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.

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