19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

19867-19563 CONTINUES TO BE IMMEDIATE RANGE

 

WORLD MARKETS

 

U.S. indices gained 0.2%-0.3%.

 

U.S. 10-year treasury yield inched up 1 bps to 3.965%. Dollar index rose 0.2% to 101.86. Gold rose 0.3% to $1966 per ounce.

 

October Brent crude futures rose 1.2% to $85.43 a barrel and WTI crude futures rallied 1.5%, to $81.80 a barrel.

 

In Europe, FTSE and CAC rose 0.1% and 0.3% respectively while DAX fell 0.1%. Preliminary data showed headline inflation in the euro zone fell to 5.3% in July. New euro zone growth figures also showed economic activity picking up in the second quarter of this year.

 

China’s manufacturing activity fell for a fourth straight month in July.

 

AT HOME

 

Benchmark indices rose 0.6% each, snapping a 2-day losing streak. Sensex settled at 66527, up 367 points while Nifty added 107 points to finish at 19735. Nifty mid-cap and small-cap indices gained 1% and 0.9% respectively, with the former hitting fresh record high and the later posting highest close since 17th January, 2022. Except 0.6% and 0.4% lower FMCG and Healthcare indices respectively, all the NSE sectoral indices ended higher, with Metal and IT indices on the top, up 1.8% and 1.5% respectively.

 

FIIs net sold stocks, index futures and stock futures worth Rs 701 cr, 730 cr and 613 cr respectively. DIIs were net buyers to the tune of Rs 2488 cr.

 

Rupee closed unchanged at 82.25/$.

 

India's core sector growth touched 5-month high of 8.2% in June.

 

OUTLOOK

 

China’s Caixin manufacturing PMI in July fell into contraction territory for the first time since April, coming in at 49.2.

 

Asian markets are trading with gains of 0.2%-1% and GIFT Nifty is suggesting around 50 points higher start for our market.

 

In yesterday's report we had said that 19563, the bottom made Friday, is the immediate support while 19867, the top made during last week, is the immediate hurdle.

 

Nifty rose to touch a high of 19772 before closing at 19735.

 

19867, the top made last week, continues to be immediate hurdle, above which, 19991, the top made on 20th July, would be bigger resistance to eye; 19563, the bottom made last week, continues to be immediate support.

 

For Banknifty, 45238, the low made last week, continues to be immediate support; On the way up, 45850-45950 is the immediate resistance zone, above which, 46370, the top made last week, which was nearly retested this week, would be bigger hurdle to eye.