19650-19296 CONTINUES TO BE IMMEDIATE RANGE

 

19650-19296 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices fell 0.5%-1.2% ahead of Thursday’s July consumer price index report.

 

U.S. 10-year treasury yield fell 1 bps to 4.016%. Dollar index fell 0.1% to 102.47. Gold fell 0.5% to $1915 per ounce.

 

Brent crude settled up 1.6% at $87.55, and hit its highest level since January. WTI settled up 1.8% at $84.4 a barrel and hit its highest level since November 2022.

 

European markets gained 0.5%-1.3%.

 

AT HOME

 

After falling half a percent, benchmark indices surged eight tenth of percent to end higher by three tenth of a percent, marking the third positive day in last four. Sensex settled at 65995, up 149 points while Nifty added 61 points to finish at 19632. Nifty mid-cap and small-cap indices gained 0.3% and 0.6% respectively, extending the winning streak to fifth straight day and with the former hitting fresh record high and the later posting best close after 17 January 2022. Nifty Media and Metal indices were the top gainers among the sectoral indices, up 2.1% and 2% respectively while Realty index was the top loser, down 1.2%, followed by 0.2% lower Financial Services and Bank indices.

 

FIIs net bought stocks worth Rs 644 cr but net sold index futures and stock futures worth Rs 323 cr and 1980 cr respectively. DIIs were net sellers to the tune of Rs 598 cr.

 

Rupee appreciated 1 paise to end at 82.82/$.

 

OUTLOOK

 

Today morning, Nikkei and Shanghai are little changed while Hang Seng is down 0.8%. GIFT Nifty is suggesting around 90 points lower start for our market.

 

In yesterday's report we had said that 19650 continued to be immediate hurdle while 19296, the low made last week, continued to be immediate support.

 

Nifty surged to touch a high of 19645 before closing at 19632. The benchmark however is set to open near 19550 today.

 

19650, around which a trendline adjoining recent tops is placed, continues to be immediate hurdle, upon crossover of which, 19800-19870 would be next target area; 19296, the low made last week, continues to be immediate support.

 

For Banknifty, 45300 continues to be immediate hurdle, above which, 45782, the top made last week, would be the next upside level to eye; 44279, the low made last week, continues to be immediate support.

 

RBI's Monetary Policy Committee, at the end of its three-day meeting, is widely expected to leave key rates and stance unchanged. Markets would watch out for any hawkish phrase in the policy statement or upward revision in RBI's inflation forecast.

 

Hero Motocorp will report its quarterly earnings today.

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