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.

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