, after touching a high of 19366, eased to end at 19306.

 

19229, the low made Friday, continues to be immediate support, upon breach of which, 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 up move seen since 26th June, would be next downside levels to eye; 19400 continues to be immediate hurdle on the hourly chart, upon crossover of which, 19584, the top made during last week, would be bigger hurdle to eye.

 

For Banknifty, 44950, the top made last week, is the immediate hurdle, above which, 45700-45800 would be next target area; 43900 continues to be immediate support.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

NIFTY RESISTED NEAR 19600; 19253 SUPPORT IN SIGHT

 

NIFTY RESISTED NEAR 19600; 19253 SUPPORT IN SIGHT

 

WORLD MARKETS

 

After a positive start owing to Nvidia’s strong quarterly results, U.S. indices saw a sustained downward move through the session to end lower by 1.1%-1.9%, as markets braced for a key speech from Federal Reserve Chairman Jerome Powell at the Jackson Hole.

 

Nvidia reported quarterly earnings and revenue that exceeded lofty analyst expectations. The company also raised its guidance. The stock however closed just 0.1% higher.

 

Data showed the number of Americans filing new claims for unemployment benefits fell last week.

 

U.S. 10-year treasury yield rose 4 bps to 4.241%. Dollar index jumped 0.6% to 103.99. Gold inched up 0.1% to $1917 per ounce.

 

Brent and WTI crude fell 0.2% each to $83.03 and $78.73 a barrel respectively.

 

In Europe, FTSE rose 0.2% but DAX and CAC fell 0.7% and 0.4% respectively.

 

AT HOME

 

After gaining 0.7% in the initial trade, benchmark indices reversed and plunged a percent from the top to end lower by three tenth of a percent, snapping a 3-day winning streak. Sensex settled at 65252, down 180 points while Nifty lost 57 points to finish at 19386. Nifty mid-cap index rose quarter of a percent, extending the winning streak to fourth straight day and hitting fresh record high. Small-cap index, after hitting a record intraday high, reversed to end lower by 0.4%. Nifty Healthcare index was the top loser among the sectoral indices, down 0.8%, followed by 0.6% lower PSU Bank, Pharma and Oil & Gas indices. IT and FMCG indices were the top gainers, up 0.6% and 0.3% respectively.

 

FIIs net bought stocks worth Rs 1525 cr but net sold index futures and stock futures worth Rs 439 cr and 847 cr respectively. DIIs were net buyers to the tune of Rs 5797 cr.

 

Rupee appreciated 11 paise to end at 82.58/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are down 1.8% and 0.9% respectively while Shanghai is off 0.2%. GIFT Nifty is suggesting around 90 points lower start for our market.

 

In yesterday's report we had said that a crossover of 19472, the top made Wednesday, would confirm a "Buy" on the hourly chart, after which, 19600-19650 would be next target area for Nifty. We had also said that 19350 wass the immediate support on the hourly chart, below which, 19253, the low made last week, would be next important support to eye.

 

Nifty, after touching a high of 19584, slipped to end at 19386 and is set to open near 19300 today.

 

A lower start today would take the benchmark close to 19253 bottom made last week; 19584, the top made yesterday, would now act as immediate hurdle.

 

For Banknifty, 45000 is the immediate hurdle above which 45700-45800 would be next target area; 44000 is the immediate support on hourly chart.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19600-19650 IS THE NEXT TARGET AREA; 19350 IS IMMEDIATE SUPPORT

 

19600-19650 IS THE NEXT TARGET AREA; 19350 IS IMMEDIATE SUPPORT

 

WORLD MARKETS

 

U.S. indices gained 0.5%-1.6% with S & P 500 posting its best daily performance since June 30, while Nasdaq Composite climbed for its third straight day of gains.

 

S&P Global said its flash U.S. Composite PMI fell to a reading of 50.4 in August from 52 in July, the biggest drop since November 2022.

 

U.S. 10-year treasury yield fell 13 bps to 4.192%. Dollar index fell 0.2% to 103.39. Gold jumped 1% to $1916 per ounce.

 

European markets rose 0.1%-0.7%. Eurozone composite PMI dropped to 47.0 in August from July’s 48.6, its lowest since November 2020. The services component sank to 48.3 from 50.9, its first time below the 50 mark that separates growth from contraction this year. The German composite figure fell to its lowest since May 2020 as a deepening downturn in manufacturing output was accompanied by a renewed contraction in services activity.

 

AT HOME

 

Sensex and Nifty rose a third and a quarter of a percent respectively to close at one-week high. Sensex settled at 65433, up 213 points while Nifty added 47 points to finish at 19444. Nifty mid-cap and small-cap indices gained 0.4% and 0.9% respectively, with the former hitting fresh record high. Nifty Bank and Financial Services indices were the top gainers among the sectoral indices, up 1.1% and 0.9% respectively while FMCG and Oil & Gas indices were the top losers, down 0.5% and 0.3% respectively.

 

 

FIIs net bought stocks, index futures and stock futures worth Rs 614 cr, 505 cr and 125 cr respectively. DIIs were net buyers to the tune of Rs 505 cr.

 

Rupee appreciated 25 paise to end at 82.69/$.

 

OUTLOOK

 

Nvidia reported earnings after-the-bell which beat estimates and issued optimistic guidance.

 

Today morning, Asian markets are trading with gains of 0.3%-1.1% and GIFT Nifty is suggesting around 80 points higher start for our market.

 

In yesterday's report we had reiterated resistance and support of 19550 and 19253 respectively.

 

Nifty surged to touch a high of 19472 before closing at 19444. The benchmark is set to open near 19500 today.

 

A crossover of 19472, the top made yesterday, would confirm a "Buy" on the hourly chart, after which, 19600-19650 would be next target area for Nifty; 19350 is the immediate support on the hourly chart, below which, 19253, the low made last week, would be important support to eye.

 

For Banknifty, 45000 is the next upside target; 44000 is the immediate support on hourly chart.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19550 CONTINUES TO BE IMMEDIATE HURDLE

 

19550 CONTINUES TO BE IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow and S & P 500 fell 0.5% and 0.3% respectively while Nasdaq managed to end 0.1% higher

 

Several regional and larger banks fell after S&P Global cut credit ratings and revised its outlook for multiple U.S. banks, citing “tough” operating conditions.

 

Richmond Fed president Barkin said that the Fed needs to defend the 2% inflation target to preserve its credibility with the public.

 

U.S. 10-year treasury yield fell 1 bps to 4.328%. Dollar index rose 0.3% to 103.60. Gold gained 0.2% to $1897 per ounce.

 

Brent crude settled down 43 cents at $84.03 a barrel while WTI October contract slipped 48 cents to $79.64.

 

European markets gained 0.2%-0.6%.

 

AT HOME

 

Benchmark indices ended flat after a rangebound session. Sensex settled at 65220, up 4 points while Nifty added 3 points to finish at 19396. Nifty mid-cap and small-cap indices however climbed 1.1% and 0.8% respectively, with the former hitting fresh record high and the later closing at the highest level after 17th January 2022. Nifty Metal and Consumer Durables indices gained 0.8% and 0.7% respectively, becoming top gainers among the sectoral indices while PSU Bank and Pharma indices were the top losers, down 0.5% and 0.2% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 495 cr, 49 cr and 116 cr respectively. DIIs were net buyers to the tune of Rs 534 cr.

 

Rupee appreciated 17 paise to end at 82.94/$.

 

OUTLOOK

 

Today morning, Nikkei is up 0.2% but Hang Seng and Shanghai are down 0.2% and 0.7% respectively. GIFT Nifty is suggesting around 25 points lower start for our market.

 

In yesterday's report we had said that 19550, around which 20 as well as 34-DMAs are placed, continued to be important immediate resistance to eye while 19253, the low made last week, was the immediate support.

 

Nifty, after touching a high of 19443, slipped to end at 19396.

 

19550, around which 20 as well as 34-DMAs are placed, continues to be important immediate resistance to eye; 19253, the low made last week, is the immediate support, below which, 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 upmove seen since 26th June, would the next downside levels to eye.

 

For Banknifty, 43345, the bottom made in June, continues to be next support;44500 continues to be immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19550 CONTINUES TO BE IMPORTANT IMMEDIATE HURDLE

 

19550 CONTINUES TO BE IMPORTANT IMMEDIATE HURDLE

 

WORLD MARKETS

 

Dow fell 0.1% but S & P 500 and Nasdaq climbed 0.7% and 1.6% respectively, snapping a 4-session losing streak.

 

The S&P 500 tech sector gained 2.26% with Nvidia surging 8.3% ahead of its earnings report due Wednesday while Tesla and Meta climbed 7% and 2.4% respectively.

 

U.S. 10-year treasury yield rose 9 bps to hit a high of 4.342%, reaching its highest level since November 2007. Dollar index fell 0.1% to 103.32. Gold rose 0.3% to $1894 per ounce.

 

Brent crude settled down 0.4% at $84.46 and WTI crude finished at $80.72 a barrel for a loss of 0.6%.

 

In Europe, FTSE fell 0.1% but DAX and CAC rose 0.2% and 0.5% respectively.

 

AT HOME

 

Benchmark indices gained 0.4% each, snapping a 2-day losing streak. Sensex settled at 65216, up 267 points while Nifty added 83 points to finish at 19393. Nifty mid-cap and small-cap indices rose 0.8% and 0.6% respectively with the former hitting fresh record high on closing basis. Nifty Metal and IT indices climbed 1.3% and 1.1% respectively, becoming top gainers among the sectoral indices while PSU Bank and Media indices were the top losers, down 0.6% and 0.3% respectively.

 

FIIs net sold stocks worth Rs 1901 cr but net bought index futures and stock futures worth Rs 212 cr and 2077 cr respectively. DIIs were net buyers to the tune of Rs 626 cr.

 

Rupee depreciated 1 paise to end at 83.11/$.

 

OUTLOOK

 

Today morning, Nikkei and Hang Seng are up 0.5% and 0.2% respectively while Shanghai is marginally in the red. GIFT Nifty is suggesting a flattish start for our market.

 

In yesterday's report we had said that 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 upmove seen since 26th June, were the next downside levels to eye and had advised holding on to short positions with the stop-loss of 19550.

 

Nifty rose to touch a high of 19425 before closing at 19393.

 

19550, around which 20 as well as 34-DMAs are placed, continues to be important immediate resistance to eye; 19253, the low made last week, is the immediate support, below which, 19160 and 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 upmove seen since 26th June, would the next downside levels to eye

 

For Banknifty, 43345, the bottom made in June, continues to be next support;44500 continues to be immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.

19160, 18934 ARE DOWNSIDE LEVELS TO EYE; 19550 IS TOUGH HURDLE

 

19160, 18934 ARE DOWNSIDE LEVELS TO EYE; 19550 IS TOUGH HURDLE

 

WORLD MARKETS

 

Dow inched up 0.1%, S & P 500 was flat while Nasdaq fell 0.2% on Friday.

 

U.S. 10-year treasury yield fell 2 bps to 4.257%. Dollar index was flat at 103.43. Gold was little changed at $1889 per ounce.

 

WTI crude futures gained 1.1% to settle at $81.25 a barrel, and Brent crude futures rose 0.8% to settle at $84.80 a barrel.

 

In Europe, FTSE and DAX fell 0.6% each while CAC fell 0.4%.

 

For the week, U.S. indices fell 2.1%-2.6%, with the Dow posting its worst week since March while S & P 500 and Nasdaq fell for the third consecutive week. European markets fell 1.6%-3.5%. In Asia, Hang Seng nosedived 6%, while Nikkei and Shanghai tumbled 3.2% and 2.4% respectively. Indian benchmark indices outperformed with just 0.6% cut.

 

Dollar index rose 0.6% for it's fifth consecutive up-week. Gold fell 1.3% for its fourth consecutive negative week and hit its lowest level in 5-1/2 months. Oil prices dropped about 2%, snapping a 7-week winning streak.

 

AT HOME

 

Benchmark indices fell 0.3% each, extending the losing streak to second straight session and closing at the lowest level after 30th June. Sensex settled at 64948, down 202 points while Nifty lost 55 points to finish at 19310. Nifty mid-cap and small-cap indices fell 0.2% and 0.5% respectively.

 

Nifty IT index tumbled 1.5%, becoming top loser among the sectoral indices, followed by 0.7% lower Realty and Healthcare indices. Media index was the top gainer, up 0.6%, followed by 0.2% higher PSU Bank, FMCG and Metal indices.

 

FIIs net sold stocks and stock futures worth Rs 267 cr and 2125 cr respectively but net bought index futures worth Rs 1071 cr. DIIs were net buyers to the tune of Rs 339 cr.

 

Rupee appreciated 5 paise to end at 83.10/$.

 

For the week, Sensex and Nifty fell 0.6% each, extending the losing streak to fourth consecutive week.

 

OUTLOOK

 

China slashed its one-year loan prime rate by 10 bps to 3.45%, but kept its five-year rate unchanged at 4.2%.

 

Today morning, Nikkei is up 0.4% but Hang Seng and Shanghai are down 1.3% and 0.5% respectively. GIFT Nifty is suggesting a marginally lower start for our market.

 

In Friday's report we had said that 19160 and 18934 continued to be next downside levels to eye and had advised holding on to short positions with the stop-loss of 19550.

 

Nifty fell to 19253 before closing at 19310.

 

19160 followed by 18934, the 61.8% and 78.6% retracement levels of the 18646-19991 up move seen since 26th June, continue to be next downside levels to eye; On the way up, 20 as well as 34-DMAs are placed around 19550, making it a tough resistance to eye.

 

For Banknifty, 43345, the low made in June, is the next support, upon breach of which, 34-week moving average, placed around 42800, would be next major support to eye. On the way up, 44500 is the immediate hurdle on the hourly chart, with the stop-loss of which, trading shorts can be held on to.

Investment in securities market is subject to market risk.

Please check https://www.prudentbroking.com/Disclaimert.aspx for detailed disclaimer.